Kapitalmarktreaktionen auf die Ankündigung von Personalabbauplänen – ein Überblick über drei Jahrzehnte empirische Evidenz

The present report reviews 62 studies published between 1990 and 2017 that investigate the reaction of the capital market to layoff announcements in form of event studies. The included studies focus mostly on announcements from the USA and - in more recent years - also Europe. They typically find significant negative abnormal capital market returns, however the results are very heterogenous and the effects subtle. Therefore, there is an outstanding relevance to the explaining variables in the multivariate analyses. For practitioners, the impact of different aspects of the announcement are emphasized while for the academic community further research topics are identified.