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There is an impressive body of empirical evidence which indicates that successive price changes in individual common stocks are very nearly independent. Recent papers by Mandelbrot and Samuelson show rigorously that independence of successive price changes is consistent with an efficient market, i.e., a market that adjusts rapidly to new information. It is important to note, however, that in the empirical work to date the usual procedure has been to infer market efficiency from the observed independence of successive price changes. There has been very little actual testing of the speed of adjustment of prices to specific kinds of new information. The prime concern of this paper is to examine the process by which common stock prices adjust to the information (if any) that is implicit in a stock split. In doing so we propose a new event study methodology for measuring the effects of actions and events on security prices.
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This book constitutes the refereed proceedings of the Second Annual International Symposium on Information Management and Big Data, SIMBig 2015, held in Cusco, Peru, in September 2015, and of the Third Annual International Symposium on Information Management and Big Data, SIMBig 2016, held in Cusco, Peru, in September 2016. The 11 revised full papers presented were carefully reviewed and selected from 70 submissions. The papers address issues such as Data Science, Big Data, Data Mining, Natural Language Processing, Bio NLP, Text Mining, Information Retrieval, Machine Learning, Semantic Web, Ontologies, Web Mining, Knowledge Representation and Linked Open Data, Social Networks, Social Web and Web Science, Information Visualization, OLAP, Data Warehousing, Business Intelligence, Spatiotemporal Data, Health Care, Agent-based Systems, Reasoning and Logic, Constraints, Satisfiability, and Search.
Financial reports can be regarded as the primary means of communication between a company’s management and its shareholders. The reports also address all other kinds of stakeholders like employees, suppliers, customers, competitors, governments, potential investors, bond holders and, in a broad sense, the entire society. Still, it is questionable whether managers really deliver true information in their reports. One possible way of obscuring corporate information when results are negative, or of being forthcoming in disclosing information when results are good, is to adjust the reports’ readability which can influence understandability as a consequence. The concrete aim of this study is to focus on the readability of letters to the shareholders of bilingual (German and English) quarterly reports of listed companies at Frankfurt Stock Exchange. It is examined how various factors influence the readability of company reports.
Publishes across all the major fields of financial research. The most widely cited academic journal on finance and one of the most widely cited journals in economics as well.