The Study of The Effects of China Investment Announcements on Firms’ Stock Prices
碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 95 === This study try to verify whether there is announcement effect after publicly traded companies announce to invest in China. The data used in this study is taken from Market Observation Post System and TEJ database. Our sample includes 219 companies in the peri...
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ndltd-TW-095NCHU54570102016-05-23T04:18:27Z http://ndltd.ncl.edu.tw/handle/62488336636392131645 The Study of The Effects of China Investment Announcements on Firms’ Stock Prices 企業赴大陸投資之訊息宣告對股票報酬影響研究 Ming-Che Chen 陳明哲 碩士 國立中興大學 高階經理人碩士在職專班 95 This study try to verify whether there is announcement effect after publicly traded companies announce to invest in China. The data used in this study is taken from Market Observation Post System and TEJ database. Our sample includes 219 companies in the period 2002-2006. We use the market model to calculate the abnormal return and cumulative abnormal return; we employ the「 Standardized Cross-sectional Test」 test in our empirical research. To distinguish the announcement effect from different industry, we separate all samples into 12 industries classifications. Furthermore, we also want to verify the influence of investing in China for China-concept firms. In addition, we also try to identify whether the amount of investment affects the announcement effect. We reach the following conclusions: 1. For the publicly traded companies in Taiwan, there is positive but insignificant abnormal return on the announcement day. 2. After classifying all samples into 12 industries, there is no significant announcement effect. However, the stock market has different response to investing in China for companies in different industries. 3. The abnormal return on the announcement is positive but insignificant for China-concept firms. 4. There is no different in announcement effect for different investment amount. No matter how high is the amount, we reach the same conclusion that there is positive but insignificant abnormal return on the announcement day. 葉仕國 2007 學位論文 ; thesis 64 zh-TW |
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碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 95 === This study try to verify whether there is announcement effect after publicly traded companies announce to invest in China. The data used in this study is taken from Market Observation Post System and TEJ database. Our sample includes 219 companies in the period 2002-2006. We use the market model to calculate the abnormal return and cumulative abnormal return; we employ the「 Standardized Cross-sectional Test」 test in our empirical research. To distinguish the announcement effect from different industry, we separate all samples into 12 industries classifications. Furthermore, we also want to verify the influence of investing in China for China-concept firms. In addition, we also try to identify whether the amount of investment affects the announcement effect. We reach the following conclusions:
1. For the publicly traded companies in Taiwan, there is positive but insignificant abnormal return on the announcement day.
2. After classifying all samples into 12 industries, there is no significant announcement effect. However, the stock market has different response to investing in China for companies in different industries.
3. The abnormal return on the announcement is positive but insignificant for China-concept firms.
4. There is no different in announcement effect for different investment amount. No matter how high is the amount, we reach the same conclusion that there is positive but insignificant abnormal return on the announcement day.
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author2 |
葉仕國 |
author_facet |
葉仕國 Ming-Che Chen 陳明哲 |
author |
Ming-Che Chen 陳明哲 |
spellingShingle |
Ming-Che Chen 陳明哲 The Study of The Effects of China Investment Announcements on Firms’ Stock Prices |
author_sort |
Ming-Che Chen |
title |
The Study of The Effects of China Investment Announcements on Firms’ Stock Prices |
title_short |
The Study of The Effects of China Investment Announcements on Firms’ Stock Prices |
title_full |
The Study of The Effects of China Investment Announcements on Firms’ Stock Prices |
title_fullStr |
The Study of The Effects of China Investment Announcements on Firms’ Stock Prices |
title_full_unstemmed |
The Study of The Effects of China Investment Announcements on Firms’ Stock Prices |
title_sort |
study of the effects of china investment announcements on firms’ stock prices |
publishDate |
2007 |
url |
http://ndltd.ncl.edu.tw/handle/62488336636392131645 |
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