TY - JOUR
T1 - ¿Aportan información relevante las Juntas Generales de Accionistas en países de tradición legal distinta a la ley común? Resultados para el caso español
AU - Blandón, Josep García
AU - Blasco, Mónica Martínez
AU - Sabaté, Lucinio González
PY - 2012
Y1 - 2012
N2 - Although the investigation of the effects of corporate events on stock prices is a wellestablished line of research in accounting and finance, only a limited attention has been devoted to one of the most important corporate events: the Annual General Meeting (AGM). The current empirical evidence is not only scarce, but is also limited to the US and the UK, countries whose legal tradition is based on the common law. In these countries the AGM has been found to involve the release of relevant information to the market. Nevertheless, since the influential paper by La Porta et al. (1998), evidence reported in common law countries cannot be automatically extrapolated to countries with a different legal tradition. In this paper, we have investigated the effects of AGM on stock returns, volatility and trading volumes, in the Spanish stock market. As expected, our results indicate that the information content of the AGM is lower in Spain than in common law countries. In fact, the AGM does not have any significant effect in any of the three indicators. After examining possible explanations, we conclude that no relevant information seems to be released to the market during AGM, thus having zero impact on returns, volatility and trading volumes. Nevertheless, the behaviour of cumulative returns and trading volumes suggests that market participants expect the release of relevant information during these meetings.
AB - Although the investigation of the effects of corporate events on stock prices is a wellestablished line of research in accounting and finance, only a limited attention has been devoted to one of the most important corporate events: the Annual General Meeting (AGM). The current empirical evidence is not only scarce, but is also limited to the US and the UK, countries whose legal tradition is based on the common law. In these countries the AGM has been found to involve the release of relevant information to the market. Nevertheless, since the influential paper by La Porta et al. (1998), evidence reported in common law countries cannot be automatically extrapolated to countries with a different legal tradition. In this paper, we have investigated the effects of AGM on stock returns, volatility and trading volumes, in the Spanish stock market. As expected, our results indicate that the information content of the AGM is lower in Spain than in common law countries. In fact, the AGM does not have any significant effect in any of the three indicators. After examining possible explanations, we conclude that no relevant information seems to be released to the market during AGM, thus having zero impact on returns, volatility and trading volumes. Nevertheless, the behaviour of cumulative returns and trading volumes suggests that market participants expect the release of relevant information during these meetings.
KW - Annual general meeting
KW - Event studies
KW - Stock returns
KW - Trading volumes
KW - Volatility
UR - http://www.scopus.com/inward/record.url?scp=84864230524&partnerID=8YFLogxK
U2 - 10.1080/02102412.2012.10779723
DO - 10.1080/02102412.2012.10779723
M3 - Artículo
AN - SCOPUS:84864230524
SN - 0210-2412
VL - 41
SP - 209
EP - 232
JO - Revista Espanola de Financiacion y Contabilidad
JF - Revista Espanola de Financiacion y Contabilidad
IS - 154
ER -