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1
Lebre, Frederico Salazar. "The Fed policy announcement effect on the equity market." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9505.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics<br>Fed Policy announcements have always created controversy when analyzing its effects on asset prices. This project analyzes the relationship between the Fed announcements and the stock market’s return. We use an econometric methodology suggested by Kenneth Kuttner (2000) that uses the futures market to divide the announcement in two parts the expected and unexpected component.
The relationship between the equity market reaction and the Fed policy announcements has shown to be statistically significant. A considerably negative reaction of the equity market has been observed in response to an unexpected announcement by the Federal Reserve while the expected part of the announcement revealed to have no effect on the equity market. This relation was also tested for the existence of asymmetries and cross industry effect.
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Nyanga, Sibonginkosi. "Share repurchases announcement and the signaling effect in South Africa." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/64904.
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This research sought to test whether the observed evidence and documented academic thinking on share repurchases around the signaling hypothesis could be applied in a country like South Africa among the firms listed on the Johannesburg Stock Exchange (JSE). The study also sought to ascertain whether there is a statistically meaningful outperformance of a portfolio composed of shares mimicking firms that announced share repurchases against the Equal Weighted All-Share Index (J203) over the research period. 209 share buyback announcement conducted by 82 JSE listed companies from January 2003 to December 2016 were analysed for the study. The study concluded that the South African repurchase activity largely reflects the global observed evidence and the modern academic thinking around buybacks. The regulatory climate was found to be having components which contributed to South Africa not fully reflecting the observed evidence and the modern academic thinking around buybacks. The study found that the share repurchases announcement portfolio relative to the Equal Weighted All-Share Index (J203) benchmark shows a 2.7% outperformance. The results reveal that share buyback announcements convey important information to investors<br>Mini Dissertation (MBA)--University of Pretoria, 2017.<br>km2018<br>Gordon Institute of Business Science (GIBS)<br>MBA<br>Unrestricted
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Tan, Juan Edward Banking & Finance Australian School of Business UNSW. "The announcement effect of private placements of hybrid securities in Australia." Awarded by:University of New South Wales. Banking and Finance, 2004. http://handle.unsw.edu.au/1959.4/20549.
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This thesis investigates the share price response to the announcement of private placements of hybrid securities in Australia. Firstly, the size and direction of the share price response is examined. Secondly, the determinants of the share price response are examined. Where possible, comparisons are made to evidence from international markets. The sample of data tested consists of 43 announcements of convertible debt issues, 39 announcements of preference share issues and 19 announcements of option issues made between 1983 and 2000 by Australian firms. The analysis of the share price impact in response to the announcements is conducted using Maynes and Rumsey (1993) event study methodology that adjusts for thin trading. The determinants of the share price response are examined using model specifications that are derived from the theoretical literature. The analysis of the announcement effect of private placements of hybrid securities finds significant negative abnormal returns for convertible debt issues, insignificant negative abnormal returns for preference share issues and significant positive abnormal returns for option issues. In comparison to international studies, the convertible debt results are similar to public and rights issues, the insignificant preference share results are similar to other findings and the option results are similar to private placements of equity and rights issues of options. The results of the investigation of the determinants of the announcement effect of private placements of hybrid securities finds that convertible debt issues are best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the information asymmetry - dynamic hypothesis and the agency cost hypothesis. The impact of preference share issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the agency cost hypothesis and the price pressure hypothesis. The announcement effect of option issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry -dynamic hypothesis and the optimal capital structure hypothesis.
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Lee, Kuo-An, and 李國安. "The Announcement Effect of ECFA." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/38326901892281648949.
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碩士<br>國立交通大學<br>管理科學系所<br>99<br>Free trade agreements have developed around the world. ECFA is one of free trade
agreements . Because of the special relations between Taiwan and China, this study use event
study and four event days which is the actual date of the ECFA meeting includes the signing
date . In this study, using total 17 industries and 86 companies which include chemical,
plastics, machinery, textiles, petroleum, steel, automobile and other industries as samples.
Those 17 companies are benefit in ECFA. This study is discussing how does Taiwan stock
market and investors react in this free trade agreement.
