Abstract

http://ssrn.com/abstract=1659280
 
 

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Market Reactions to Investments in Information Technology: Insight from Warsaw Stock Exchange


Dorota Dobija


Kozminski University

Karol Marek Klimczak


Kozminski University

Narcyz Roztocki


State University of New York at New Paltz - School of Business

Heinz Roland Weistroffer


Virginia Commonwealth University (VCU) - School of Business

August, 15 2010

Proceedings of the Sixteenth Americas Conference on Information Systems, Lima, Peru, August 12-15, 2010

Abstract:     
Building on the Roztocki and Weistroffer (2009c) explanatory model, this study examines stock market reactions to announcements of information technology investments in Poland, an emerging market and transition economy. Based on 68 announcements by companies traded at the Warsaw Stock Exchange in the period 2002 to 2009, our study confirms some previously published results, but also shows that specific characteristics of announcements play a more important role than has been commonly assumed. Our results indicate that investors in Poland react more positively if systems are acquired from global rather than local vendors. Announcements about completed projects are more positively received than announcements about planned or in-progress projects. Furthermore, announcements in Polish, targeted at existing shareholders, are more likely to be received positively than similar announcements released in English, targeting global investors.

Number of Pages in PDF File: 11

Keywords: Event studies, information technology, investments, Poland, transition economies

JEL Classification: G14

Accepted Paper Series





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Date posted: August 17, 2010  

Suggested Citation

Dobija, Dorota and Klimczak, Karol Marek and Roztocki, Narcyz and Weistroffer, Heinz Roland, Market Reactions to Investments in Information Technology: Insight from Warsaw Stock Exchange (August, 15 2010). Proceedings of the Sixteenth Americas Conference on Information Systems, Lima, Peru, August 12-15, 2010. Available at SSRN: http://ssrn.com/abstract=1659280

Contact Information

Dorota Dobija
Kozminski University ( email )
ul. Jagiellonska 57/59
Warsaw, 03-303
Poland
Karol Marek Klimczak
Kozminski University ( email )
ul. Jagiellonska 57/59
Warsaw, 03-301
Poland
0048222138895 (Phone)
HOME PAGE: http://kmklim.republika.pl/ekonomia/publikac.html
Narcyz Roztocki (Contact Author)
State University of New York at New Paltz - School of Business ( email )
New Paltz, NY 12561
United States
(845)257-2935 (Phone)
(845)257-2947 (Fax)
HOME PAGE: http://www2.newpaltz.edu/~roztockn/
Heinz Roland Weistroffer
Virginia Commonwealth University (VCU) - School of Business ( email )
Richmond, VA 23284-4000
United States
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