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Poon, Percy; Newbould, Gerald D.; Durtschi, Cindy

doi:10.1023/a:1011288504426

Cited by 15 publications

(1 citation statement)

References 15 publications

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“…The literature also evidenced several methodological developments (Ataullah et al , 2011; Brown and Warner, 1980, 1985; Corrado, 1989). The focus of these studies has expanded from just stock splits and mergers to other events such as the announcement of dividends (Chatterjee and Dutta, 2017; Pandey et al , 2022; Pandey and Kumari, 2021b; Rosario and Chavali, 2016), share repurchases (Hackethal and Zdantchouk, 2006; Rees, 1996), debt offerings (Spiess and Affleck-Graves, 1999), mergers (Pandey and Kumari, 2020; Rai et al , 2022) and corporate restructuring (Poon et al , 2001; Renneboog and Szilagyi, 2008). Apart from these corporate events, event studies have been introduced to examine the effects of privatization (Rai and Pandey, 2021), terrorist attacks (Kim et al , 2022; Papakyriakou et al , 2019), natural disasters (Chen et al , 2023; Malik et al , 2020) and geopolitical events (Egger and Zhu, 2020; Hassan et al , 2022; Kumari et al , 2022) on stock prices.…”

Section: Introductionmentioning

confidence: 99%

Impacts of climate pact on global oil and gas sector stocks

Kumari

Assaf

Moussa

et al. 2023

SEF

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Purpose The purpose of this study is to examine the impacts of the Glasgow Climate Pact on global oil and gas sector stocks. Further, this study also examines if the nations' Climate Change Performance Index (CCPI) and World Energy Trilemma Index (WETI) drive the abnormal returns around the event. Design/methodology/approach The authors apply the event study analysis to 691 global oil and gas firms across 52 countries. Further, they apply the cross-sectional examination of cumulative abnormal returns (CARs) across 502 firms. Findings The emerging markets experienced significant negative abnormal returns on the event day. The CCPI negatively affects longer pre-event CARs, while WETI significantly negatively associates with CARs during longer pre- and post-event windows. Volatility is negatively related to pre- and post-event abnormal returns, while past returns positively drive pre-event period CARs but negatively drive post-event window CARs. This study finds an interesting association between liquidity (CACL) and CARs, as CACL positively drives pre-event CARs, but post-event CARs are negatively associated with CACL. The CARs do not significantly correlate with leverage, size and book-to-market ratio. Practical implications This study's findings on the impact of climate risks on financial markets have significant implications for global regulatory bodies. Policymakers should reduce stock volatility and enhance environmental disclosures by publicly traded companies to accurately price and assess the potential impacts of climate risks. Governments should examine the effects of environmental restrictions on investor behavior, especially in developing countries with limited access to capital. Therefore, policymakers need to consider the far-reaching impacts of environmental regulations while introducing them. Originality/value Climate risks are expected to impact the global financial market significantly. Prior studies provide limited evidence on how such climate pacts impact the oil and gas sector. Hence, this study, while bridging this gap, provides important implications for policymakers and stakeholders, particularly the emerging markets that are more sensitive.

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Section: Introductionmentioning

confidence: 99%

Impacts of climate pact on global oil and gas sector stocks

Kumari

Assaf

Moussa

et al. 2023

SEF

View full text Add to dashboard Cite

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An analytical approach for making management decisions concerning corporate restructuring

Lin

Lee

Peterson

2006

Manage. Decis. Econ.

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Internal corporate restructuring activities, such as downsizing, sale or termination of a business line, facility closure, consolidation, or relocation, often occur as part of managerial strategies intended to improve efficiency, control costs, and adapt to an ever-changing business environment. Such actions frequently result in fundamental changes in a business's organization, its strategies, its systems, and its operations. They can unsettle a business and often significantly affect current and future earnings and cash flows. In this paper we propose a novel decision-making model through the use of the dynamic programming technique to illustrate how management can determine the optimal timing and appropriate restructuring actions that maximize the benefits of a restructuring program. Copyright © 2006 John Wiley & Sons, Ltd.

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The effect of repeat restructuring charges on analysts’ forecast revisions and accuracy

Lin

Yang

2006

Rev Quant Finan Acc

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The primary objective of this study is to examine the effect of prior restructuring charges on analyst forecast revisions and accuracy. We find evidence that analysts respond differently to first-time restructuring firms than to repeat restructuring firms. Analysts revise their forecasts of both one-year-ahead earnings and five-year long-term growth in earnings more negatively for first-time restructuring firms than for firms with prior charges. When we examine forecast errors in the year subsequent to the restructuring, we find that current charges complicate analysts’ earnings forecast task. We further find that the decline in analyst forecast accuracy is mitigated by prior charges within past two years. Copyright Springer Science + Business Media, LLC 2006Repeat restructuring charges, Analysts’ forecast revisions, Analysts’ forecast errors,

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Cited by 15 publications

References 15 publications

Impacts of climate pact on global oil and gas sector stocks

Impacts of climate pact on global oil and gas sector stocks

An analytical approach for making management decisions concerning corporate restructuring

The effect of repeat restructuring charges on analysts’ forecast revisions and accuracy

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