The results shows that four in consultation ECFA date, the first consultation day in ECFA has negative abnormal returns, this study suggests that the result may be that Taiwan stock market and investors are worrying about the political relations between Taiwan and China which may has risks and the Taiwan stock market has impact made by the international stock market . The other three all have significant positive abnormal returns . It means that Taiwan
stock market and investors consider ECFA as a great economic issue for developing the economic in the future for Taiwan.
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Lee, Chung-Tai, and 李忠泰. "The Announcement Effect of Stock-Repurchase." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/96414285983244437620.
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碩士<br>朝陽科技大學<br>財務金融系碩士班<br>89<br>Abstract
This paper uses the methodology of event-study to study the announcement effects of stock repurchases and to investigate the relationship between abnormal return and factors including the board holding, the change of insiders’ holding, the earnings to price ratio, the sector, and the firm’s individual risk. The purposes of this research are to examine：
（1） if there is abnormal return after the announcement of stock-repurchase,
（2） which factors would affect the magnitude of abnormal return after the announcement, and
（3） the differences of results between each event-study models.
Firms, which announced their stock-repurchase intentions between the period of 08-07-2000 and 12-31-2000, are included in research sample. All of the market model, the market model combined with GARCH(1,1), three-factor model, and the three-factor model combined with GARCH(1,1) are used to evaluate normal returns. The major results are follows:
（1） The stock-repurchase announcements could cease the decline of share prices.
（2） The announcement effect is positively related to the variable of the ratio of stock repurchases, negatively related to the variable of firm’s risk, and correlated to the variable of sector significantly.
（3） Three-factor model combined with GARCH(1,1) performs better than other models at Taiwan stock market.
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Sung, Min-Che, and 宋明哲. "The Announcement Effect of Alerted Stock." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/59482450564052331002.
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碩士<br>朝陽科技大學<br>財務金融系碩士班<br>89<br>Recent studies have indicated that the alerted securities had announcement effects. The investors who take the alerted announcement of the abnormal trading as investment strategy, earn significantly abnormal return in a short period. This paper examines weather the alerted announcement of the abnormal trading has announcement effect, and tries to identify the determinates of the abnormal return using event study methodology and multiple regression, this paper exams the alerted securities of Taiwan during January 1996 to 2001 and test weather the abnormal return may be effected by stock capital, market value, earnings per share (EPS), ME/BE, land and house revaluation increments, industry categories and the day-of-the-week.
The empirical results are：
1、For whole sample, the period betwwn five days before and the day of the announcement exhibit significantly and positive abnormal return.
2、After announcement,whole sample of the alerted securities have been reevaluated by the market and reflect the content of the information instantly. This causes abnormal return reforms and stock prices adjust back to the rational condition.
3、Except for the variable of land revaluation increments, all factors show significant explanation power.
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"Announcement effect of MBO in China." 2008. http://library.cuhk.edu.hk/record=b5896781.
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Huang, Fang.<br>Thesis (M.Phil.)--Chinese University of Hong Kong, 2008.<br>Includes bibliographical references (leaves 35-39).<br>Abstracts in English and Chinese.<br>Chapter 1. --- Introduction --- p.7<br>Chapter 2. --- Review of literatures and regulations --- p.12<br>Chapter 2.1. --- MBO in the US --- p.12<br>Chapter 2.2. --- MBO in China --- p.14<br>Chapter 3. --- Data selection and sources --- p.16<br>Chapter 4. --- Announcement effect of MBO --- p.17<br>Chapter 4.1. --- Research method --- p.18<br>Chapter 4.2. --- Group division of MBO companies --- p.18<br>Chapter 4.2.1. --- Division rules --- p.18<br>Chapter 4.2.2. --- Apparent MBO: significant negative --- p.19<br>Chapter 4.2.3. --- Founder buyouts: significant positive --- p.20<br>Chapter 4.2.4. --- Other groups: insignificant positive but not representative for MBO effect --- p.20<br>Chapter 4.3. --- Factor analysis --- p.21<br>Chapter 4.3.1. --- Year: before 2003/ after 2003 (include 2003) --- p.21<br>Chapter 4.3.2. --- Underlying asset: parent company / the listing company itself --- p.22<br>Chapter 4.3.3. --- ESOP participation: Yes/No --- p.23<br>Chapter 4.3.4. --- Competitive purchaser: Yes/No --- p.23<br>Chapter 4.3.5. --- Results: Success / Failure --- p.24<br>Chapter 4.4. --- Summary of announcement effect --- p.25<br>Chapter 5. --- Evidence on profitability and pricing --- p.25<br>Chapter 5.1. --- Data and methodology --- p.26<br>Chapter 5.2. --- Profitability of MBO companies --- p.28<br>Chapter 5.3. --- DuPont analysis of companies with successful MBO --- p.29<br>Chapter 5.4. --- Dividend payment --- p.31<br>Chapter 5.5. --- Shareholder´ةs returns --- p.32<br>Chapter 5.6. --- MBO pricing and pre-MBO behavior of NAV --- p.33<br>Chapter 6. --- Conclusion --- p.33
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Tsai, Wen-Siou, and 蔡汶修. "Media Attention and SEO Announcement Effect." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/36682311104037929825.
