| Summary: | 碩士 === 逢甲大學 === 金融碩士在職學位學程 === 106 === Taiwan's stock market is vulnerable to external factors, resulting in changes in stock prices. For more than half of the listed companies in Taiwan, the directors and supervisors have less than 20% outstanding shares of the companies. In order to compete the right to get more seats in the board, there exists the phenomena of abnormal rises in share prices for the listed companies those directors and supervisors holding insufficient shares to control companies before the board election days. In this study, we examine the effects of shareholding structure and the election of directors and supervisors on the changes in share price and trading volume of the listed companies in the electronic industry, especially before and after the book close dates.
The result shows that the manager’s holding share significantly affect the changes in share price quarterly. The result also shows the abnormal return deceases in the firm’s market value. For the transaction volume, there exists a light positive correlation with the reconsideration of the supervisors monthly and quarterly. The result also shows that the abnormal return is accompanied with high turnover.
|
|---|
