Eine Übersicht aller Sessions/Sitzungen dieser Veranstaltung. Bitte wählen Sie einen Ort oder ein Datum aus, um nur die betreffenden Sitzungen anzuzeigen. Wählen Sie eine Sitzung aus, um zur Detailanzeige zu gelangen.
Als Teilnehmende können Sie sich Ihr persönliches Programm zusammenstellen. Loggen Sie sich dazu in Ihren Account ein: Login
Chair der Sitzung: Henning Schröder, Leuphana Universität
Ort:C 14.103 Seminarraum
33
Präsentationen
Interday Cross-Sectional Momentum: Global Evidence and Determinants
Sebastian Schlie1, Xiaozhou Zhou2
1University of Hagen, Germany; 2University of Quebec at Montreal, Canada
Using a novel set of international high-frequency data, we examine whether half-hour returns continue to predict half-hour returns on subsequent days in global stock markets at the firm-level, and how this “interday momentum" pattern is affected by market characteristics. Our results show that the pattern is still present across all markets, albeit weaker than in previous studies, and most pronounced during the last half-hour interval. Characteristics such as liquidity, price efficiency, size, and volatility moderate interday momentum, however, depending on the time of day. Lastly, we show that a more pronounced absolute overnight return leads to a decline in interday momentum.
Shareholders in the hot seat: Stock price reactions to European and U.S. heat waves
Mario Schuster1, Julian Krüger2, Rainer Lueg1,3
1Leuphana University Lüneburg, Institute of Management, Accounting and Finance, Universitätsallee 1, 21335 Lüneburg, Germany; 2GEOMAR Helmholtz Centre for Ocean Research Kiel, Department of Ocean Circulation and Climate Dynamics, Düsternbrooker Weg 20, 24105 Kiel, Germany; 3University of Southern Denmark, Department of Business and Economics, Universitetsparken 1, 6000 Kolding, Denmark
In our interdisciplinary study, we define with meteorological data the strongest heat waves since 1979 for Europe and the United States. We reveal that European heat waves have a higher magnitude and duration. Moreover, we conduct an event study to capture stock price reactions to the identified heat waves for firms with different environmental performance levels. The heat waves significantly impact the stock market, with cumulative average abnormal returns amounting to -3.065%. We reveal geographical differences. In the United States, recent heat waves have a greater impact on the stock market compared to previous years. In Europe, stock price reactions depend on the heat waves' intensity and duration. Only for the United States, we identify a disciplinary effect for portfolios with poor environmental performance.
Antecedents of E-Commerce Firms' Foreign Direct Investment Decisions
Marius Müller, Bernhard Swoboda
Universität Trier, Deutschland
Despite their global presence, leading e-commerce firms establish foreign direct investment only in select countries to fully apply local operations and management. However, we know surprisingly little about the drivers of this important decision in certain countries, while other countries are served differently. This study proposes a framework to analyze the host country- and firm-specific antecedents of e-commerce firms’ wholly owned foreign direct investment decisions. This study refers to data on 1,828 decisions of 241 leading e-commerce firms in Europe in 2010-2020 and applies multilevel modeling. The results show that firms choose foreign direct investment primarily based on their host country online experience. Country-level antecedents such as host country logistics performance, rule of law or market attractiveness are also relevant but explain the decision differently. The findings have direct implications for managers interested in the roles of the major drivers of foreign direct investment decisions in growing e-commerce markets.
