What drives the market value of firms in the Defense industry ?

This paper investigates the relative importance of different types of news in driving significant stock price changes of firms in the defense industry. We implement a systematic event study with a sample of the 58 largest publicly listed companies in the defense industry, over the time period 1995-2005. We first identify, for each firm, the statistically significant abnormal returns over the time period, and then we look for information releases likely to cause such stock price movements. We find that stock price movements in the defense industry are, in many ways, influenced by the same events as in other industries (key role of formal earnings announcements or analysts' recommendations) but this industry also has some specific features, in particular the influence of geopolitical events and the relevance and frequency of bids and contracts on stock prices.Event study, financial markets, defense industry, information releases, GARCH models.

What drives the market value of firms in the defense industry?

URL des Cahiers : https://halshs.archives-ouvertes.fr/CAHIERS-MSE Voir aussi l'article basé sur ce document de travail parru dans "Review of Financial Economics", Elsevier, 2008, 17 (1), pp.14-32Cahiers de la Maison des Sciences Economiques 2006.37 - ISSN 1624-0340This paper investigates the relative importance of different types of news in driving significant stock price changes of firms in the defense industry. We implement a systematic event study with a sample of the 58 largest publicly listed companies in the defense industry, over the time period 1995-2005. We first identify, for each firm, the statistically significant abnormal returns over the time period, and then we look for information releases likely to cause such stock price movements. We find that stock price movements in the defense industry are, in many ways, influenced by the same events as in other industries (key role of formal earnings announcements or analysts' recommendations) but this industry also has some specific features, in particular the influence of geopolitical events and the relevance and frequency of bids and contracts on stock prices.Cet article vise à mesurer l'influence relative de différents types d'informations sur le cours boursiers d'entreprises du secteur de la Défense, au moyen d'une étude d'évènements systématique sur 58 grandes entreprises de la Défense, sur la période 1995-2005. Dans un premier temps, nous identifions les rendements boursiers anormaux statistiquement significatifs pour chaque entreprise. Dans un second temps, nous procédons à une recherche d'informations susceptibles d'expliquer ces rendements anormaux. Nos résultats montrent que les cours boursiers des entreprises de la Défense sont affectés, comme ceux des autres secteurs, par les annonces de bénéfices et de résultats, par la publication de recommandations d'analystes, etc. Le secteur de la Défense possède toutefois plusieurs spécificités, puisque les évènements géopolitiques, les informations liées aux contrats, et celles liées aux opérations de fusion-acquisitions pèsent d'un poids particulier sur les cours de ces entreprises

excédents budgétaires américains : origine et perspectives.

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