International Handbook of Public Procurement 38

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1、Chapter37Market’sResponsetoContractAwardAnnouncements:GovernmentversusCorporateContractsStephenJ.LarsonandArmandPicouCONTENTS37.1Introduction........................................................................................................72637.2ResearchHypotheses..............................

2、.............................................................72637.2.1Cross-SectionalAnalysis........................................................................72737.3ResearchDesign..................................................................................................72837.3.1Cross-S

3、ectionalAnalysis........................................................................72937.4ResearchResults..................................................................................................73037.4.1AbnormalReturnsSurroundingtheContractAwardAnnouncements............................

4、..............................................73037.4.2Cross-SectionalRegressionResults........................................................73337.5Conclusion..........................................................................................................735Acknowledgment.................

5、..........................................................................................735References......................................................................................................................735©2008byTaylor&FrancisGroup,LLC.37.1IntroductionThereleaseofnewinformationpur

6、suanttoafirm’sprospectscanresultinapositive,negative,orimmaterialreactionfromthemarket.Thisstudyexaminesabnormalreturnssurroundingcontractawardannouncementsforsuccessfulgrantees.Specifically,thereactionofstockpricesinresponsetotheannouncementofcontractawardsisexaminedtodetermineifcontractawardsmeetthe

7、cri-teriaofthepositivenetpresentvalue(NPV)hypothesisorthefaircontracthypothesis.Herein,theterm“grantor”referstoacorporationorgovernmentbodythatgrantsacontract,and“grantee”referstopubliclytradedcorpora