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碩士<br>國立高雄第一科技大學<br>財務管理研究所<br>102<br>This paper tests information signaling hypothesis by studying the impact of the pre-announcement media attention on share-price reaction during seasoned equity offerings (SEOs) announcements. In a sample of Taiwan firms that under take SEOs announcements from 1996 through 2011, we find that the average pre-announcement abnormal return for firms with pre-announcement media attention (positive) is significantly higher. Consistent with the information signaling hypothesis, our evidence suggests that market investors tend to view media attention as a channel to signal firms’ intrinsic value.
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Chu, Chien-Lin, and 朱建霖. "The Announcement Effect of Securities Trust." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/90182202574496023791.
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碩士<br>長榮大學<br>經營管理研究所<br>103<br>Through an event-study analysis, this paper investigates the market reactions to CEOs and presidents of listed and over-the-counter firms issuing initial securities trust in Taiwan for the first time. The objective is to determine whether this strategy is adopted to transmit positive firm information, reduce taxes, or enable the transfer of assets.
Empirical results reveal that issuing a securities trust reduces taxes and enables CEOs and presidents to convey positive information about the long-term performance of their firm. However, the short-term performance of stock prices does not indicate remarkable cumulative abnormal returns. Firms issuing securities trust exhibit substantially higher long-term performance compared with nonissuing firms. In addition, the more frequent an announcement is issued, the stronger is the effect of the announcement.
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Chang, Ai-Ling, and 張愛玲. "The Weekend Effect of Earnings Announcement." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/59554216888682946730.
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碩士<br>銘傳大學<br>財務金融學系碩士班<br>98<br>The firm may manipulate investors’ weaken attention before weekend or holiday on earnings announcement date. That is, the firm with poor earnings tends to announce this bad news on Friday and mitigate the price falling.
Based on the view, this study investigates the relationship between earnings announcement date and stocks markets reaction during the period from 2001 to 2009. The empirical results show the investors regard Friday announcement as negative signal since the abnormal returns are significantly less than non-Friday announcement.
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Chen, Chia-Ling, and 陳佳玲. "Growth Opportunity and Diversifying Announcement Effect." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/28571409798775316144.
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碩士<br>國立成功大學<br>財務金融研究所<br>95<br>This paper is the first mover to examine the effect of firm growth opportunity on market reactions of diversifying decision. Using a sample of 64 diversifying events in U.S. spanning from 1996 to 2002, the results show that the firms with high growth opportunities have significantly positive announcement abnormal returns, and however the firms with low growth opportunities have negative announcement returns. After taking into account other factors affecting diversifying announcement returns, the significant positive relationship between growth opportunity and announcement returns still hold. Besides, we find firm size and profitability are both significant determinants of diversifying returns.
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GE, HAN-JHONG, and 葛瀚中. "The Announcement Effect of Disposition Securities." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/wq9644.
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碩士<br>國立臺北科技大學<br>資訊與財金管理系<br>107<br>This study uses the event research method to determine whether the price of listed stocks, which were disposed of during the period between January 1, 2013 and December 31, 2018 experienced significantly abnormal remunerations before and after the date of execution.
