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Wird die Ad-hoc-Publizität korrekt umgesetzt? Eine empirische Analyse unter Einbezug von Unternehmen des Neuen Markts

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  • André Güttler

    (Johann Wolfgang Goethe-Universität)

Abstract

Summary In this paper stock price reactions of reports based on ad-hoc-disclosure rules (section 15 of the German securities law) are examined. This event study includes for the first time reports filed by companies of the Neuer Markt, which was the German market for fast growing and inventive firms. The investigation concentrates on the reproach that investors are swampt over with reports, which are abused for investor relation purposes instead of informing about issues according to the regulations. For a sample of 80 German firms containing blue chips of the Dax-30 and growth stocks of the Nemax-50, the evidence indicates that only firms of the Nemax-50 prefer publishing potentially good news, delaying bad news and publishing even more good news in positive market conditions. The results show the necessity for stricter control of existing ad-hoc disclosure rules to regain investors trust in equity markets.

Suggested Citation

  • André Güttler, 2005. "Wird die Ad-hoc-Publizität korrekt umgesetzt? Eine empirische Analyse unter Einbezug von Unternehmen des Neuen Markts," Schmalenbach Journal of Business Research, Springer, vol. 57(3), pages 237-259, May.
    • Handle: RePEc:spr:sjobre:v:57:y:2005:i:3:d:10.1007_bf03372765
    DOI: 10.1007/BF03372765
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    G14; G38; K22; K42;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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