Effects of Economic and Political Events on Stock Returns: Event Study of the Agrokor Case in Croatia

IF 0.4 Q4 ECONOMICS

Croatian Economic Survey Pub Date : 2019-06-27 DOI:10.15179/CES.21.1.2

Tihana Škrinjarić, Zrinka Orlović

引用次数: 5

Abstract

Major events in Croatia regarding economy and politics in the last three years have been related to the Agrokor concern. Agrokor is one of the biggest companies/concerns in Croatia and Southeastern Europe. Since some of Agrokor’s stocks are listed on the Croatian stock market, the economic and political events regarding Agrokor have affected the stock market as well to an extent. In this study we observe the effects of several economic and political events on stock returns on the Zagreb Stock Exchange, by dividing the sample into two groups. The first group consists of Agrokor’s stocks and the other group consists of stocks of other companies which are listed and frequently traded on the market. The methodology used in the study was event study, by using parametric and non-parametric tests. The results indicate that specific economic and political events have affected Agrokor’s stock returns negatively. Other stock returns were not affected, or were affected positively, but not statistically significantly.

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经济和政治事件对股票收益的影响——克罗地亚Agrokor案的事件研究

过去三年克罗地亚在经济和政治方面发生的重大事件都与Agrokor问题有关。Agrokor是克罗地亚和东南欧最大的公司之一。由于Agrokor的一些股票在克罗地亚股票市场上市，有关Agrokor的经济和政治事件也在一定程度上影响了股票市场。在本研究中，我们通过将样本分为两组，观察了几个经济和政治事件对萨格勒布证券交易所股票回报的影响。第一组由Agrokor的股票组成，另一组由其他上市并经常在市场上交易的公司的股票组成。本研究采用事件研究方法，采用参数检验和非参数检验。结果表明，特定的经济和政治事件对Agrokor的股票收益产生了负向影响。其他股票的收益不受影响，或者受到积极影响，但在统计上不显著。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Croatian Economic Survey ECONOMICS-

CiteScore

0.90

自引率

0.00%

发文量

审稿时长

12 weeks

期刊介绍： The journal Croatian Economic Survey is a Diamond Open Access journal defined by the following characteristics: -Peer review: the article goes through the journal''s process of a double-blind peer review. -Public access: both the author and the public have immediate access to the final, published version of the article. -Funding model: both the author and the public pay no fee to the journal. The journal is financially supported by the Ministry of Science and Education of the Republic of Croatia. Croatian Economic Survey is an English-language, peer-reviewed scholarly journal published by the Institute of Economics, Zagreb in Croatia and financed by the Croatian Ministry of Science and Education. The journal aims to serve as a forum for academics and practitioners by publishing high-quality research papers on topics in all areas of economics. Special focus is given to post-socialist Europe. Comparative studies are especially encouraged, since these countries share a similar socio-economic background and comparative studies offer a valuable source of insight for policy formulation as well as a basis for competitive benchmarking. The journal welcomes empirical and policy-oriented papers relevant to a broader international audience. Contributions need not be limited solely to economics; submissions from other related disciplines are encouraged.