| Summary: | 碩士 === 長庚大學 === 企業管理研究所 === 96 === This study examines the dynamic linkages between the U.S. healthcare industry stock price and Taiwan biotechnology industry stock price. We tries to give a further investigation into interactions between U.S. healthcare market and biopharmaceutical, medical equipment, and dietary supplements market in Taiwan, since most of firms in Taiwan cooperate with U.S healthcare companies through several channels, including international trading, merchandising ordering, and technology transferring.
During the daily data from January 2003 to October 2007, the empirical results indicate that there were no long term relationship among U.S healthcare industry and the three industries in Taiwan. However, using Granger causality test, it found that U.S. healthcare stock price index granger cause to the medical equipment market stock price index and the biopharmaceutical stock price index. In Taiwan, each two of the three industries, biopharmaceutical, medical equipment, and dietary supplements stock price index, are feedback relationship. It means that the dynamic linkages among biopharmaceutical market, medical equipment market, and dietary supplements market in Taiwan are inseparable.
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