Multivariate regression analysis is also used to explore the variables of the cumulative rate of return, the cumulative turnover rate, the proportion of credit transactions one day prior to disposal, and the total foreign shareholding ratio; using this type of analysis, it is also possible to determine whether or not a traded item is a Taiwan depositary receipt (TDR), whether it is a stock listed on the Taiwan stock exchange by a foreign issuer (KY stock), whether it is an electronically traded stock, or whether it has the capacity to provide a significant explanation for an abnormal rate of return.
Concerning the differences in regulatory requirements between companies listed on the stock exchange market, and companies listed on the over-the-counter market, the “companies listed on the stock exchange market group” and “companies listed on the over-the-counter market group” are discussed separately in this study.
It is found that, regardless of the stock disposal of a company listed on the stock exchange market or on the over-the-counter market, starting from the effective date of disposal this will have a negative impact on stock price, and the negative impacts produced by the second disposal will be greater and last for considerably longer than those of the first one.
Concerning the variables of the “companies listed on the stock exchange market group”, the credit transactions ratio variable 10% under CAR(0,0) is significant, and the coefficient is positive. The remaining variables are not significant. Concerning the CAR(0,0) of the “companies listed on the over-the-counter market group”, their cumulative rate of return and cumulative turnover rate variables are 5% below the significance level, and the impact coefficient is significantly negative. This indicates that, ten trading days before the announcement of the disposal of over-the-counter stocks, the higher the cumulative rate of return and cumulative turnover rate, the greater the negative cumulative abnormal return (CAR) after the disposal. In the “companies listed on the over-the-counter market group”, under the CAR(0,10) of this group, only the proportion of credit transactions 10% is significant, and the coefficient is positive. This reveals that, on the day prior to the announcement of disposal, the higher the proportion of credit transactions, the greater the cumulative abnormal return (CAR) affecting its stock price. Although the original intention of the disposal system is to eliminate the market when it is overheated, this mechanism has unexpectedly led the stock price to experience dramatic fluctuations. In this regard, the competent authority should review the effectiveness of this system.
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Wu, Cheng-Fong, and 吳承峰. "Do dividend announcement and earning announcement strengthen the forecasting effect of future earnings?" Thesis, 2008. http://ndltd.ncl.edu.tw/handle/09754710392382974801.
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碩士<br>輔仁大學<br>管理學研究所<br>96<br>This paper examines the relation between dividend changes and company future earning that is the management of company uses dividend to convey information about future earnings prospects. When company pays cash dividend to stockholder, it must consider the liquidity of the company. Therefore, this study not only examines the relation between total dividend and the company future earnings, but also examines the relation between the dividend changes and the company future earnings.
The company announces the dividend policy based on past performance. Therefore, this paper combines dividend announcement with past unexpected earnings to examine changes in future earnings.
The study period covers from 1999 to 2007 and consist of 2399 observations. First, based on dividend changes and past earning changes observes the earning changes after announcement. Second, I used the least square regress method to examine the relation between dividend changes and future earnings. The empirical results in this study are summarized as follows:
1.When the earning forecast is a linear model, increase in adjusted cash dividend convey information in future earnings increase. But decrease in adjusted cash dividend doesn't have future earnings information. When earning expectation is nonlinear model, total dividend changes and future earnings before extraordinary items has positive relation. Total dividend changes and short-term future net income has positive relation.
2.Changes in dividend and past earning are the same direction, it is unable to expect future earnings has the same changes.
3.When company decreases dividend announcement and past earnings increase is earnings per share changes rate under average, expect future earnings doesn't increase.
4.When company increases dividend announcement and past earnings decrease is earnings per share changes rate before industry factors under average, expect future earnings doesn't reduce.
5.Combing dividend changes with past earning changes to observe long-term and short-term earning changes, there is no consistency among groups, so dividend changes announcement doesn't have earnings signal content.
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Yu, Cheng-feng, and 游晟鋒. "The Announcement Effect of Real Estate Disposition." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/48290518757034972440.
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碩士<br>國立雲林科技大學<br>財務金融系碩士班<br>92<br>This study examines the announcement effect of real estate disposition on stock returns for the period from January 1993 to September 2003. The sample consists of a total of 166 announcements of real estate dispositions. The effect of real estate dispositions announcement on shareholders is tested by the OLS Market model.
