摘要：According to efficient market hypothesis,asset prices will reflect all available information and hence an expected arrival of information should not have any influence on asset prices. To test the validity of this expectation,researchers in the past investigated the effect of public information arrival on asset returns and asset return volatility. One group of researchers used macroeconomic announcements as a proxy for new information arrival (Ederington and Lee 1993;Andersen and Bollerslev 1998; Almeida,Goodhart and Payne 1998;Pearce and Roley 1985;Pearce and Solakoglu 2007,Kutan and Aksoy,2004a),while some other researchers used trading volume or the frequency of news arrival to the market as the proxy for the new information arrival (Lamoureux and Lastrapes 1990;Andersen 1996;Bollerslev and Domowitz 1993, Locke and Sayers 1993;Berry and Howe 1994;Kalev et al. 2004;Mitchell and Mulherin 1994;Janssen 2004;Chang and Taylor 2003,Baklacı et al. 2011;Solakoglu and Demir,2015).
关键词：styles/theories;Strategy;Strategic decision making. Hotel management;Tourism
