A Study on the Stock Price Behavior after the Emerging Stock Company is Changed to Company Listed Over-the-Counter

• Main Authors: TZU KUO, 郭慈君
• Other Authors: Chang Chun Cheng
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/m672qe

碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 97 === Taiwan established the emerging stock transaction market in 2002 and in March 2005 Taiwan also implemented the provision of no limitation in the scale of fluctuation on the first five days during the change of emerging stock to listing in the market and over-the-counter. Therefore once again this had induced study on whether after the emerging stock was changed to listing over-the-counter there was still honeymoon conjuncture and release conjuncture. This research will base on the implementation date of no limit in scale of fluctuation on the first five days after the emerging stock is changed to listing over-the-counter as the standard date. Companies that are listed over-the-counter for the first time from March 2005 to end of June 2008 are selected as samples to conduct study on whether there is honeymoon conjuncture after the emerging company stock is changed to listing over-the-counter for transaction and whether there is still release conjuncture in the first five days after the company stock is changed to listing over-the-counter. The empirical study shows that when the scale of fluctuation is not limited on the first five days and amongst all samples, electronic industry and non-electronic industry have quite close accumulated rise and on the average it is more than thirty percent. This represents that company changing to listing over-the-counter will have extreme possibility of honeymoon conjuncture. However, during this honeymoon conjuncture period, as the first five days of loosening will not be limited by the scale of fluctuation, this is only comparatively significant in the first day. It is thus clear that whether there is limitation in the scale of fluctuation it will affect the length of the honeymoon conjuncture. In addition, whether there is release conjunction in the first five days after changing to listing over-the-counter and after empirical study, the result shows that after changing to listing over-the-counter there is very large negative absolute average rate of return.