文章基本信息

标题：Short-run Political Events and Stock Market Reactions: Evidence from Companies Connected to Malaysian bi-Power Business-political Elite
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作者：Wan Sallha Yusoff ; Wan Sallha Yusoff ; Mohd Fairuz Md. Salleh 等
期刊名称：Procedia - Social and Behavioral Sciences
印刷版ISSN：1877-0428
出版年度：2015
卷号：211
页码：421-428
DOI：10.1016/j.sbspro.2015.11.055
语种：English
出版社：Elsevier
摘要：AbstractBased on the Efficient Market Hypothesis, this paper investigates market reactions to short-run political events in the companies connected to bi-power business–political elite of the state of Sarawak in Malaysia. We find that the under-reaction market behaviour of investors existed in politically connected firms upon the announcement of extraordinary political events. By contrast, evidence of overreaction behaviour was detected upon the holding of the Balingan general election. This study suggests that in short run political events, investors are unable to predict abnormal returns in politically connected companies upon the announcement of surprising political news. This signals an inefficient market.
关键词：stock market reaction;political connection;short-run political event