6 documents found, page 1 of 1
Stock market effects of corporate malpractices and misconduct: evidence from th...
Albuquerque, Bruno; Martins, António Miguel Valente; Moutinho, NunoThis study used event study methodology to examine the impact Hindenburg Research shortseller reports on targeted firms. The results show negative abnormal returns in firms when those reports reveal bad news about malpractices and misconduct. Our results show a higher negative stock market reaction to the Hindenburg reports when target firms are small, have higher leverage, higher Tobin’s Q, and corporate malpr...
Stock market effects of CrowdStrike IT outage on largest listed hotel companies
Albuquerque, Bruno; Cró, Susana; Moutinho, Nuno; Martins, António MiguelThis study analyses the short-term market effect of CrowdStrike IT outage in the 100 largest worldwide listed hotel companies. Using an event study methodology, the paper analyses how hotel companies are penalized by the market to the biggest IT disruption in history. Our results evidence a statistically significant negative reaction around the event date. This result is explained by the adverse impact caused b...
2024 U.S. presidential elections: an event study for U.S. and non-U.S. fossil f...
Martins, António Miguel; Albuquerque, Bruno; Sardinha, Luís; Moutinho, Nuno; Martins, António; Albuquerque, Bruno; Sardinha, LuisThis study examines the short-term market effect of Donald Trump’ victory in the 2024 US presidential election on largest US and non-US listed worldwide fuel fossil and renewable firms. Employing an event study meth odology, we observe a negative and statistically significant stock price reaction for worldwide renewable listed firms. An analysis by economic zones reveals the existence of negative abnormal retur...
Presidential elections and secretary appointment: an event study for us biotech...
Martins, António Miguel; Albuquerque, Bruno; Sardinha, Luís; Moutinho, Nuno; Martins, António; Albuquerque, Bruno; Sardinha, LuisThe aim of this study is to analyse the effect of the 2024 US presidential election and the appointment of the US health secretary to the largest US listed biotechnology and drug firms. Using an event study methodology, we find that President Donald Trump’s election had no sig nificant impact on the industry. On the contrary, the results show statistically significant negative stock price reactions around the U...
Changing Supply Elasticities and Regional Housing Booms
Aastveit, Knut Are; Albuquerque, Bruno; Anundsen, André K.Developments in U.S. house prices over the past decade mirror those of the 1996–2006 boom. Construction activity has, however, been weak. Using data for 254 U.S. metropolitan areas, we show that housing supply elasticities have fallen markedly in recent years. We find that housing supply elasticities have declined more in areas in which land-use regulation has tightened the most, and in areas that experienced t...
Corporate debt booms, financial constraints, and the investment nexus
Albuquerque, BrunoDoes corporate debt overhang affect investment over the medium term? To uncover this association, I measure debt overhang with a concept of debt accumulation or debt boom, and combine leverage with liquid assets to capture financial constraints. Using a large US firm-level panel over 1985Q1-2019Q1, I find that debt overhang leads financially vulnerable firms to cut permanently back on investment: a 10 p.p. incr...