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In China, acquiring firms are increasingly focused on the immediate financial returns that digital mergers and acquisitions (DM&A) can help them achieve in the stock market, but there is little literature that examines which acquiring firms achieve greater returns. Based on signaling theory, this study conceptualizes DM&A announcements as signals released by the acquiring firms to the stock market and explores the factors influencing the Chinese stock market's reaction to such signals. This research empirically investigates potential influencing factors using a short-term event methodology together with regression analysis based on the data collected in China's Shanghai and Shenzhen stock markets during 2012-2021. The research finds that the Chinese stock market reacts more positively to DM&A announcements for acquiring firms with high executive shareholdings, high executive openness, strong digital innovation capabilities, and in regions with higher levels of investor protection. This study is the first attempt to explore the factors influencing the stock market's response to DM&A in the Chinese context.

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Environmental penalty announcement (EPA) has received increasing attention for its potential to convey valuable information and affect capital market performance. Using data on listed companies in China, this paper examines stock market reaction to environmental penalty announcements, the behavior of different types of investors, and the moderating factors of these responses. The findings show that (1) disclosure of EPA by listed companies results in negative abnormal returns, but this negative market reaction is not sustained. (2) Heavy polluters and non-state-owned enterprises are exposed to more negative abnormal returns when they disclose EPA. (3) Environmental reputation can mitigate the negative stock market reaction to EPA, while the participation of green investors will intensify this reaction. (4) Retail investors tend to sell stocks of companies that disclose EPA as media attention increases, while institutional investors increase their shareholding especially in companies that already have high holdings, high ESG scores, and in regions with low levels of green finance development. This paper serves as a reference for governments, firms, and stakeholders on stock market reaction to environmental information disclosures.

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The event study or event study method (ESM) is an empirical technique for capturing investors' reaction to an event affecting one or more publicly traded firms. The ESM has been little employed in international business (IB) research despite its frequency in accounting, economics, and finance; for example, only two percent of the empirical articles in JIBS over 1970-2019 include an event study. While this scarcity could indicate a lack of demand, we argue that the field of IB studies offers many interesting and important research opportunities for an event study. We believe that the challenges arise primarily from the supply side, because conducting an event study involves overcoming a variety of data and analytical hurdles. We examine these methodological challenges and offer practical solutions designed to encourage adoption of the ESM. An online appendix with coding and examples provides additional resources. Supplementary Information: The online version contains supplementary material available at 10.1057/s41267-022-00509-7.

L'étude d'événement ou la méthode d'étude d'événement (Event Study Method - ESM) est une technique empirique qui vise à refléter la réaction des investisseurs à un événement influençant une ou plusieurs entreprises cotées en bourse. Malgré sa fréquence dans la comptabilité, l'économie et la finance, l'ESM a été peu utilisée dans la recherche portée sur les affaires internationales (International Business - IB) ; A titre d'exemple, seuls deux pour cent des articles empiriques publiés dans la JIBS sur la période 1970­2019 incluent une étude d'événement. Bien que cette rareté puisse indiquer un manque de demande, nous argumentons que le domaine des IB offre de nombreuses opportunités de recherche intéressantes et importantes à une étude d'événement. Nous croyons que les défis proviennent principalement du côté de l'offre, car la réalisation d'une étude d'événement implique de surmonter une variété d'obstacles analytiques et de données. Nous examinons ces défis méthodologiques, et proposons des solutions pratiques conçues pour encourager l'adoption de l'ESM. Une annexe en ligne avec codage et exemples fournit des ressources supplémentaires.

El estudio de eventos o método de estudio de eventos (ESM por sus iniciales en inglés) es una técnica empírica para capturarar la reacción de los inversionistas a un evento que afecta a una o más empresas que cotizan en bolsa. El método de estudio de eventos ha sido poco empleado en la investigación de negocios internacionales (IB por las siglas en inglés) a pesar de su frecuencia en contabilidad, economía y finanzas; por ejemplo, sólo el dos por ciento de los artículos empíricos en JIBS durante 1970­2019 incluyen un estudio de eventos. Si bien esta escasez podría indicar una falta de demanda, sostenemos que el campo de los estudios de negocios internacionales ofrece muchas interesantes e importantes oportunidades de investigación para un estudio de eventos. Creemos que los retos surgen principalmente del lado de la oferta, debido a que llevar a cabo un estudio de eventos supone superar una variedad de datos y obstáculos analíticos. Examinamos estos retos metodológicos y ofrecemos soluciones prácticas diseñadas para fomentar la adopción del estudio de eventos. Un apéndice en línea con codificación y ejemplos ofrece recursos adicionales.

O estudo de eventos ou método de estudo de eventos (ESM) é uma técnica empírica para capturar a reação de investidores a um evento que afeta uma ou mais empresas de capital aberto. O ESM tem sido pouco empregado na pesquisa de negócios internacionais (IB), apesar da sua frequência em contabilidade, economia e finanças; por exemplo, apenas dois por cento dos artigos empíricos no JIBS entre 1970­2019 incluem um estudo de evento. Embora essa escassez possa indicar falta de demanda, argumentamos que o campo de estudos em IB oferece muitas oportunidades de pesquisa interessantes e importantes para um estudo de evento. Acreditamos que os desafios surjam principalmente do lado da oferta, já que a condução de um estudo de evento envolve superar uma variedade de dados e obstáculos analíticos. Examinamos esses desafios metodológicos e oferecemos soluções práticas destinadas a incentivar a adoção do ESM. Um apêndice online com códigos e exemplos fornece recursos adicionais.

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Based on China's anti-epidemic bond data, this paper investigates stock market reactions to the anti-epidemic bond issuance announcements during the COVID-19 pandemic. We find that anti-epidemic bond issuance significantly increases the cumulative abnormal return (CAR) compared with conventional bond issuance.

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This study presents a thorough investigation of the relationship between the coronavirus disease 2019 (COVID-19) and daily stock price changes. We use several types of COVID-19 patients as indicators for exploring whether stock prices are significantly affected by COVID-19's impact. In addition, using the Chinese stock market as an example, we are particularly interested in the psychological and industrial impacts of COVID-19 on the financial market. This study makes two contributions to the literature. First, from a theoretical perspective, it shows a novel quantitative relationship between the psychological response to the pandemic and stock prices. In addition, it depicts the mechanism of the shock to the stock market by pointing out the specific functional expression of the impulse reaction. To our knowledge, this is the first theoretical calculation of the impulse of a shock to the financial market. Second, this study empirically estimates the marginal effect of the COVID-19 pandemic on fluctuations in stock market returns. By controlling for stock fundamentals, this study also estimates diverse industrial responses to pandemic stock volatility. We confirm that the COVID-19 pandemic has caused panic in the stock market, which not only depresses stock prices but also inflates volatility in daily returns. Regarding the impulse of the shock, we identify the cumulative level of the pandemic variables as well as their incremental differences. As shown by our empirical results, the terms for these differences will eventually dominate the marginal effect, which confirms the fading impulse of the shock. Finally, this study highlights some important policy implications of stock market volatility and returns to work in the industry.

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We examine the U.S. stock market reaction to the World Health Organization's announcement declaring COVID-19 a global health emergency, with a focus on firms' international exposure. We find that while international exposure through foreign sales, foreign assets, imports and exports are significant and negatively associated with standardized cumulative abnormal returns in the short-run, the effect reverses in the long-run. In the long-run, internationalization contributes to multinational firms being more resilient to economic shocks caused by COVID-19.