Investors’ Perceptions and Stock Market Outcomes. Interdisciplinary Approach
Scientific editors:
Olha Zadorozhna
Martin Dahl
ISBN: 978-83-64054-67-9
The book consists of six chapters in which the determinants of stock market outcomes are explained. Each chapter tries to explain why stock prices change the way they do and to discover a general approach to predict them. They tells a unique story behind the decision-making process of stock market players starting from the general approach and trying to determine if the stock market outcomes affect economic growth in developing and developed countries. The book moves on to discuss oil prices and their effect on the stock market indices. The second part of the book makes use of the event study methodology and discusses the effect of the Fukushima Daiichi nuclear disaster on oil companies around the world, the terrorist attacks on the airline industry in the US, the change of the CEO on firms traded on the Warsaw Stock Exchange, and finally the dividend announcements of Polish companies on their stock returns. These papers analyze specific events and show how they affect investors of different companies. By going from general to specific, the book sheds light on understanding of the stock market outcomes and investors’ perceptions around the world and throughout different industries using different econometric techniques starting from OLS and ARCH, moving on to SVAR and finishing with the event study methodology.
Recenzje:
In this way, the presented work not only offers a novel approach, but also leads to the best understanding of the study topic at hand. Moreover, the publication supposes the provision of a true and authentic manual of obligatory use even to the most demanding reader who aspires to know in depth the stock markets, turning it into a reference work.
In conclusion, the present work can be considered as didactic and very well documented, with an academic structure and accessible language, despite the complexity of the treated subject. It makes a contribution to the debate on the determinants of stock market outcomes and their importance within the current international context, taking up the dialogue with the approaches presented in the reference works. It also gives rise to a series of theoretical and empirical inputs that improve the understanding of the addressed subject, broadening the focus of its comprehension in the new way. In other words, it is an outstanding work that not only reinforces the knowledge, but also aims to obtain a complete vision about the stipulated topic.
dr Marcin Roman Czubala Ostapiuk
An interesting and timely manuscript that contributes to understanding the decision making process of investors from financial, economic and social perspectives. Overall, the analyses look robust and consistent and strongly support the results highlighted by each author. I enjoyed reading all the sections of the manuscript and I strongly believe that these will be of value to both market players as well as the academic community.
dr Constantin-Marius Apostoaie