| Abstract [eng] |
The final Master's thesis focuses on investigation of Influence of media announced non-financial information on stock price fluctuations. By using various information sources and channels, participants of capital market are trying to make a rational and accurate investment decisions. The ex post information, that is already provided by the companies, is not sufficient for investors. For this reason, investors, especially small ones, more often uses the media that publishes information at the current period. In addition, it is important to mention that the term non-financial information is still indefinite and creates a new research problem, which aims to determine the impact of non-financial information published in the media on stock prices fluctuations in the Lithuanian listed companies. For the conduction of the research, three most popular news portals and one business portal in Lithuania has been chosen. Non-financial information (in the form of articles) was selected according to the author identified positive and negative sub factors. Furthermore, for representation of stock price fluctuations, companies that listed on Nasdaq Vilnius market were selected. Finally, date sample consists of 5 years, including articles and stock prices. Research results has shown, that only part of the factors, that provides non-financial information, has significant effect on stock price fluctuations. Additionally, it is also confirmed, that positive (shareholders, mergers and acquisitions and strategic decisions) and negative (cessation) sub factors in majority of cases has the highest reliability. Despite the fact, that these sub factors have weak effect on stock price fluctuations (expressed as percentages) and there is an existing synergy from other factors, it cannot be rejected, that media has an effect on Lithuanian listed companies, which allows confirming research hypothesis. Furthermore, research results also concluded, that non-financial information, provided by the media have only a temporary effect on stock prices (a tendency was observed that the prices are usually changes on the day of released article or 1, 2, 5 days thereafter). This allows confirming previous researches about non-creating long-term effect on the stock prices. |
