Game Publication and Influence on Stock Price

Research Article
Open access

Game Publication and Influence on Stock Price

Zichen Zhang 1*
  • 1 City University of Hong Kong    
  • *corresponding author ziczhang4-c@my.cityu.edu.hk
Published on 13 September 2023 | https://doi.org/10.54254/2754-1169/19/20230109
AEMPS Vol.19
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-81-2
ISBN (Online): 978-1-915371-82-9

Abstract

The game industry has become the important industry in Internet industry and had a rapid growth in past five years. Thanks to this industry in the financial market has also been more and more investors and capital attention, they want to choose the game that has the maximum potential profit. We use the event study and collect the record of game release in five years to analyze the connection between official release and stock price.

Keywords:

game industry, event study, stock price, entertainment industry

Zhang,Z. (2023). Game Publication and Influence on Stock Price. Advances in Economics, Management and Political Sciences,19,14-18.
Export citation

References

[1]. Newzoo. https://newzoo.com/cn/trend-reports/newzoo-global-games-market-report-2022-free-version-cn

[2]. T. Abramova, “Stock Price Reactions on M&A, Dividends and Game Releases. Evidence from Gaming Industry.,” lutpub.lut.fi, 2013.

[3]. C. Elverdam and E. Aarseth, “Game Classification and Game Design,” Games and Culture, vol. 2, no. 1, pp. 3–22, Jan. 2007, doi: 10.1177/1555412006286892.

[4]. A. McWilliams and D. Siegel, “Event Studies In Management Research: Theoretical And Empirical Issues,” Academy of Management Journal, vol. 40, no. 3, pp. 626–657, Jun. 1997, doi: 10.5465/257056.

[5]. P. He, Y. Sun, Y. Zhang, and T. Li, “COVID–19’s Impact on Stock Prices Across Different Sectors—An Event Study Based on the Chinese Stock Market,” Emerging Markets Finance and Trade, vol. 56, no. 10, pp. 2198–2212, Jul. 2020, doi: 10.1080/1540496x.2020.1785865.

[6]. C. Suh and B. Lee, “An Analysis of Events in Online Game Industry and Stock Price Reactions,” PACIS 2011 Proceedings, vol. 185, Jul. 2011, [Online]. Available: https://aisel.aisnet.org/pacis2011/185/

[7]. J. Koh and N. Venkatraman, “Joint Venture Formations and Stock Market Reactions: An Assessment in the Information Technology Sector,” Academy of Management Journal, vol. 34, no. 4, pp. 869–892, Dec. 1991, doi: 10.5465/256393.

[8]. J. W. Kolari and S. Pynnönen, “Event Study Testing with Cross-sectional Correlation of Abnormal Returns,” Review of Financial Studies, vol. 23, no. 11, pp. 3996–4025, Sep. 2010, doi: 10.1093/rfs/hhq072.

[9]. M.-H. Chen, S. (Shawn) Jang, and W. G. Kim, “The impact of the SARS outbreak on Taiwanese hotel stock performance: An event-study approach,” International Journal of Hospitality Management, vol.26, no.1, pp.200–212, Mar. 2007, doi: 10.1016/j.ijhm.2005.11.004.

[10]. D. A. Reinstein and C. M. Snyder, “THE INFLUENCE OF EXPERT REVIEWS ON CONSUMER DEMAND FOR EXPERIENCE GOODS: A CASE STUDY OF MOVIE CRITICS*,” Journal of Industrial Economics, vol. 53, no. 1, pp. 27–51, Mar. 2005, doi: 10.1111/j.0022-1821.2005.00244.x.

[11]. M. T. CLEMENTS and H. OHASHI, “INDIRECT NETWORK EFFECTS AND THE PRODUCT CYCLE: VIDEO GAMES IN THE U.S., 1994-2002*,” Journal of Industrial Economics, vol. 53, no. 4, pp. 515–542, Dec. 2005, doi: 10.1111/j.1467-6451.2005.00268.x.

[12]. R. Sharma, “Stock Price Behaviour around Dividend Announcements: An Event Study Methodology,” Vilakshan: The XIMB Journal of Management, vol. 8, no. 2, pp. 23–32, Sep. 2011.

