ANALYSIS OF TRADING VOLUME RESPONSE TO RECENT REGULATORY EVENTS AFFECTING MAJOR COAL MINING FIRMS

摘要

Examining the coal mining industry, Philipich et al. (2017)~1 documented significant stock market reactions to several recent government regulations and judicial rulings expected to affect the industry. While informative, they conducted their stock returns analyses on a relatively small sample size (seven firms). The sample restriction was due to several factors, most notably, the paucity of publicly traded coal mining firms in the U.S. and the bankruptcy (and subsequent exchange delisting) of several firms. The purpose of the present study is to provide additional evidence on the market reaction surrounding these events, by examining the trading-volume of those same firms on the same event dates.