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The paper aims to examine the link between firm‐level large share price movements, firm‐specific company announcements and corporate governance. Stock market regulation in the UK requires firms to disclose new price‐sensitive information immediately via official news providers. The paper investigates whether large share price movements are accompanied by firm disclosure. It also investigates whether corporate governance attributes influence the degree of disclosure by firms.

The disclosure measure is constructed by identifying the largest abnormal daily stock returns for sample firms, and then firm‐specific announcements in the three‐day window centred on the abnormal return day are searched. Corporate governance variables known to influence disclosure practice are then collected and tested to ascertain whether they influence disclosure for positive and negative (good and bad announcements) abnormal returns.

Large share price movements are accompanied by an official share price movement in 45.2 per cent of cases. This rises to 62.9 per cent when new analyst or newspaper articles are included as potential drivers of the abnormal share price return. The higher the proportion of non‐executive directors and CEO/chair duality lead to a higher incidence of bad news disclosure, suggesting increased scrutiny works. The higher the level of CEO and board ownership the lower the level of disclosure. Finally, institutional ownership concentration appears to negatively influence the level of disclosure.

Higher levels of corporate governance are shown to lead to better firm disclosure. At the same time, the authors find that in almost 40 per cent of large abnormal share price returns no information has come to the market to drive the share price. Thus, the paper has important messages for regulators, who need to investigate why prices often move a long way without accompanying news. Shareholders, particularly institutions, should ensure high levels of disclosure by company directors.

The purpose of this paper is to examine an alternative way by which firms can disclose their intellectual capital to external stakeholders who have an influence on their share price.

The paper shows that, by applying the empirical “event studies” methodology for the 2004‐2005 financial year, the components of intellectual capital are used to classify price‐sensitive company announcements to the Australian Stock Exchange (ASX), and to examine any relationship between the disclosure of intellectual capital and the cumulative abnormal return of a firm's share price.

The disclosure of intellectual capital elements in price sensitive company announcements can have an effect on the cumulative abnormal return of a firm's share price. The market is found to be most responsive to disclosures of “internal capital” elements.

The paper is limited to an analysis of the Australian stock market for a one‐year period. It does not take into account the timing of announcement as a variable nor does it consider differences in regulation or operations pertaining to other stock markets.

Researchers and practitioners are now informed that price‐sensitive disclosures to the market containing intellectual capital elements have a marginal effect on the subsequent market valuation of a firm beyond traditional financial reports and external intellectual capital reports.

The paper is the first to examine the disclosure of price‐sensitive stock market information from an intellectual capital perspective, using Australian data.

A small literature has shown that individual wellbeing varies with the price of company stock, but it is unclear whether this is due to wealth effects amongst those holding stock, or more general effects on sentiment, with individuals taking rising stock prices as an indicator of improvements in the economy. The authors contribute to this literature by using two data sets to establish the relationship between share prices on the one hand and worker wellbeing on the other.

First, the authors use over 20 years of British panel data to show that employee happiness and job satisfaction moves with share prices among those whose pay is partly determined by company fortunes. The authors then examine share price movements and employee stock holding in a single corporation and provide suggestive evidence that an increase in the firm’s stock price increases the well-being of those who belong to its employee share purchase plan (ESPP). These effects are greatest among those making the largest monthly contributions to the program who have the most to gain (or lose) from stock price fluctuations. There is also tentative evidence that the well-being effects of a higher share price are larger for those who hold more shares. Taken together these results suggest that, although stock price movements have little effect on well-being in the population at large, the well-being of those holding stock in their own company rises when the price of that stock is higher, suggesting the effects of share prices work at least partly via changes in wealth.

Taken together these results suggest that the wellbeing effects of share prices work at least partly via changes in wealth.

The authors cannot be certain that the job satisfaction movements they see are causally linked to share plan participation and bonus receipt. Future research might fruitfully examine the mechanisms at play, and whether the effects identified here are linked to differences in employee motivation and effort over the business cycle.

Firms may wish to consider the appropriateness of linking their workers’ pay to firm performance through share plans or profit shares to establish whether this improves worker wellbeing.

The utility of workers may increase where firms offer some compensation via a share plan or profit share.

The literature suggests a link between share price movements and worker wellbeing, but the reasons for the link are contested. Using two very different data sources, the authors are able to show that share price increases induce higher worker wellbeing, at least in part, through wealth effects.

The purpose of this paper is to investigate the impact of scandal on investor valuation of sport by examining changes in share prices of three football clubs involved in the 2006 Italian “Calciopoli” scandal.

Share price variation and volatility across 2006 is analysed for Juventus (the centre of the scandal), Lazio (also involved) and Roma (uninvolved) over different (qualitatively defined) phases of the scandal. Movements in share price are compared to three benchmark indices – FTSE MIB, DJ Stoxx Europe 600, and DJ Stoxx Europe Football – indexed from 2 Jan 2006. Unadjusted analysis of share price movement matched with events to inform the likely causes of variation.

Despite speculation and high volatility, the share price of all three clubs increased by 30 per cent in 2006, outperforming benchmark indices (15 per cent). This suggests the Calciopoli scandal increased the perceived value of the clubs.

