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Journals / International Review of Economics and Management / 2014 / Cilt: 2 - Sayı: 1

VOLUNTARY & MANDATORY TRANSFER DISCLOSURES OF FOOTBALL TEAMS AND BEHAVIOUR OF STOCK RETURNS: AN EVENT STUDY

Burak BABACAN
Gökhan ÖZER
Pages
19–35
Publication Date
2015-07-07
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The findings of study provide evidence for the theory proposing that stock returns react to voluntary disclosures when the mandatory disclosures are less informative.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:We use the event study methodology to examine the stock returns’ consequences of voluntary and mandatory transfer disclosures of football teams.
📊
Key Findings & Data:However stock returns reaction to voluntary disclosures is statistically significant where this proposition is not valid for the mandatory disclosures.
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Conclusion & Impact:The findings of study provide evidence for the theory proposing that stock returns react to voluntary disclosures when the mandatory disclosures are less informative.
🔬Design:Research Article
📍Scope:Comprehensive Sample
⚙️Variables:voluntary disclosures · mandatory disclosures · stock returns

Abstract

We use the event study methodology to examine the stock returns’ consequences of voluntary and mandatory transfer disclosures of football teams. We analyzed the effects of voluntary disclosures by using the announcement of intent to enter into negotiations on transfer. On the other hand, to announce signing a contract is considered as a mandatory disclosure because the local regulations obliged football teams to announce the transfers of football players. The results of the study show that stock returns have parallel pattern regarding the voluntary and mandatory disclosures. However stock returns reaction to voluntary disclosures is statistically significant where this proposition is not valid for the mandatory disclosures. The findings of study provide evidence for the theory proposing that stock returns react to voluntary disclosures when the mandatory disclosures are less informative.

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Cite This Article

BABACAN, B., ÖZER, G. (2015). VOLUNTARY & MANDATORY TRANSFER DISCLOSURES OF FOOTBALL TEAMS AND BEHAVIOUR OF STOCK RETURNS: AN EVENT STUDY. International Review of Economics and Management, Cilt: 2 - Sayı: 1, 19–35. https://ajindex.com/articles/769733

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