The impacts of procurement policy changes on defense stocks : evidence from the US defense industry

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buir.advisorYülsel, Aydın
dc.contributor.authorMintaş, Feyzi
dc.date.accessioned2016-07-01T10:59:09Z
dc.date.available2016-07-01T10:59:09Z
dc.date.issued2003
dc.departmentDepartment of Managementen_US
dc.descriptionCataloged from PDF version of article.en_US
dc.description.abstractThe purpose of this study is to examine the relative stock market performance of US defense stocks over different time periods and analyze the impact of changes in Federal Acquisition Policy on defense stock returns. The data set covers monthly returns of 67 defense stocks during the period 1945-2000. The analysis consists of two parts. Relative performance analysis and the event study analysis. The results of the relative performance analysis showed that defense stocks portfolio is both more profitable and riskier than the size based benchmark. However, the difference was not found to be statistically significant. On the other hand, the event study analysis indicates that defense firms significantly reacted to nine major regulatory changes that occurred during the sample period. Only two of the nine regulatory changes examined resulted in statistically significant average excess returns. For other regulations, the sign and the magnitude of the reaction varies across firms.en_US
dc.description.degreeM.B.Aen_US
dc.description.statementofresponsibilityMintaş, Feyzien_US
dc.format.extentx, 78 leaves, tablesen_US
dc.identifier.itemidBILKUTUPB072198
dc.identifier.urihttp://hdl.handle.net/11693/29407
dc.language.isoEnglishen_US
dc.publisherBilkent Universityen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectDefense industry,en_US
dc.subjectmultivariate regression modelen_US
dc.subjectevent studyen_US
dc.subjectdefense procurementen_US
dc.subject.lccHD9743.U6 M56 2003en_US
dc.subject.lcshDefense industry United States.en_US
dc.titleThe impacts of procurement policy changes on defense stocks : evidence from the US defense industryen_US
dc.typeThesisen_US
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