| Titre | The impact of exogenous information on stock value through the coloration concept: a test model | |
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| Auteur | Christophe Boya, Jean-Louis Monino | |
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Revue | Journal of Innovation Economics |
| Numéro | no 6, 2010 The Global Crisis and Financing Strategies | |
| Page | 163-180 | |
| Résumé anglais |
This paper examines the effect of the exogenous information on stock prices. The analysis contributes in literature on the semi strong efficiency. It brings the informational nature nearer information, defined as informative coloration, which strikes the financial market to its underlying credit. The proposed test model is based on the nonparametric statistics. This model develops the possibility to examine the whole exogenous information on stock prices variations. The statistical performance of the model during the empirical application shows its ability to anticipate correctly the movements of prices. It challenges the semi strong form of efficiency markets.JEL codes: C14, D83, G14 Source : Éditeur (via Cairn.info) |
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| Article en ligne | http://www.cairn.info/article.php?ID_ARTICLE=JIE_006_0163 |