According to our empirical results, we get the conclusions as follows: (1) The daily mean abnormal returns of the whole sample are positive, but not significant; (2) The cumulative abnormal returns in the bull market classified by the Market Trend Method and for financial improved purpose are significantly positive. (3) Cross section regressions do not show that market conditions and disposal purposes influence the announcement effect of real estate disposition.
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Lin, Chia-Chi, and 林佳錡. "The Announcement Effect of Convertible Bond Calls." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/72164371583183817527.
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碩士<br>國立彰化師範大學<br>商業教育學系<br>94<br>In recent years, issuing convertible bonds is one of the most important ways to collect capital for a corporation, but there were still fewer related researches until now. In addition, both of the issue volume and trade volume of the convertible bonds are increasing year by year. Therefore, this research investigated not only the announcement effect of a convertible bond call on abnormal returns, but also analyzed its causing factors. Although the effect could be thought intuitively, there were still none of researchers investigating it. Thus, this study expected to realize the market reaction and financial characteristics on the announcement of a convertible bond call. The results of this study showed that the abnormal returns on the announcement day are significantly negative, and on the two days after the announcement day are also significantly negative. It indicates convertible bond calls are associated with a significantly negative announcement effect . Furthermore, the result represented the cumulative abnormal returns at the time of the call announcement day, convertible bond calls are associated with a significantly negative announcement effect and a subsequent price recovery in the short term. These findings in Taiwan market consist with the results of Mazzeo and Moore (1992)、Ederington and Goh (2001)、Bechmann (2004). Besides, Around the convertible bond calls, investors selling the new shares issued after the call announcement and short selling are all trade volume. The results of this study showed that the trade volume of underlying stock did not increase largely at the time of the call announcement day. However, this paper found a significant positive relationship between trade volume and the new shares issued after the call announcement. The short selling in connection with the call increased large at the day of the call announcement, and the result indicated a highly significant positive relationship between short selling in connection with the call and the new shares issued. These findings in Taiwan market supports the view points of Bechmann (2004). The results of this study demonstrated that bondholders would hedge their equity risk to exposure by short selling at the time of the announcement of a convertible bond call.
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Pan, Chia-Liang, and 潘嘉良. "The Effect of Negative Labor Relations Announcement." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/83640305713926723315.
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碩士<br>亞洲大學<br>國際企業學系碩士在職專班<br>103<br>This study investigate the effects of negative labor relations events on stock prices for Taiwan's listed companies with the sample period of 2002 to 2014. Firstly, we analyze factors that influence the negative labor relations events employ with the logistic model. We conclude that chairman internalize, compensation of directors and supervisors to net income before tax and firms size have significant positive influence on the probability negative labor relations event, but significant negative the foreign ownership.
After the announcement effect of negative labor relations events, the negative labor relations events have a negative stock price reaction. The impact of the negative labor relations events announcement effect, chairman internalize have a greater negative cumulative abnormal returns, and higher foreign ownership and profitability will have a greater negative cumulative abnormal returns.
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Ting, Hsiu Wen, and 丁秀文. "Announcement Effect of Drug Approvals by FDA." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/47956984302631612365.
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碩士<br>國立政治大學<br>財務管理研究所<br>96<br>In this paper, we use event-study to estimate the stock price changes of Food and Drug Administration (FDA) decisions on new products for pharmaceutical companies. We find that FDA decisions have insignificant effects in all countries on the drug approval date. The insignificant price changes accompanying FDA announcements approval suggest that drug results have leaked to the market. It is quite possible that the results of advisory are open to public and advisory committee are held before FDA approval, advisory committee can be viewed as important news source of drug approval. After the drug approved by the FDA, the new drugs may bring additional income to the companies. Although the accounting data are insignificant at five percent significant level, we still can peek that the companies with new approval drug have their EPS increase. Besides, 41% of analyst rates the performance of next quarter better than actual EPS at that time. The reason can be the access of undisclosed information about successful approval of new drugs.
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Dai, Lin_Iue, and 戴伶仴. "Disposition Effect and Post-earnings-announcement Drift." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/42077495066123503456.
