Der Einfluss von Neuproduktvorankündigungen auf den Shareholder Value: Eine empirische Untersuchung |
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Authors: | Prof Dr Dr hc mult Christian Homburg Dipl-Kfm Martin Artz Dipl-Kfm Jan Seifried |
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Institution: | 1. Lehrstuhl für Allgemeine Betriebswirtschaftslehre und Marketing I, Universit?t Mannheim, 68131, Mannheim, Deutschland 2. Ehem. Diplomand am Lehrstuhl für Allgemeine Betriebswirtschaftslehre und Marketing I, Universit?t Mannheim, 68131, Mannheim, Deutschland
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Abstract: | This paper analyses 220 preannouncements of new products and their effect on shareholder value on American and European stock markets. Overall, the results show a positive significant reaction of abnormal returns on preannouncements. Additionally, determinants of the strength of the shareholder value effect are analyzed. Whereas market-related (country and industry) and preannouncement-related factors (detailedness of preannouncement, mentioning a launch date, and the preannouncement of multiple products) do not have an influence on the size of the effect, company-related and product-related factors can explain the magnitude of the reaction. Our model extends prior empirical literature by showing a higher explained variance of the strength of the shareholder value effect. In particular, there exists a negative relationship between company size and abnormal returns and return on equity and abnormal returns, whereas the newness of the product for the market has a positive influence on abnormal returns. |
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