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The study aims to empirically analyze the reaction of stock prices to the information about the conclusion and acceptance of a debtor–creditor arrangement under restructuring proceedings of companies listed on the stock exchange in Poland. The following main research hypothesis was verified: public disclosure of information about an arrangement con...
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... CAAR we will also be able to verify, in a case of a negative abnormal rate of return, if the reversal effect exists for Polish companies and is statistically significant, as was discussed in this paper in a theoretical part for US companies, and as corroborated in the studies of Clark and Weinstein [1983], Schatzberg and Reiber [1992], Datta and Iskander-Datta [1995], and Dawkins et al. [2007]. Table 4 shows the results for all three events under study. For each event, the following rows show the AAR for each day of the event window, the adjusted Patell Z statistic test, and the p-value. ...Similar publications
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