Event-Driven mobile financial Information-Services. Design by Jan Muntermann

By Jan Muntermann

In recent times, cellular functions an applied sciences became invaluable for plenty of businesses and their buyers. This ongoing development has affected either companies and way of life. Jan Munterman offers an intraday occasion examine is carried out inside of German captial industry, and offers proof that traders may make the most intraday inventory rate results following severe industry exploits.

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Their research goal is to prove the existence of insider trading prior to the announcement date, efficient market reaction at the announcement date and phenomena like herding after the announcement. An overview of these studies is provided by Nowak (2001). According to Kaserer and Nowak (2001), the studies by Oerke (1999) and Röder (1999) show methodological problems regarding the calculation of abnormal returns as their method of calculating abnormal returns leads in most cases to significant results (Kaserer and Nowak 2001).

For research, the use of intraday data has the advantage of enabling short-term analysis of price reactions before and following the observed events. However, the availability and management of such stock price series, which can be quite voluminous, is a big challenge. g. 5 business hours, up to 510 quotes need to be managed for each stock per day). So far, there exist three widely cited empirical studies analyzing the German capital market between 1995 and 1997, all of which concentrate on daily price effects (Nowak 2001; Oerke 1999 and Röder 1999).

Second, the classification mapping is often not definitely, when an announcement can be assigned to more than one category. Third, the categorization has to be done subjectively according to the announcement category list used. However, as the first year of the data sample used is similar to the sample used by Muntermann and Güttler (2007) a similar frequency distribution of announcement categories can be expected. 5%) of the disclosures address financial statements and dividend statements. 3% largely negative news (increases of the share capital, bankruptcies, litigations, capital reductions, and adverse value adjustments by the company).

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