TY - GEN
T1 - Wealth effect of announcement of incentive policy of energy
T2 - Evidence from China market
AU - He, Xuefeng
AU - Jiu, Lili
AU - Han, Shuangjiang
PY - 2013
Y1 - 2013
N2 - Energy management contract (EMC) is a new model of the saving energy project. This research provides evidence on the efficiency of China securities market with respect to incentive policy of energy. Specifically, our study uses an event study methodology to empirically examine China stock market reaction before, during, and after the announcement of incentive policy of "about accelerating the implementation of EMC advice" based on the listed companies in 2010 under the influence of EMC with a time window of 41 days. The results indicate that target companies experience significant positive abnormal returns and the price of stocks increase before and after the announcement day of EMC advice effect, and increase shareholders' wealth and the value of the company in a short period around the announcement date.
AB - Energy management contract (EMC) is a new model of the saving energy project. This research provides evidence on the efficiency of China securities market with respect to incentive policy of energy. Specifically, our study uses an event study methodology to empirically examine China stock market reaction before, during, and after the announcement of incentive policy of "about accelerating the implementation of EMC advice" based on the listed companies in 2010 under the influence of EMC with a time window of 41 days. The results indicate that target companies experience significant positive abnormal returns and the price of stocks increase before and after the announcement day of EMC advice effect, and increase shareholders' wealth and the value of the company in a short period around the announcement date.
KW - Abnormal returns
KW - Event study
KW - Incentive policy of energy
UR - http://www.scopus.com/inward/record.url?scp=84887947752&partnerID=8YFLogxK
U2 - 10.2495/ISME20133643
DO - 10.2495/ISME20133643
M3 - Conference Proceeding
AN - SCOPUS:84887947752
SN - 9781845648282
T3 - WIT Transactions on Information and Communication Technologies
SP - 2687
EP - 2693
BT - Information Science and Management Engineering
PB - WITPress
ER -