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The influence of financial and non financial information on stock returns of firms in the european ict industry
Beatriz Cuellar Fernández and Yolanda Fuertes Callén and Jose Antonio Laínez Gadea |
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In this paper we explore the impact of firm specific news issued by 101 European companies in the information and Communications Technology (ICT) industry on the close to close daily stock return. We compile 8.630 news issued by each sample firm from the “Press releases” tab of the firm’s website between January 2003 and April 2005, and classify them into eighteen categories: 13 about non financial actions and 5 financial actions.
Our results show price reaction around some of the non financial actions analysed. However, differences may be observed depending on the type of information in question. Also our findings regarding the impact of financial information indicate that new items o this kind are relevant, support the contention that financial measures continue to have utility for investors despite criticism that information of this type is largely irrelevant in the ICT sector.
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