Generalisation of these findings requires more sophisticated statistical and econometric analysis of the Calciopoli scandal, and application of the method to other instances of scandals in sport.

Intuitively, scandals in sport have a negative impact. This paper suggests that scandal could have a positive impact on a club's share price and therefore the overall financial value of sport.

There is a dearth of literature on the economic consequences of scandals in sport. This paper contributes to the development of that literature and investigates some economic consequences of a particular scandal in Italian football.

Forthcoming requirements in MiFID and RegNMS mean that buy‐side and sell‐side firms need to find ways of showing regulators that they are sifting through their trading volumes in a justifiable, methodical manner looking for anomalous trades and investigating them, in order to prove “best execution”. The objective was to see if a SVM/DAPR approach could help identify equity trade anomalies for compliance investigation.

A major stock exchange, a computer systems supplier, four brokers and a statistical firm undertook a cooperative research project to determine whether automated statistical processing of trade and order information could provide a tighter focus on the most likely trades for best execution compliance investigation.

The support vector machine approach worked on UK equities and has significant potential for other markets such as foreign exchange, fixed income and commodities.

The research has implications for risk professionals as a generic approach to trading anomaly detection. The prototype compliance workstation can be trialed.

Automated anomaly detection could transform the role of compliance and risk in financial institutions.

The purpose of this paper is to examine the population of Chinese state‐owned enterprises (SOEs) listing A‐ (Chinese Mainland) and H‐ (Hong Kong) shares with a view to explaining differential pricing across the two stock types.

Despite the fact that both A‐ and H‐shares carry ostensibly the same shareholder benefits, when issued by a given SOE, major pricing differences are apparent. The behaviour of such prices for 20 quarters spanning January 2001 to December 2005 was examined. During this period, a marked contraction in the mean A‐ to H‐price relative occurred, whereby A‐prices generally softened and H‐prices soared.

It was noted that that the principal factors relevant to the contraction in the A‐ to H‐share price relative relate to two issues: first, an enveloping risk premium centring on state‐share disposal fears, and second, the firming of expectations surrounding the likely deployment of a qualified domestic institutional investor (QDII) scheme.

Modelling of changing expectations, especially in relation to uncertain policy deployment, is an invidious task. Measurement of such expectations is obviously strewn with difficulties.

As pertinent factors largely hinge on the deliberations of the PRC state, the analysis herein provides useful input into how policy can either wittingly or unwittingly shape general share price movements. Such insights are especially important given the evolving nature of the Chinese economy.

Sees the objective of teaching financial management to be to help managers and potential managers to make sensible investment and financing decisions. Acknowledges that financial theory teaches that investment and financing decisions should be based on cash flow and risk. Provides information on payback period; return on capital employed, earnings per share effect, working capital, profit planning, standard costing, financial statement planning and ratio analysis. Seeks to combine the practical rules of thumb of the traditionalists with the ideas of the financial theorists to form a balanced approach to practical financial management for MBA students, financial managers and undergraduates.

The purpose of this study is to examine the effect of financial reporting quality (FRQ) on share price movement (SPM) of listed companies in an emerging and developing economy – Bangladesh.

The study analyzed 296 annual reports for the year 2015 and 2016 in examining the effect of FRQ on SPM. Ordinary least squares (OLS) regression model is used to examine the hypothesized relationship among the variables. A modified version of Lang et al. (2003) has been adopted in measuring the SPM. FRQ is measured using the qualitative characteristics approach as defined by the International Financial Reporting Standard Framework and used by Beest et al. (2009) and Braam and Beest (2013).

The study finds a positive association (though not significant statistically) between the FRQ and SPM in the country’s leading stock exchange (Dhaka stock exchange). Furthermore, the effect of enhancing quality on SPM is found to be stronger as compared to fundamental quality. Majority of the FRQ constructs demonstrate an improvement in the quality score in the year 2016 as compared to 2015 except for relevance.

The key limitation of the study is that it focuses only on two years (2015 and 2016) annual reports data in measuring FRQ and its effect on SPM.

The study uses qualitative characteristics approach in measuring the FRQ and to examine its effect on SPM using the context of an emerging and developing economy – the case of Bangladesh.

This study examines differences in the extent of predictability in the pricing of the two main classes of equity traded in China, namely: A shares (available to Chinese investors) and B shares (traditionally available only to non‐Chinese investors). The study extends previous work by conducting a wider range of analyses and extending the sample period until the relaxation of rules preventing domestic investors from purchasing B shares. The results suggest that earlier evidence of greater predictability in the pricing of B shares is not entirely robust to changes in the method of analysis, and may only partially explain why Chinese authorities have recently decided to widen participation in the B market.

This paper outlines the present state of technical analysis and describes the various mechanisms associated with current practices. In particular, the relative strength analysis approach is identified as a useful tool for investment appraisal. Empirical research on specific technical theories is called for, especially into the relative price behaviour patterns of industrial stocks. Overall, there is seen to be some merit in a proper application of technical theories allied to accurate forecasting of company earnings and dividends.