Essays on financial markets

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F16%3A00464868" target="_blank" >RIV/67985998:_____/16:00464868 - isvavai.cz</a>
Alternative codes found
RIV/00216208:11640/16:00464867
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Essays on financial markets
Original language description
This thesis studies financial markets and the information we can obtain from observing the actions of financial market participants. In the first chapter, I study how the combination of different accounting ratios, which are considered to be the financial signals of future performance, can affect the analysts’ and managers’ earnings forecast releases. The findings show that analysts treat the firms differently depending on whether the firms have only strong financial indicators (high signal group), weak financial indicators (low signal group), and those with both positive and negative signals (mixed signal group). In the second chapter, I examine whether trading activity responds to the industry-related earnings announcement and whether this activity is informative. I find that the subsequent announcer’s abnormal trading volume is informative about their stock performance upon the first and own subsequent announcement and in the post announcement performance. In the third chapter (with Yuko Hashimoto), we study whether the EU member countries act as a single investor due to the stronger financial integration over recent years. Although we find evidence that the portfolio investments of the EU countries tend to move together, there is still some diversity among the Union members.
Czech name
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Czech description
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Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year
2016
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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