کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10153188 1666197 2018 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Investors' evaluations of price-increase preannouncements
ترجمه فارسی عنوان
ارزیابی سرمایه گذاران از پیش اعلام افزایش قیمت ها
کلمات کلیدی
افزایش قیمت؛ پیش اعلام .مطالعه رویداد؛ بازگشت غیر عادی؛ رابط بازاریابی و مالی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری بازاریابی و مدیریت بازار
چکیده انگلیسی
Several firms preannounce their price increases with the expectation that such announcements will be evaluated favorably by investors. However, little is known about the actual effect they have on shareholder value. Accordingly, the authors present the first systematic empirical examination of investors' evaluations of 274 price-increase preannouncements (PIPs). Results show that whereas the average increase in abnormal returns following a PIP is 0.51%, almost 41% of the PIPs result in negative abnormal returns. To explore this heterogeneity, the authors propose a conceptual framework that focuses on three key pieces of information that investors can use when evaluating a PIP: information on the nature (time to implementation and magnitude) of the preannounced price increase, the stated attribution for the preannounced price increase (demand and/or cost based), and information on prior PIP occurrences by the firm and its competitors. Results indicate that PIPs with greater time to implementation, higher own precedence and greater competitive precedence result in lower abnormal returns, while PIPs with higher magnitude and PIPs with an explicit demand attribution result in greater abnormal returns.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Research in Marketing - Volume 35, Issue 3, September 2018, Pages 359-377
نویسندگان
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