文章基本信息

标题：The influence of rumors in the stock market: a case study with Petrobras
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作者：Cruz, Fábio Marques da ; Gomes, Maria Yêda Falcão Soares de Filgueiras
期刊名称：Transinformação
印刷版ISSN：0103-3786
出版年度：2013
卷号：25
期号：3
页码：187-193
DOI：10.1590/S0103-37862013000300001
出版社：Pontifícia Universidade Católica de Campinas
摘要：This paper analyzes the influence of rumors on price fluctuations in the Stock Exchange of São Paulo between 2007 and 2011, through a case study with Petrobras, a company whose stock had the largest trading volume within the period.For this purpose we used the historical prices of cash market provided by the stock exchange.The communications in which Petrobras provides clarifications regarding unofficial information disclosed in the press were also collected from the stock exchange website.The analysis of these documents helped to create a diagram to represent the information about the rumors and categorize them by subject.This diagram was applied to a database to store the information collected from the companys communications.Then this information was retrieved to analyze the influence of rumors on price movements.The results confirm that the companys responses to rumors influence price fluctuations of its stock.At eagerness for information to dilute uncertainty, investors make decisions based on rumors betting on the credibility of the media that disclose them, even though knowing that the information is not always reliable.
关键词：Fluxos informais;Capital imaterial;Oscilação de preço;Boato;Mercado de ações;Conhecimento tácito
其他关键词：Informal flows;Intangible capital;Price fluctuation;Rumor;Stock market;Tacit knowledge