ARHIVELE OLTENIEI - Universitatea din Craiova

Behavioural Finances and Their Influences on Financial Markets 347these rumours if they disseminate them. Secondly, in the period before thepublishing of the rumours, a big part of the prices can grow to the benefit aim,while in the day of publishing there was no reaction. Thirdly, rumours too rarepredict supply of undertaking imminent. In less of the half of the casesdiscussed here, the rumours that predict correctly the undertaking in a period ofone-two years were emitted with 45-50 days before they were published. Theseresults less scientific, lead us to the raising of two studies: fool.com andSmartMoney. The first study was made in the autumn of 1998 11 and wasanalysed weekly by Business Week, to the heading Inside Wall Street by GeneMarcial. In 1996 and 1997 they find no relevant results about the rumourspublished in Business Week. Less of the half of rumours will became true in thenext two years, but in the most of the cases the buyer was not that companywhich we though that will do the move.A.J. Kimmel 12 enumerates some rumours that would not happen from astudy made by SmartMoney in 1999. He said that “in most of the cases, generalspeculation by these imaginary stories do not become real, but that does notmeans that they don not caused a reaction on the market”. He does not state avery clear conclusion, but he mentioned that investors could take intoconsideration better the rumours about the undertaking instead of that patternswhich show an advised prediction.T.L. Zivney and others 13 made a study similar to that of Pound and R.Zeckhauser, but both start from the headings HOTS (Heard on the Street) andAOTM (Abreast of the Market) from Wall Street Journal. They said that therumours are emitted in AOTM and then, in a few days, they are recommenced inHOTS. Their result is similar to. Pound and R. Zeckhauser, because they saidthat the market reacts efficient to the publishing of the rumours. Therefore, forthe rumours of AOTM they find exaggerate reactions on the market that cansustain opportunities of beneficial investment. The exaggerate reactions persisteven we observe the aim development of the firm is adjusted, the institutionalleading and market’s risk too. Like J. Pound and R. Zeckhauser, they notice agrowth of the price in the first twenty days before the publishing of the rumour.Practically, the same research was made by H. Kiymaz in 2001 in Turkishmarket at Istanbul Stock Exchange. His results are the same. An empirical studywas made recently by R. Gorodsinsky in 2003 for German capital market. Heused information from VWD – Newswire, which include the most importantrumours. The rumours were selected in a standard manner by publishers. In2002, there were 136 rumours about DAX (Deutscher Aktienindex) – 100 wereemitted in VWD – Newswire. In that year DAX declined with 40 %.11 http://www.fool.com/Features/1998/Sp 98101InsideBusinessWeek01.htm12 A. J. Kimmel, Rumors and rumor control: A manager’r guide to understanding andcombating rumors, Lawrance Erlbaum Associates, Mahwah, NJ, 2003.13 T. L. Zivney, W. J. Bertin, K. M. Torabzadeh, Overreaction in takeover speculation, in:Quarterly Review of Economics and Finance, 36(1), 1996, p. 89-115.