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碩士<br>國立中正大學<br>會計與資訊科技所<br>95<br>This study investigates the impacts of disposition effect on the post-earnings- announcement drift (PEAD) in Taiwan stock markets. We examines whether trading behavior among various types of investors fully reflect the implications of current earnings. We also analyze the relationship between trading behavior of investors and post-earnings-announcement drift. Our empirical results indicate that investors trading behavior around the earning announcement dates do not appear to have disposition effect. On the contrary, for stocks with large amount of unrealized capital gains (losses) on the event day, investors tend to buy (sell) the stocks in response to positive (negative) earning announcement. As a result, stocks with large amount of unrealized capital gains (losses) on the event day tend to fully reflect the implications of current positive (negative) earnings announcement. These stocks are also found to have less degree of post-earnings announcement drifts.
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Su, Yen-chang, and 蘇彥彰. "Policy Announcement Effect of the Real Estate." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/82694925190060585303.
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碩士<br>逢甲大學<br>經濟學系<br>101<br>In 1970s the fixed assets which contributed to 2.3% for economic growth of Taiwan accounted for 27% of GDP, among them the half of contribution was from the construction project. The evidence showed the real estate has closely related to macro-economy. The real estate is not only to affect the personal residence of justice but also to impact the development of upstream and downstream industries and be provided as important tools for personal investment purposes. In Taiwan, Price and Income Ratio was rising from 4.3 in 1986 to 12 in 1989. By the downturn then the housing price is dropped and began to rise in nearly a decade. The average unit housing price was rising from $157,200NTD/ping in 2001 to $271,000NTD/ping in 2012. The growth rate was approximately 172%. Rapidly rising in housing price enlarges a gap between the rich and the poor and therefore leads to social unrest. To face and solve this problem, the governments adopted policies to stabilize housing prices. In this paper we construct a macroeconomic model with the housing market and discuss the announcement effect for three real estate policies. The results showed that in the long-term, the effect of property tax rate, income tax rate and construction of public housing on house prices and stock are ambiguous. But the house prices may overshoot during the period of implementing property tax rate policy in the short run. And the construction of public housing is probably to lead houses stock mis-adjustment.
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Guo, Jian-You, and 郭建佑. "Target CSR Effect on Merger Announcement Return." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/fw5fck.
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碩士<br>國立臺灣大學<br>財務金融學研究所<br>106<br>Using completed US mergers deal with announcement date from 1992 to 2016, we analyze if corporate social responsibility (CSR) increases value for shareholders. This study focuses on examining target’s CSR effect on its merger announcement return, and we find that high CSR targets realize higher merger announcement returns than low CSR targets.
We also check whether 2008 financial crisis impacts our results by conducting robustness test. We divide full sample into 2 sub-samples, one is before and the other is after 2008 financial crisis. Empirical result show that financial crisis does not have significant effect on our result.
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Huang, Shin-I., and 黃心怡. "Share Repurchase Announcement Effect-BCG Matrix Perspective." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/32dwf3.
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碩士<br>國立臺中科技大學<br>企業管理系碩士班<br>104<br>To explore the announcement effect of stock repurchasing by listed and over-the-counter (OTC) firms, we divide them into Star businesses, Cash Cow businesses, Dog businesses, and Question Mark businesses according to market share rate and revenue growth rate in a Boston Consulting Group (BCG) matrix. The study period was from August 2000 to December 2014. We conduct an event study to investigate the short-term and long-term responses of stock prices after firms repurchase their stocks.
The results show that stock prices are underestimated before stock repurchasing is announced; however, the announcement of stock repurchasing elicits a positive response. Announcement strength varies among various businesses. Regarding short-term announced performance, Dog businesses with a low market share rate and revenue growth rate present the highest abnormal returns after a stock repurchasing announcement, followed by Cash Cow businesses, Star businesses, and then Question Mark businesses. Regarding long-term announced performance, Cash Cow businesses with a high market share rate and revenue growth rate present the highest abnormal returns after a stock repurchasing announcement, followed by Dog businesses, Star businesses, and then Question Mark businesses.
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Huang, Juan-Wei, and 黃俊偉. "A Study on the Announcement Effect of Retaining." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/00077751716535642070.
