RAȚIONAL SAU IRAȚIONAL ÎN COMPORTAMENTUL INVESTITORILOR CA RĂSPUNS LA PUBLICAREA RAPORTĂRILOR FINANCIARE – EVIDENȚE EMPIRICE PE BURSA DE VALORI BUCUREȘTI
RATIONAL VS. IRRATIONAL IN INVESTORS’ BEHAVIOR IN RESPONSE TO FINANCIAL REPORTING – EMPIRICAL EVIDENCE ON BUCHAREST STOCK EXCHANGE
Author(s): Ioan-Ovidiu Spătăcean, Cornel Ștefan NicolaSubject(s): International relations/trade, Financial Markets, Accounting - Business Administration
Published by: Editura University Press Targu Mures
Keywords: financial reporting; rational investment decisions; stock price volatility; financial statements; market efficiency;
Summary/Abstract: This study is addressing the issue of investors’ behavior as a reaction to financial reporting, measured by the volatility of stock prices. The main research objective relates to assessing the rationale of investors’ behavior when good or bad news are communicated via preliminary and audited financial statements. The research was conducted on a sample of 24 BSE listed companies, from the BET XT index, over the reporting periods between 2012 and 2017. Based on our research we concluded that the Romanian capital market is close to a semi-efficient type of market, since only a half of the observations revealed rationality in investors’ decision making.
Journal: Acta Marisiensis. Seria Oeconomica
- Issue Year: 12/2018
- Issue No: 12
- Page Range: 58-72
- Page Count: 15
- Language: English, Romanian