Audiences and market returns

• Autores: Yedro, Jorge Damián
• Año de publicación: 2016
• Idioma: inglés
• Tipo de recurso: tesis de grado
• Colaborador/a o director/a de tesis: Tommasi, Mariano
• Materia: Stock exchanges -- Argentina -- Buenos Aires -- Econometric models.; Investments -- Argentina -- Buenos Aires -- Econometric models.; Bolsa de valores -- Argentina -- Buenos Aires -- Modelos econométricos.; Inversiones -- Argentina -- Buenos Aires -- Modelos econométricos.
• Institución: Universidad de San Andrés

Fil: Yedro, Jorge Damián. Universidad de San Andrés. Departamento de Economía; Argentina.
In this paper we study the relationship between abnormal market returns of publicly traded companies in the Buenos Aires Stock Exchange and audiences held between the companies and officials of the National Executive Power. Audiences might provide relevant information to financial agents or can reflect that an external event is taking place. We detect a robust correlation between audiences held with some ministries and abnormal returns, mainly before the audiences take place. From a financial standpoint of view, this result indicates the presence of efficient markets, at least to some degree. Given that we do not find robust abnormal returns after audiences, these meetings are probably not a relevant policymaking arena.