A Study on Impact of Stock Holders Wealth When Financial Holding Company Issued
碩士 === 逢甲大學 === 經營管理碩士在職專班 === 93 === This study uses induction and the Event Study methods to serve two purposes. One is to observe the response of the capital market to the news of establishing a financial holding company. Two is to examine the long-term effect on stockholders’ wealth of establish...
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ndltd-TW-093FCU054570412015-10-13T13:01:04Z http://ndltd.ncl.edu.tw/handle/16714523839084930329 A Study on Impact of Stock Holders Wealth When Financial Holding Company Issued 金融控股公司成立後對其股東財富影響之研究 Yu-Ren Chen 陳宥仁 碩士 逢甲大學 經營管理碩士在職專班 93 This study uses induction and the Event Study methods to serve two purposes. One is to observe the response of the capital market to the news of establishing a financial holding company. Two is to examine the long-term effect on stockholders’ wealth of establishing a financial holding company. Empirical results show that this news of establishing a financial holding company was quickly responded by the market at the day the news was revealed and significant positive abnormal returns only last for three days. These results indicate that the stock market is not semi-strong form efficiency in Taiwan. Induction shows that the phenomenon of stock price goes down after good news was confirmed may be due to: (1) price went up for a long time before the news, and (2) poor fundamental value reflected by the market after all good news was used up. For long-term investors, buy and hold strategy in investing in financial holding company paid them much higher return rate then TSE Index did. Hsin-Cheng Tsen 曾欽正 學位論文 ; thesis 77 zh-TW |
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碩士 === 逢甲大學 === 經營管理碩士在職專班 === 93 === This study uses induction and the Event Study methods to serve two purposes. One is to observe the response of the capital market to the news of establishing a financial holding company. Two is to examine the long-term effect on stockholders’ wealth of establishing a financial holding company.
Empirical results show that this news of establishing a financial holding company was quickly responded by the market at the day the news was revealed and significant positive abnormal returns only last for three days. These results indicate that the stock market is not semi-strong form efficiency in Taiwan.
Induction shows that the phenomenon of stock price goes down after good news was confirmed may be due to: (1) price went up for a long time before the news, and (2) poor fundamental value reflected by the market after all good news was used up.
For long-term investors, buy and hold strategy in investing in financial holding company paid them much higher return rate then TSE Index did.
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author2 |
Hsin-Cheng Tsen |
author_facet |
Hsin-Cheng Tsen Yu-Ren Chen 陳宥仁 |
author |
Yu-Ren Chen 陳宥仁 |
spellingShingle |
Yu-Ren Chen 陳宥仁 A Study on Impact of Stock Holders Wealth When Financial Holding Company Issued |
author_sort |
Yu-Ren Chen |
title |
A Study on Impact of Stock Holders Wealth When Financial Holding Company Issued |
title_short |
A Study on Impact of Stock Holders Wealth When Financial Holding Company Issued |
title_full |
A Study on Impact of Stock Holders Wealth When Financial Holding Company Issued |
title_fullStr |
A Study on Impact of Stock Holders Wealth When Financial Holding Company Issued |
title_full_unstemmed |
A Study on Impact of Stock Holders Wealth When Financial Holding Company Issued |
title_sort |
study on impact of stock holders wealth when financial holding company issued |
url |
http://ndltd.ncl.edu.tw/handle/16714523839084930329 |
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