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碩士<br>國立勤益科技大學<br>企業管理系<br>95<br>In order to enhance corporate governance mechanism, the government adopted the system of independent directors and supervisors. Revising the securities regulation in 2006, the government enforce that public offerings must set up at least two independent directors, and its number should not be less than one fifths of the board of directors. The purpose of this study is to investigate the announcement effect of retaining the independent directors on improving investor’s confidence and producing abnormal return, which can increase the company’s value and shareholders’ profit. The results of this study are as follows. Firstly, the first time announcement of retaining directors could produce abnormal return, but non-first time announcement could not. Secondly, in industrial field, retaining independent director at the day of announcement produce abnormal return in engineering industry, but this act doesn’t produce abnormal return in non-engineering industry. Besides, having reviewed the effects of board of directors structure and the past operation achievement on hiring independent directors, the results are as follows: abnormal return shows negative correlation with insiders' holdings, scales of board of directors, the number of independent director, and EPS; however, it has positive correlation with equity pledge ratio of directors and supervisors, CEO can be the chair man, ROE and ROA. However, since this study results are under significant and, also many researchers have different opinions about this issue, this study doesn’t come to a clear conclusion.
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Shao-Wei, Lu, and 呂紹瑋. "Merger announcement and intra-industry stock price effect." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/v6v2t9.
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碩士<br>東吳大學<br>國際經營與貿易學系<br>96<br>This thesis attempts to examine the change of intra-industry stock abnormal returns after the merger announcements in Taiwan. The sample includes 108 merger announcements from firms listed on the Taiwan Stock Exchange. The sample period is from 1996 to 2007. The author uses market model of event study methodology to analyze the merger announcement effect to acquirers, acquirer’s industrial rivals and target’s industrial rivals.
The empirical results are as follows: First, the evidence shows that the stocks of acquirers will have significantly positive abnormal returns after the merger announcements. It is because mergers may improve the resource allocation and reach the management or operation synergy. As a consequence, our finding supports the value increasing theory. Secondly, the empirical results show that the stocks of acquirer’s rivals will have significantly negative abnormal returns after the merger announcements. It is because mergers may increase acquirer’s level of competitiveness and decrease the rivals’. This evidence supports the competitive advantage hypothesis. As for rivals of the target companies, there is another viewpoint. Mergers may increase the chance of rivals to become the target company. It supports the signaling hypothesis. The rivals of target firms will have significantly positive abnormal returns after the merger announcements.
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LIN, CHING-MAN, and 林青滿. "The Announcement Effect of Capital Gains Tax abolition." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/tzswd4.
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碩士<br>明新科技大學<br>管理研究所碩士在職專班<br>104<br>In November 17, 2015 capital gains tax abolition is passed by the Legislative. According to relative reference of capital gains tax empirical study proof tax announcement sure effect capital market and result in abnormal return.
This study using GARCH of events-study to analysis the declare effect of capital gains tax abolition in Taiwan stock market.
We found the market does not appear as expected in the amount of the price surge; the average rate of compensation was not abnormal obviously go up or lower, indicating that the market before the announcement date of the event might have been expected to reflect the information of capital gains tax abolition.
After event-date, the average cumulative abnormal return is negative in our study period, but not significant in statistic.
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Chen, Chien-Hung, and 陳建宏. "The Empirical Study of Stock Repurchase Announcement Effect." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/16347092939833140908.
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WU, QING-FENG, and 吳清豐. "The value effect of foreign direct investment announcement." Thesis, 1993. http://ndltd.ncl.edu.tw/handle/46990484148447052346.
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碩士<br>國立臺灣大學<br>商學研究所<br>81<br>This study discuss the information effect of foreign investment announcement, the variation of stock price in the information, and the variation with different kinds and
sizes cases. The empirical data includes fifty cases on twelve companies between 1987 and 1992, the empirical results show: 1.There isn''t information effect on foreign direct investment
announcement.
2.There is negative information effect on non-controlled cases,
no information effect on controlled cases.
3.There is negative information effect on small-size cases, no
information effect on big-size cases.
4.Taiwan stock market is a semi-strong form efficient capital
market for foreign direct investment announcement.
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Chao, Yu-Hsin, and 曹育欣. "Security Choice and Convertible Bond Issuance Announcement Effect." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/41536444495955397013.
