Revista OEconomica

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Sorin-Nicolae CURCĂ - Synergic Effects of a (Possible) European Fiscal Union

Revista ŒCONOMICA - Book Review: From Cantillon and Kirzner to O'Driscoll and Rizzo – the collection of the National Bank of Romania, from Curtea Veche Publishing House, offers a triple journey into the history of economic thought

Articles on Issue Theme

Radu LUPU

Academia de Studii Economice din Bucureşti

Event studies, introduced by Fama et al. (1969), produce useful evidence on how stock prices respond to information. We conducted an event study analysis for the Romanian companies listed on Bucharest Stock Exchange with respect to dividend announcements by using a simple market model. After defining positive, negative and normal events we concluded that the cumulative abnormal returns computed for a 41 day window do not provide relevant evidence that the market is efficient.

ŒCONOMICA no. 4/2005

Keywords: event study, capital markets, dividends, efficient markets

JEL: J14

Competitivitatea firmelor listate la BVB folosind metoda studiului econometric de eveniment

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