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The efficient market hypothesis and corporate event waves: part II

Hu, May 2014, The efficient market hypothesis and corporate event waves: part II, Corporate finance review, vol. 18, no. 6, pp. 20-26.

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Title The efficient market hypothesis and corporate event waves: part II
Author(s) Hu, May
Journal name Corporate finance review
Volume number 18
Issue number 6
Start page 20
End page 26
Total pages 7
Publisher Thomson Reuters
Place of publication Boston, Mass.
Publication date 2014-05
ISSN 1089-327X
Summary This article is the second of a two-part series on the efficient market hypothesis corporate event waves. The ideas of market efficiency, or rational theory, and the behavioral hypothesis have been extensively used to explain the modern phenomena of corporate event waves. Some studies investigate the patterns of corporate events from a behavioral finance perspective and suggest that corporate announcement waves are driven by investor sentiment. Baker and Wurgler examine equity market timing as an aspect of real corporate financial policy. Sentiment can also explain IPO waves. Post-announcement returns and IPO volume are positively correlated to firms' capital demands and the level of investor optimism. Helwge and Liang examine the IPO cycles from hot to cold markets from 1975 to 2000. Corporate e vent wave scan also be explained by the neoclassical efficiency hypothesis, proposing that business cycle fluctuations and economic conditions drive firms' decisions on financing transactions.
Language eng
Field of Research 150201 Finance
Socio Economic Objective 900101 Finance Services
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2014, Thomson Reuters
Persistent URL http://hdl.handle.net/10536/DRO/DU:30069568

Document type: Journal Article
Collections: Faculty of Business and Law
Deakin Graduate School of Business
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