Abstract
We conducted an event study on the concealment of the blending ratio of waste paper with virgin pulp in Japan. By investigating 10 companies in the paper industry between May 30, 2007 and January 18, 2008, we clearly show that stock prices of the relevant companies were affected by the news on the concealment of the blending ratio of waste paper. In addition, the impact of the second event was found to be greater than that of the first event. Therefore, the concealment of major companies negatively affects the stock prices of non-major companies, which did not conceal information during this period. Thus, bad news is negatively assessed by the market, and this influence has spread in the paper industry in general.
| Original language | English |
|---|---|
| Pages (from-to) | 1491-1494 |
| Number of pages | 4 |
| Journal | Waste Management |
| Volume | 29 |
| Issue number | 5 |
| DOIs | |
| Publication status | Published - May 2009 |
| Externally published | Yes |
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ASJC Scopus subject areas
- Waste Management and Disposal
Cite this
An event study on the concealment of the blending ratio of waste paper. / Yamaguchi, Keiko.
In: Waste Management, Vol. 29, No. 5, 05.2009, p. 1491-1494.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - An event study on the concealment of the blending ratio of waste paper
AU - Yamaguchi, Keiko
PY - 2009/5
Y1 - 2009/5
N2 - We conducted an event study on the concealment of the blending ratio of waste paper with virgin pulp in Japan. By investigating 10 companies in the paper industry between May 30, 2007 and January 18, 2008, we clearly show that stock prices of the relevant companies were affected by the news on the concealment of the blending ratio of waste paper. In addition, the impact of the second event was found to be greater than that of the first event. Therefore, the concealment of major companies negatively affects the stock prices of non-major companies, which did not conceal information during this period. Thus, bad news is negatively assessed by the market, and this influence has spread in the paper industry in general.
AB - We conducted an event study on the concealment of the blending ratio of waste paper with virgin pulp in Japan. By investigating 10 companies in the paper industry between May 30, 2007 and January 18, 2008, we clearly show that stock prices of the relevant companies were affected by the news on the concealment of the blending ratio of waste paper. In addition, the impact of the second event was found to be greater than that of the first event. Therefore, the concealment of major companies negatively affects the stock prices of non-major companies, which did not conceal information during this period. Thus, bad news is negatively assessed by the market, and this influence has spread in the paper industry in general.
UR - http://www.scopus.com/inward/record.url?scp=61549120769&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=61549120769&partnerID=8YFLogxK
U2 - 10.1016/j.wasman.2008.11.029
DO - 10.1016/j.wasman.2008.11.029
M3 - Article
VL - 29
SP - 1491
EP - 1494
JO - Waste Management
JF - Waste Management
SN - 0956-053X
IS - 5
ER -