Impacts of Biotechnology Companies’ Declaration of Earnings on Their Stock Prices
碩士 === 國立交通大學 === 管理學院碩士在職專班經營管理組 === 94 === This research applies the event study approach to examine how declaration of earnings affects a company’s stock price. Stock prices of forty listed biotech companies in Taiwan in the 2003-2004 period are collected for analysis. The major findings are as...
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ndltd-TW-094NCTU54571242016-05-27T04:18:36Z http://ndltd.ncl.edu.tw/handle/41978696448073196703 Impacts of Biotechnology Companies’ Declaration of Earnings on Their Stock Prices 生物科技公司盈餘宣告對股價之影響 Wang-Ken Lee 李旺懇 碩士 國立交通大學 管理學院碩士在職專班經營管理組 94 This research applies the event study approach to examine how declaration of earnings affects a company’s stock price. Stock prices of forty listed biotech companies in Taiwan in the 2003-2004 period are collected for analysis. The major findings are as follows: 1. When a company announces falling earnings, its stock price then significantly goes down, showing that stock prices are significantly affected by fundamental factors. 2. If a company reports growing earnings, its stock price then usually fails to positively respond. This may be because the actual earnings are still unable to meet the targets in their financial forecasts. 3. Compared to those in 2004, fluctuations in stock prices reacting to financial declaration in 2003 are relatively larger. 4. These phenomena can be explained investors’ bounded rationality and psychological factors. Jin-Li Hu 胡均立 2006 學位論文 ; thesis 71 zh-TW |
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碩士 === 國立交通大學 === 管理學院碩士在職專班經營管理組 === 94 === This research applies the event study approach to examine how declaration of earnings affects a company’s stock price. Stock prices of forty listed biotech companies in Taiwan in the 2003-2004 period are collected for analysis. The major findings are as follows:
1. When a company announces falling earnings, its stock price then significantly goes down, showing that stock prices are significantly affected by fundamental factors.
2. If a company reports growing earnings, its stock price then usually fails to positively respond. This may be because the actual earnings are still unable to meet the targets in their financial forecasts.
3. Compared to those in 2004, fluctuations in stock prices reacting to financial declaration in 2003 are relatively larger.
4. These phenomena can be explained investors’ bounded rationality and psychological factors.
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author2 |
Jin-Li Hu |
author_facet |
Jin-Li Hu Wang-Ken Lee 李旺懇 |
author |
Wang-Ken Lee 李旺懇 |
spellingShingle |
Wang-Ken Lee 李旺懇 Impacts of Biotechnology Companies’ Declaration of Earnings on Their Stock Prices |
author_sort |
Wang-Ken Lee |
title |
Impacts of Biotechnology Companies’ Declaration of Earnings on Their Stock Prices |
title_short |
Impacts of Biotechnology Companies’ Declaration of Earnings on Their Stock Prices |
title_full |
Impacts of Biotechnology Companies’ Declaration of Earnings on Their Stock Prices |
title_fullStr |
Impacts of Biotechnology Companies’ Declaration of Earnings on Their Stock Prices |
title_full_unstemmed |
Impacts of Biotechnology Companies’ Declaration of Earnings on Their Stock Prices |
title_sort |
impacts of biotechnology companies’ declaration of earnings on their stock prices |
publishDate |
2006 |
url |
http://ndltd.ncl.edu.tw/handle/41978696448073196703 |
work_keys_str_mv |
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