The stock market's reaction to quality certification: Empirical evidence from Spain

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dc.contributor.authorNicolau, Juan Luisen
dc.contributor.authorSellers, Ricardoen
dc.date.accessioned2024-07-29T19:21:46Zen
dc.date.available2024-07-29T19:21:46Zen
dc.date.issued2002-11-01en
dc.description.abstractThe objective of this paper is to analyse the stock market's reaction to a company that is granted a quality certification (ISO 9000), and particularly when such an award is publicly announced. To do so, we carried out an event study, estimating the mean "abnormal" change in the stock prices of all of the firms that obtained quality certification, based on the ISO 9000 norms, while they were trading on the Spanish stock market between 1993 and 1999. The results show that the stock market reacts positively to such certification. This implies that quality certification can be considered as a useful tool for reducing the asymmetry in the information that circulates among buyers and sellers. © 2002 Elsevier Science B.V. All rights reserved.en
dc.description.versionAccepted versionen
dc.format.extentPages 632-641en
dc.format.extent10 page(s)en
dc.format.mimetypeapplication/pdfen
dc.identifierPII S0377-2217(01)00312-5 (Article number)en
dc.identifier.doihttps://doi.org/10.1016/S0377-2217(01)00312-5en
dc.identifier.issn0377-2217en
dc.identifier.issue3en
dc.identifier.orcidNicolau Gonzalbez, Juan [0000-0003-0048-2823]en
dc.identifier.urihttps://hdl.handle.net/10919/120747en
dc.identifier.volume142en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttp://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000177796200015&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=930d57c9ac61a043676db62af60056c1en
dc.rightsCreative Commons Attribution 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/en
dc.subjectqualityen
dc.subjectISO 9000 certificationen
dc.subjectinformation asymmetriesen
dc.titleThe stock market's reaction to quality certification: Empirical evidence from Spainen
dc.title.serialEuropean Journal of Operational Researchen
dc.typeArticle - Refereeden
dc.type.dcmitypeTexten
dc.type.otherArticleen
dc.type.otherJournalen
pubs.organisational-group/Virginia Techen
pubs.organisational-group/Virginia Tech/Pamplin College of Businessen
pubs.organisational-group/Virginia Tech/Pamplin College of Business/Hospitality and Tourism Managementen
pubs.organisational-group/Virginia Tech/All T&R Facultyen
pubs.organisational-group/Virginia Tech/Pamplin College of Business/PCOB T&R Facultyen

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