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Testing stock market efficiency from spillover effect of Panama Leaks

2022-02Journal article Open access
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dc.contributor.authorNasir, Adeel
dc.contributor.authorGherghina, Ştefan Cristian
dc.contributor.authorMata, Mário Nuno
dc.contributor.authorKhan, Kanwal Iqbal
dc.contributor.authorMata, Pedro
dc.contributor.authorFerrão, Joaquim
dc.date.accessioned2022-02-16T15:23:18Z
dc.date.available2022-02-16T15:23:18Z
dc.date.issued2022-02
dc.descriptionArtigo publicado em revista científica internacionalpt_PT
dc.description.abstractOn 3 April 2016, Mossack Fonseca provided the historically most significant leak of its shareholder’s data for owning offshore companies. Shareholders include many political and influential figures around the globe, which causes a moral hazard. The study analyses the effects of Panama leak events on five stock exchanges to ensure the market efficiency and investor perception related to the Panama leaks. Event study methodology is used on five occasions associated with Panama papers, i.e., the resignation of the Prime Minister of Iceland on 5 April 2016, Jurgen Mossack’s resignation on 7 April 2016, the resignation of the Spanish Minister of Industry on 15 April 2016, the 450 personalities of Pakistan that were nominated in Panama papers on 15 April 2016, and the formation of an inquiry commission to inquire into the matter. The market efficiency of five stock exchanges was checked, i.e., the KSE 100 of Pakistan, the OMXIPI exchange of Iceland, the IBEX 35 of Spain, the New York stock exchange (NYSE), and S&P 500. The market remains efficient for most events and investor behaviour changes for one or two days around the event day (this event has concise term significant abnormal returns in all stock exchanges or concise term significant abnormal macroeconomic effects are observed in all stock exchanges).pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.citationNasir, A., Gherghina, Ș.C., Mata, M.N., Khan, K.I.,  Mata, P.N., & Ferrão, J.A. (2022). Testing stock market efficiency from spillover effect of Panama Leaks. Journal of Risk and Financial Management, 15, 79. https://doi.org/10.3390/jrfm15020079pt_PT
dc.identifier.doihttps://doi.org/10.3390/jrfm15020079pt_PT
dc.identifier.urihttp://hdl.handle.net/10400.21/14304
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherMDPIpt_PT
dc.relation.ispartofseries;79
dc.relation.publisherversionhttps://www.mdpi.com/1911-8074/15/2/79#citept_PT
dc.subjectPanama paperspt_PT
dc.subjectFinancial marketspt_PT
dc.subjectPolitical stabilitypt_PT
dc.subjectInvestor perceptionpt_PT
dc.subjectStock market efficiencypt_PT
dc.subjectEvent study methodologypt_PT
dc.titleTesting stock market efficiency from spillover effect of Panama Leakspt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage23pt_PT
oaire.citation.issue15pt_PT
oaire.citation.startPage1pt_PT
oaire.citation.titleJournal of Risk and Financial Managementpt_PT
person.familyNameNasir
person.familyNameGherghina
person.familyNameMata
person.familyNameKhan
person.familyNameMata
person.familyNameFerrão
person.givenNameAdeel
person.givenNameŞtefan Cristian
person.givenNameMário Nuno
person.givenNameKanwal Iqbal
person.givenNamePedro
person.givenNameJoaquim
person.identifier1403614
person.identifier1784106
person.identifier.ciencia-idFA13-1761-4192
person.identifier.ciencia-id0F1E-8353-FBFD
person.identifier.orcid0000-0002-8346-696X
person.identifier.orcid0000-0003-2911-6480
person.identifier.orcid0000-0003-1765-4273
person.identifier.orcid0000-0003-0316-1670
person.identifier.orcid0000-0001-8465-9539
person.identifier.orcid0000-0001-6051-3367
person.identifier.ridJ-3339-2012
person.identifier.scopus-author-id56046530600
person.identifier.scopus-author-id54395558800
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT
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