Η επίπτωση στην τιμή της μετοχής από την ανακοίνωση απόκτησης εμπορικού σήματος (trademark - TM) στις ΗΠΑ
KeywordsΕμπορικό σήμα, τιμές μετοχών, ανακοινώσεις, μελέτη γεγονότων, κατοχύρωση και καινοτομία ; Εμπορικά σήματα ; Τιμές των μετοχών ; Ανακοινώσεις ; Μελέτη γεγονότων ; Κατοχύρωση σημάτων ; Καινοτομία
The purpose of this research is to study the impact that trademark announcements have on u.S. trademark prices on the stock prices of listed companies on the NASDAQ & NYSE stock exchanges for the period 2012-2016. Brands can bring significant goodwill to businesses and decisions to manage their portfolios are particularly important. Also of great interest is the study of the share price reaction to these announcements so that investors can make investment decisions and protect themselves where necessary. The implementation of the research was made using the method of event study and the measurement of irregular performances, with an event window 20 days before and after the announcement of the trademarks. Average abnormal cumulative yields for all announcements showed an upward trend, i.e. a positive performance at the end of the period considered. However, these returns were not statistically significant, so the final result of the investigation showed that trademark announcements do not affect the returns of the shares. Finally, from cases where a significant statistical impact was found, there were different reactions depending on the industry owned by the companies. Trademarks may have greater effects in different sectors, in particular in it and pharmaceutical companies.