[13]. S.-K. Lo, C.-C. Wang, and W. Fang, “Physical Interpersonal Relationships and Social Anxiety among Online Game Players,” CyberPsychology & Behavior, vol. 8, no. 1, pp. 15–20, Feb. 2005, doi: 10.1089/cpb.2005.8.15.


Cite this article

Zhang,Z. (2023). Game Publication and Influence on Stock Price. Advances in Economics, Management and Political Sciences,19,14-18.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

Disclaimer/Publisher's Note

The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

About volume

Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development

ISBN:978-1-915371-81-2(Print) / 978-1-915371-82-9(Online)
Editor:Javier Cifuentes-Faura, Canh Thien Dang
Conference website: https://2023.icmred.org/
Conference date: 28 April 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.19
ISSN:2754-1169(Print) / 2754-1177(Online)

© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license. Authors who publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See Open access policy for details).

References

[1]. Newzoo. https://newzoo.com/cn/trend-reports/newzoo-global-games-market-report-2022-free-version-cn

[2]. T. Abramova, “Stock Price Reactions on M&A, Dividends and Game Releases. Evidence from Gaming Industry.,” lutpub.lut.fi, 2013.

[3]. C. Elverdam and E. Aarseth, “Game Classification and Game Design,” Games and Culture, vol. 2, no. 1, pp. 3–22, Jan. 2007, doi: 10.1177/1555412006286892.

[4]. A. McWilliams and D. Siegel, “Event Studies In Management Research: Theoretical And Empirical Issues,” Academy of Management Journal, vol. 40, no. 3, pp. 626–657, Jun. 1997, doi: 10.5465/257056.

[5]. P. He, Y. Sun, Y. Zhang, and T. Li, “COVID–19’s Impact on Stock Prices Across Different Sectors—An Event Study Based on the Chinese Stock Market,” Emerging Markets Finance and Trade, vol. 56, no. 10, pp. 2198–2212, Jul. 2020, doi: 10.1080/1540496x.2020.1785865.

[6]. C. Suh and B. Lee, “An Analysis of Events in Online Game Industry and Stock Price Reactions,” PACIS 2011 Proceedings, vol. 185, Jul. 2011, [Online]. Available: https://aisel.aisnet.org/pacis2011/185/

[7]. J. Koh and N. Venkatraman, “Joint Venture Formations and Stock Market Reactions: An Assessment in the Information Technology Sector,” Academy of Management Journal, vol. 34, no. 4, pp. 869–892, Dec. 1991, doi: 10.5465/256393.

[8]. J. W. Kolari and S. Pynnönen, “Event Study Testing with Cross-sectional Correlation of Abnormal Returns,” Review of Financial Studies, vol. 23, no. 11, pp. 3996–4025, Sep. 2010, doi: 10.1093/rfs/hhq072.

[9]. M.-H. Chen, S. (Shawn) Jang, and W. G. Kim, “The impact of the SARS outbreak on Taiwanese hotel stock performance: An event-study approach,” International Journal of Hospitality Management, vol.26, no.1, pp.200–212, Mar. 2007, doi: 10.1016/j.ijhm.2005.11.004.

[10]. D. A. Reinstein and C. M. Snyder, “THE INFLUENCE OF EXPERT REVIEWS ON CONSUMER DEMAND FOR EXPERIENCE GOODS: A CASE STUDY OF MOVIE CRITICS*,” Journal of Industrial Economics, vol. 53, no. 1, pp. 27–51, Mar. 2005, doi: 10.1111/j.0022-1821.2005.00244.x.

[11]. M. T. CLEMENTS and H. OHASHI, “INDIRECT NETWORK EFFECTS AND THE PRODUCT CYCLE: VIDEO GAMES IN THE U.S., 1994-2002*,” Journal of Industrial Economics, vol. 53, no. 4, pp. 515–542, Dec. 2005, doi: 10.1111/j.1467-6451.2005.00268.x.

[12]. R. Sharma, “Stock Price Behaviour around Dividend Announcements: An Event Study Methodology,” Vilakshan: The XIMB Journal of Management, vol. 8, no. 2, pp. 23–32, Sep. 2011.

[13]. S.-K. Lo, C.-C. Wang, and W. Fang, “Physical Interpersonal Relationships and Social Anxiety among Online Game Players,” CyberPsychology & Behavior, vol. 8, no. 1, pp. 15–20, Feb. 2005, doi: 10.1089/cpb.2005.8.15.