The effects of additions and deletions on foreign ownership and local market: evidence from MSCI Taiwan index

碩士 === 國立中央大學 === 財務金融研究所 === 98 === This study investigates the reaction of the Taiwan stock market to a change in the constituents of the MSCI Taiwan Index. Empirical results suggest that the abnormal returns are significantly positive for added stocks and significantly negative for deleted stocks...

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Main Authors:	Yi-jie Wu, 巫怡潔
Other Authors:	Cheng-Yi Shiu
Format:	Others
Language:	en_US
Published:	2010
Online Access:	http://ndltd.ncl.edu.tw/handle/53293798507407591533

id	ndltd-TW-098NCU05304010
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spelling	ndltd-TW-098NCU053040102016-04-20T04:17:47Z http://ndltd.ncl.edu.tw/handle/53293798507407591533 The effects of additions and deletions on foreign ownership and local market: evidence from MSCI Taiwan index 摩根台灣指數成分股調整對台灣股市與外資持股的影響 Yi-jie Wu 巫怡潔碩士國立中央大學財務金融研究所 98 This study investigates the reaction of the Taiwan stock market to a change in the constituents of the MSCI Taiwan Index. Empirical results suggest that the abnormal returns are significantly positive for added stocks and significantly negative for deleted stocks on the announcement day and the effective day. The results also show that foreign ownership increase in additions and decrease in deletions. Furthermore, the increase in foreign ownership of additions exceeds the decrease in foreign ownership of deletions, the asymmetric investor awareness hypothesis is the best explanation of this results. Cheng-Yi Shiu 徐政義 2010 學位論文 ; thesis 49 en_US
collection	NDLTD
language	en_US
format	Others
sources	NDLTD
description	碩士 === 國立中央大學 === 財務金融研究所 === 98 === This study investigates the reaction of the Taiwan stock market to a change in the constituents of the MSCI Taiwan Index. Empirical results suggest that the abnormal returns are significantly positive for added stocks and significantly negative for deleted stocks on the announcement day and the effective day. The results also show that foreign ownership increase in additions and decrease in deletions. Furthermore, the increase in foreign ownership of additions exceeds the decrease in foreign ownership of deletions, the asymmetric investor awareness hypothesis is the best explanation of this results.
author2	Cheng-Yi Shiu
author_facet	Cheng-Yi Shiu Yi-jie Wu 巫怡潔
author	Yi-jie Wu 巫怡潔
spellingShingle	Yi-jie Wu 巫怡潔 The effects of additions and deletions on foreign ownership and local market: evidence from MSCI Taiwan index
author_sort	Yi-jie Wu
title	The effects of additions and deletions on foreign ownership and local market: evidence from MSCI Taiwan index
title_short	The effects of additions and deletions on foreign ownership and local market: evidence from MSCI Taiwan index
title_full	The effects of additions and deletions on foreign ownership and local market: evidence from MSCI Taiwan index
title_fullStr	The effects of additions and deletions on foreign ownership and local market: evidence from MSCI Taiwan index
title_full_unstemmed	The effects of additions and deletions on foreign ownership and local market: evidence from MSCI Taiwan index
title_sort	effects of additions and deletions on foreign ownership and local market: evidence from msci taiwan index
publishDate	2010
url	http://ndltd.ncl.edu.tw/handle/53293798507407591533
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The effects of additions and deletions on foreign ownership and local market: evidence from MSCI Taiwan index

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