Getting high on cannabis stock returns an event study

Zvika Afik, Tehila R. Cohen, Yaron Lahav

Research output: Contribution to journalArticlepeer-review

1 Scopus citations

Abstract

We report the Israeli firms’ market value reaction to announcements on initiating Cannabis-related activity. Using Event Study analysis, we find a significant positive effect of the announcements: a cumulative average abnormal return of 64% in three days. Similar stock price reactions are observed for most firms individually, though some of these firms’ activity in Cannabis has been declarative only without any related business action.

Original languageEnglish
Article number102226
JournalFinance Research Letters
Volume46
DOIs
StatePublished - 1 May 2022

Keywords

  • Cannabis
  • Event-study
  • Firm value
  • Market reaction

ASJC Scopus subject areas

  • Finance

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