تأثیر گزارشگری غیرمالی بر بازارهای سهام در اقتصادهای نوظهور

Stock prices are more and more driven by the investors’ sentiment which, in turn, is sensitive to various non-financial events like macro-economic releases and social or environmental changes all over the world. In a globalized world, even the emerging and frontier economies such as Romania are following the main trend of the developed markets. The main concern of the last few years in the capital markets across the globe was the European Debt Crisis and for the purpose of this paper, we considered the most important news related to this subject as non-financial reporting. Therefore, major news and reports regarding this issue are seen by investors as the most important factors that are moving the markets. This paper analyses the impact of the relevant EU Debt Crisis news on the main European stock indexes using the price volatility. The results of the study showed, among others, that most of the stock markets reacted to news before it was actually released and from this point of view, the markets are tending towards the semi-strong form of efficiency that Eugene Fama was proposing in the efficient market hypothesis.

The European Debt Crisis is the main focus of the investors in the last few years as many important countries are facing difficulties in paying their sovereign debts. Greece, Spain, Italy and Portugal are the European countries that are taking turns in the media headlines for more than three years. The professional investors are closely watching their bond auctions, their approach regarding austerity measures and, maybe the most important, the European Central Bank ECB decisions concerning various bailout plans or further economic stimulation measures. Previous research Dutescu, 2000, regarding how accounting information may influence investment decision on stock markets concluded that the level of understanding and application of accounting and financial information by the Romanian institutional investors is satisfactory.

The news is always an important factor that investors analyse and trade for the changes they bring into the market price. However, the study shows that the actual news day is rarely bringing more volatility in the market, this leading to the conclusion that the investors are trading the news in advance or after it takes place. As the last chart of the study shows, all the markets reacted more in advance of the news, whether we are talking about developed, emerging or frontier markets. This denotes the intuitive market personality and the globalization of the markets throughout the similarity In relation to Eugene se to the semi-strong form of efficiency, with the news and, probably the most important, the rumours being quickly incorporated in the price. There has also been noticed an occasional different behaviour of the Spanish IBEX and Italian FTSEMIB indexes which points out the special position of these countries in the EU Crisis context and the different approach of the investors regarding their evolution.