Intra-Industry Contagion and Competitive Effects of Asset Impairment Announcements
碩士 === 國立高雄大學 === 金融管理學系碩士班 === 100 === The main purpose of this study is to examine whether the type of asset impairment announcement influences the announcement contagion effects and competitive effects. The empirical results confirm the conjecture indicating that different type of asset impairmen...
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| Format: | Others |
| Language: | zh-TW |
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2012
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| Online Access: | http://ndltd.ncl.edu.tw/handle/07255359101568379006 |
| Summary: | 碩士 === 國立高雄大學 === 金融管理學系碩士班 === 100 === The main purpose of this study is to examine whether the type of asset impairment announcement influences the announcement contagion effects and competitive effects. The empirical results confirm the conjecture indicating that different type of asset impairment announcement has different industry effects. The fixed asset impairment announcements demonstrate contagion effects instead of competitive effects. It means that when companies announce fixed asset impairments, their peer firms of the same industry will experience a negative cumulative abnormal return (CAR); the intangible asset impairment announcements demonstrate competitive effects, implying that their peer firms experience a positive cumulative abnormal return (CAR); the impairment announcement of long-term equity investment or goodwill does not have any industry effect.
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