Asymmetric Price Reaction: Evidence from Emerging Capital Market  

Oleh:

Sugiri, Slamet ; Sumiyana

Jenis: Article from Journal - ilmiah internasional - terdaftar di DIKTI
Dalam koleksi: The Indonesian Journal of Accounting Research (Jurnal Riset Akuntansi Indonesia) vol. 12 no. 3 (Sep. 2009), page 177-194.
Topik: Earning Shock; Positive (Negative) Earing Shocks; Asymetrick Price Reaction; Firm-Specific Approach; Market-Wide Regime Shifting Behaviour Approach

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: RR17.8 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This Study Investigates if Emerging Capital Market React Asymmetrically to Earning Shock and if either Firm Specific or Market-Wide Approach Explains The study is important because stock price in emerging capital markets might not reflest firm' fundamental values. Using data from Indonesia, Malaysia, and Phillipines stock exchangefor the period of 2002 to 2007, this study partially finds evidence that (i) the negative earning shock result in a greater price reaction than do positive ones, and (ii) the firm-specific approach explains the asymmetric price reaction. In additon, this study fails to find evidence that the market wide approach explains the asymetric price reaction. these finding partially indicate that investors are overly optimistic and that stock prices do not reflect firms intrinsic values.

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