O impacto das intervenções de Mario Draghi

: qualidade da informação

Abstract

This work has as main goal, try to analyze the impact that the statements and actions taken by the highest position of one of the most important institutions in Europe (ECB) - Mario Draghi have on the valuation of European financial securities. The study of the impact about the dissemination of a particular event in the price of financial securities is done using the famous methodology of the event study looking to test the hypothesis of the existence of abnormal returns around the day of the event. Initially set up a sample with concern to include different markets (Greece, Ireland, Portugal, Spain, France and Germany) with the objective of evaluating the impact of the event in different contexts companies. Subsequently proceeded to select the events for analysis and thus the timing of respective events. In order to capture any reactions either early or later, in the market was used a time period of 3 days before the event date, and after 2 days of it. Therefore with the defined sample, was carried out the calculation of the returns of the respective companies to further determine the abnormal return of each company which is the difference between actual returns and expected returns and in turn, we determined the abnormal returns accumulated for each situation. Thus, with the aim of evaluating the impact that the statements of Mario Draghi engaged in the valuation of European financial securities, it was concluded generally that investors already reflected in their investment decisions, their expectations about possible intervention of the President of European Central Bank.

Date of Award	7 Aug 2014
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Paulo Alves (Supervisor)