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The Impact of IT Announcements on Company Stock Prices

Student: Liia Margarian

Supervisor: Iuliia N. Naidenova

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2021

This study aims to assess the impact of news about the use of IT technologies in Russian companies on their share price. The research is conducted on a sample consisting of companies included in the Broad Market Index from 2016 to 2020. News about the companies is collected from the Factiva database. Information on daily prices of Russian companies is taken from Yahoo Finance. The analysis is performed using the event study method. On the first step abnormal returns in the period of news release are estimated. The second step reveals the factors that lead to abnormal returns. The results showed that in the full sample there was no significant effect of news on returns. Excluding the 2020 sample showed significant results on the day before the news was published. Within 2020, a significant negative effect of the news on returns on the day before publication was also found. We can conclude that before the pandemic and the mass shift to remote working, investors reacted positively to news about the use of IT systems, but as the need for digital technology emerged, investors began to react negatively to news about digitalization of companies.

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