The impact of forced divestments on parent company stock prices: Buy on the rumor, sell on the news?

被引：0

作者：

Constanza Restrepo-Ochoa, Diana ^{[1
]}

Ignacio Pena, Juan ^{[2
]}

机构：

[1] Univ EAFIT, Escuela Econ & Finanzas, Carrera 49 7 Sur 50, Medellin, Antioquia, Colombia

[2] Univ Carlos III Madrid, Dept Business Adm, C Madrid 126, Madrid 28903, Spain

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2020年 / 53卷

关键词：

Expropriation risk; Nationalization; Event study; Stock market; G14; H13; GOVERNMENT OWNERSHIP; EVENT; NATIONALIZATION; EXPROPRIATION; PRIVATIZATION; PERFORMANCE; FIRMS; TESTS;

D O I：

10.1016/j.ribaf.2019.101175

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We measure how warnings of expropriation and forced divestments of private property affect the stock prices of parent companies. We use a unique database of 116 events in 12 countries from 2005 to 2013. Our results show that different types of warnings have significant negative effects on stock prices, and the largest effect is from a warning that takes the form of a transitory permit revocation. In the case of forced divestments, we find a significant negative impact when a permit is permanently revoked. However, nationalizations are associated with a positive market reaction.

引用

页数：18

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