Utilize este identificador para referenciar este registo: http://hdl.handle.net/10362/53047
Título: The impact of the addition to euronext vigeo Europe 120 index on the stock performance of European companies
Autor: Neves, Maria
Orientador: Demirci, Irem
Nguyen, Anh
Palavras-chave: Valuation
Finance
Research
Stock
Data de Defesa: 4-Jun-2018
Resumo: In recent decades, the increasing amount of companies’ CSR efforts led to a growing concern on how social actions affect stock prices. Different studies have produced contradictory results and no universal relationship could be drawn. This thesis responds to the increasing interest on the relationship between corporate social responsibility and firm’s value. It will do so by analyzing whether the inclusion and exclusion on Euronext Vigeo Europe 120 has a significant impact on European stock prices on the shortterm or medium-term, whether it depends on the geographical position (Western vs Central Eastern Europe) or industry group (highly pressured vs low pressured sectors). An event study is conducted and the average abnormal returns of 166 unique stocks is analyzed for the period of 2013 to 2017. Results show a short-term positive and negative impact for index inclusion and exclusion; with no medium-term effect detected for either event. Central European countries are the most negatively affected by index composition. The highlypressured sector is the most positively affected for inclusion, with no sector differentiation for exclusion. The work project presents a few limitations such as a small sample size and the assumption of high visibility of the index. As future and complementary approach, it would be of interest to analyze other Euronext Vigeo Indices and compare the results as well as to understand the visibility the index has on the market.
URI: http://hdl.handle.net/10362/53047
Designação: A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
Aparece nas colecções:NSBE: Nova SBE - MA Dissertations

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