A Rose.com by Any Other Name
研究发现公司更名为互联网相关名称(如带“.com”)后,股价在公告日前后10天累计异常回报率达74%,且效应持久,与公司实际互联网业务无关。
ABSTRACT We document a striking positive stock price reaction to the announcement of corporate name changes to Internet‐related dotcom names. This “dotcom” effect produces cumulative abnormal returns on the order of 74 percent for the 10 days surrounding the announcement day. The effect does not appear to be transitory; there is no evidence of a postannouncement negative drift. The announcement day effect is also similar across all firms, regardless of the firm's level of involvement with the Internet. A mere association with the Internet seems enough to provide a firm with a large and permanent value increase.