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Abstract(s)
Logo após ter estabelecido dois conselhos presidenciais, o presidente dos Estados Unidos Donald Trump anunciou a destituição daqueles em agosto de 2017, na sequência de declarações públicas e renúncias de vários membros dos conselhos. Com base no estudo do mercado financeiro, as reações dos investidores a estes acontecimentos foram analisadas. No entanto, os resultados apresentados na presente tese demonstram que as reações dos investidores aos eventos não foram significativas. A principal descoberta neste estudo é o facto de as reações por parte dos investidores não terem sido significativamente afetadas pelas declarações públicas, renúncias e destituições dos conselhos presidenciais, não se verificando efeitos de mudança no desempenho das empresas após a destituição dos conselhos presidenciais.
Shortly after establishing two presidential councils, US president Donald Trump announced the dismissals of those in August 2017, following public statements and renunciations of several council members. Based on a financial market event study, investors´ reactions to these events were analyzed. However, this master thesis finds that investor reactions to the events in presidential councils were not significant. The key finding of the event study is that investors reactions were not significantly affected by public statements, renunciations, and dismissals of presidential councils, supporting no firm performance effects of changes in the composition of presidential councils.
Shortly after establishing two presidential councils, US president Donald Trump announced the dismissals of those in August 2017, following public statements and renunciations of several council members. Based on a financial market event study, investors´ reactions to these events were analyzed. However, this master thesis finds that investor reactions to the events in presidential councils were not significant. The key finding of the event study is that investors reactions were not significantly affected by public statements, renunciations, and dismissals of presidential councils, supporting no firm performance effects of changes in the composition of presidential councils.
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Keywords
Corporate Political Activity (CPA) Nonmarket strategy Performance Public policy outcome