| Summary: | 碩士 === 國立交通大學 === 土木工程系 === 91 === The constructers in Taiwan reinvested in other industries due to the depression of economy in the past years. Some of them took part in infrastructures aggressively through the Build-Operate-Transfer model and formed the concession companies, for example, CEC(Continental Engineering Corporation) and THSRC(Taiwan High Speed Rail Corporation). However the risks of BOT projects are various and complicated, the news about projects may cause some impacts on stock performance.
The study uses CEC as empirical case via event study, ordinary least squares market model, and statistic test method. The main issues include how does abnormal return in event period? Is it significant？
The finding is that during the good news event window, CEC stock price positively abnormal changes and significant at the day afer event day. Thus, sure of CEC stock performance is related to good news of THSRC. In this study, using Construction index instead of Market Summary as market index to figure out how the negative abnormal return happened. Just because of the bad news or the particularity from construction？However, negative AR is not significant during the event window. From this case, cannot sure CEC stock performance is related to bad news of THSRC.
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