An Empirical Study of Efficiency-Segment for the Taiwan Stock Market
碩士 === 淡江大學 === 金融研究所 === 83 === However, whether Taiwan Stock Market is "efficient" or not, inconsist to most findings. Taiwan Stock Exchange distributes A-category, B-category and full-delivery stock in common stock trading. Thi...
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ndltd-TW-083TKU002140402016-07-15T04:12:56Z http://ndltd.ncl.edu.tw/handle/38561976631036298901 An Empirical Study of Efficiency-Segment for the Taiwan Stock Market 台灣股票市場效率區隔現象之實證研究 Chen Yie Shin 陳益興 碩士 淡江大學 金融研究所 83 However, whether Taiwan Stock Market is "efficient" or not, inconsist to most findings. Taiwan Stock Exchange distributes A-category, B-category and full-delivery stock in common stock trading. This paper will focus on whether the A-category market differ from the B-category market in market efficiency hypothese for Taiwan Stock Market. This paper presents an empirical investigation of stock returns for common stocks that been delisted from the A- category or the B-category market. A major testable proposit- ion is that the initial market is semi-strong efficient while publicly available delisting information is reflected in pre- delisting stock price. The proposition is a joint test of the hypotheses that financal information about a common stock pre- delisting is reflected in stock return and that such informat -ion is used in evaluating listing category by Taiwan Stock Exchange. When delisted from the A-category market to the B-category market or the full-delivery market, results using logit analy- sis are strongly consistent with the hypothized relation. So, evidence consist with semi-strong form market efficiency in the A-category market. When delisted from the B-category market, results are in- consistent the the hypothized relation. So, evidence inconsist with semi-strong form market efficiency in the B-category mar- market. Hsu Ching Chih 徐靖志 1995 學位論文 ; thesis 70 zh-TW |
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碩士 === 淡江大學 === 金融研究所 === 83 === However, whether Taiwan Stock Market is "efficient" or
not, inconsist to most findings. Taiwan Stock Exchange
distributes A-category, B-category and full-delivery stock
in common stock trading. This paper will focus on whether
the A-category market differ from the B-category market in
market efficiency hypothese for Taiwan Stock Market. This
paper presents an empirical investigation of stock returns
for common stocks that been delisted from the A- category
or the B-category market. A major testable proposit- ion is
that the initial market is semi-strong efficient while publicly
available delisting information is reflected in pre- delisting
stock price. The proposition is a joint test of the hypotheses
that financal information about a common stock pre- delisting
is reflected in stock return and that such informat -ion is
used in evaluating listing category by Taiwan Stock Exchange.
When delisted from the A-category market to the B-category
market or the full-delivery market, results using logit analy-
sis are strongly consistent with the hypothized relation. So,
evidence consist with semi-strong form market efficiency in
the A-category market. When delisted from the B-category
market, results are in- consistent the the hypothized relation.
So, evidence inconsist with semi-strong form market efficiency
in the B-category mar- market.
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author2 |
Hsu Ching Chih |
author_facet |
Hsu Ching Chih Chen Yie Shin 陳益興 |
author |
Chen Yie Shin 陳益興 |
spellingShingle |
Chen Yie Shin 陳益興 An Empirical Study of Efficiency-Segment for the Taiwan Stock Market |
author_sort |
Chen Yie Shin |
title |
An Empirical Study of Efficiency-Segment for the Taiwan Stock Market |
title_short |
An Empirical Study of Efficiency-Segment for the Taiwan Stock Market |
title_full |
An Empirical Study of Efficiency-Segment for the Taiwan Stock Market |
title_fullStr |
An Empirical Study of Efficiency-Segment for the Taiwan Stock Market |
title_full_unstemmed |
An Empirical Study of Efficiency-Segment for the Taiwan Stock Market |
title_sort |
empirical study of efficiency-segment for the taiwan stock market |
publishDate |
1995 |
url |
http://ndltd.ncl.edu.tw/handle/38561976631036298901 |
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