Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/26721
Title: International oligopoly and stock market linkages : the case of global airlines
Authors: Gong, SXH 
Firth, M
Cullinane, K
Keywords: Airlines
Earnings
Event study methodology
Information transfer
Oligopoly
Stock market performance
Issue Date: 2008
Publisher: Pergamon Press
Source: Transportation research. Part E, Logistics and transportation review, 2008, v. 44, no. 4, p. 621-636 How to cite?
Journal: Transportation research. Part E, Logistics and transportation review 
Abstract: This paper investigates the effect of oligopolistic rivalry on spillovers in financial reporting. Using an event study methodology and focusing on global airlines, we find that firms experience discernable abnormal stock price reactions at the announcement of unexpected earnings by rival airlines. The extent of the price reactions is related to the extent of rivalry between the announcing and non-announcing firms, among other factors. Our empirical evidence, which is inconsistent with the contestable markets hypothesis, confirms an association between the stock market performance of players in a global industry and the extent of inter-firm rivalry in the product market.
URI: http://hdl.handle.net/10397/26721
ISSN: 1366-5545
EISSN: 1878-5794
DOI: 10.1016/j.tre.2007.05.008
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