A Research on Attention Securities and Disposition Securities from Taiwan OTC Market

• Main Authors: Chang Ling Chang, 張長令
• Other Authors: C. Y. Tsao
• Format: Others
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/05875920685994370547

碩士 === 長庚大學 === 工商管理學系 === 103 === This study collected, January 1 2009 to December 31 2013, attention securities from Taiwan OTC market stocks and calculated abnormal returns by event study method. This study classified the attention event to the number of categories,and the number of times to examine whether there is effective monitoring.The next step is figure out the reasons of the disposition securities. The results show that no matter the number of the alert times. There are significant abnormal returns before the event 1 to 5;Although there are still positive abnormal returns 1 to 5 days after the declaration, with the increase in the number and a positive abnormal returns will reverse in the future.This results show that the warning system is useful.This study also found PE ratio, turnover ratio, price to book ratio are positively correlated with abnormal returns, the proportion of the market value was negative and the smaller proportions of the market value of the company and the larger of the price to book ratio are easily change into the disposition securities.