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Impact of Investor Presentations on Share Prices

  • The purpose of this article is to explore the market reactions and determinants to 180 investor presentations by the German DAX 30 companies illustrating half-year and year-end results from 2010 to 2012. Therefore, an event study is conducted. In line with previous studies, the article finds significantly Abnormal Returns (ARs). For 57 of 180 presentations, the most significant presentat ion impact is realized directly on the presentation dates, with a similar distribution of half -year and year-end presentations. Nearly two thirds refer to significantly positive ARs, which is i n line with the general DAX performance in the examined three years period. Pre-market or delayed market reacti ons do not exist. Furthermore, Operating Cash Flow (OCF), as a possible market reaction determinant is tes ted. The change of OCF shows a significant medium correlation. The article indicates that investor present actions are informative events, where the preparation and the surroundings play a minor role.

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Metadaten
Author:Christopher Breu, Avo Schönbohm, Markus Löcher
URN:urn:nbn:de:kobv:b721-opus4-8481
Parent Title (English):Working Paper of the Insitute of Management Berlin at the Berlin Schoool of Economics and Law (HWR Berlin)
Series (Serial Number):Working Paper of the Institute of Management Berlin at the Berlin School of Economics and Law ( HWR Berlin) (88)
Editor:Carsten Baumgarth
Document Type:Article
Language:English
Date of Publication (online):2017/01/06
Year of first Publication:2015
Publishing Institution:Hochschulbibliothek HWR Berlin
Release Date:2017/01/06
First Page:2
Last Page:25
Institutes:Berlin Professional School (BPS)
Licence (German):License LogoUrheberrechtsschutz