| Summary: | 碩士 === 開南大學 === 會計學系 === 99 === Among the stock price affecting factors, that divided into the economic factor and not economic factors. And the major heavy catastrophe of not economic factors is the most important. These heavy catastrophes usually impact on the stock market and economic environments. In addition to the domestic stock market, it will cause other countries experienced the downturn of stock market. In 2011, the Pacific coast of Japan was occurred a magnitude 9.0 earthquake. it caused Taiwanese investors’ panic also causes influence on the stock market of Taiwan. Therefore, this research is with the earthquake incident, utilize the event study to probe into stock price influence of Taiwan’ Semiconductor Industries. And the empirical period have 220 trading days and 65 observations. The results indicate that the abnormal return was occurred in Taiwan’ Semiconductor Industries on stock market because of the Japan earthquake and this result was consistent with the efficient markets hypothesis.
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