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碩士<br>國立中山大學<br>企業管理學系研究所<br>91<br>The objects this thesis want to study can be separated into two parts. The first part is investigating why firms choose to issue convertible bond. We use the public financial information and macroeconomics factors to establish a security choice model. In this security choice model, we can understand the motivation of issuance and investors’ expectation of security type (equity-like or debt-like) which will be issued. The second part of this thesis is about convertible bond issuance announcement effect. We want to know if the public information and the pre-issuance security type expectation would affect the announcement effect. Following is the conclusions: (1) We find that less information asymmetry, less agency cost, more operating risk will lead to higher probability of equity-like security issuance. (2) Most convertible bonds issued in Taiwan are more debt-like. (3) Equity-like convertible bonds issuances have negative announcement effect. The issuances different from expectation will lead to more negative price effect, especially those debt-like firm but issue equity-like security. (4) The variables that can explain security choice may not explain the announcement price effect.
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Chun, Chiang Chia, and 江佳純. "The Weather Effect on Seasoned Equity Offerings Announcement." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/15848607412169363488.
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碩士<br>大葉大學<br>管理學院碩士在職專班<br>102<br>Researches in psychology have shown that when people have a good mood, they have optimistic attitudes towards anything; however, when they are in a bad mood, they tend to have pessimistic views. The phenomenon that the motion influences the decision may cause investors to assess risk assets differently. In this study, we use seasoned equity offerings announcement event to test the relationship between weather effect and announcements abnormal returns. According to the past literature, pressure, temperature, humidity, wind speed, sunshine hours and sunshine rate were used as the weather variables to explore whether they have an effect on the announcement of seasoned equity offerings .Our samples consist of those in Taiwan Stock Exchange from 1983 to 2012.The analysis result shows that the temperature and sunshine hours for SEO have a negative correlation, while the humidity for SEO announced is positively related.
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Liu, Hsiu-Mei, and 劉秀美. "Seasoned Equity Offering Announcement Effect and Corporate Goverance." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/58046578476371610970.
Full textAbstract:
碩士<br>國立雲林科技大學<br>財務金融系<br>103<br>ABSTRACT
This study took announced events for seasoned equity offerings from Taiwan listed companies during 2006-2013 as samples, adopting event studies as research method to explore the influence of seasoned equity offerings on stock price after announcement and analyze the factor of corporate governance for the association of the number of directors/supervisors, shareholding percentage of directors/supervisors, shareholding percentage of the majority stockholder, shareholding percentage of managers, the number of individual directors/supervisors for the final controller, percentage of the number of independent directors/supervisors and chairperson of the Board holding the post of part-time general manager to the announcement effects of seasoned equity offerings.The main research results are as follows: If seasoned equity offerings are announced at the date of board of director’s resolution, average abnormal return is significant and negative reaction after announcement. If the purpose of seasoned equity offerings is for long-term share ownership investment, average abnormal return is significant and positive reaction. If seasoned equity offerings are used to fortify working capital with reimbursement amount, average abnormal return is significant and positive reaction before the date of announcement, significant and negative after the date of announcement. If seasoned equity offerings are used to purchase machine and factory, average abnormal return is significant and negative correlation before and after the date of announcement. If the purpose of seasoned equity offerings is other mixed type, average abnormal return is significant and positive correlation before and after the date of announcement.Regarding variables for corporate governance, this study selected the number of directors/supervisors, shareholding percentage of directors/supervisors, shareholding percentage of the majority stockholder, shareholding percentage of managers, the number of individual directors/supervisors for the final controller, percentage of the number of independent directors/supervisors, and chairperson of the Board holding the post of part-time general manager as 7 independent variables, adopting dependent variable multiple regression analysis for corporate governance variable towards cumulative average abnormal return (CAR) for the purpose of seasoned equity offerings, and showing that research result is significant and negative reaction before the date of announcement, significant and positive reaction after the date of announcement. Close relationship is verified between corporate governance and the purpose of seasoned equity offerings.
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Ji, WUN-KAI, and 紀文凱. "Media Attention and Announcement Effect of the Stock." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/64587485433324712419.
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碩士<br>國立雲林科技大學<br>財務金融系<br>104<br>This paper studies the impact of the announcement effect media attention on share price reaction during the stock repurchases. In a sample of Taiwan firms that under take stock repurchases from 2000 through 2015.We find that the average abnormal return and abnormal volume for firms with media attention is higher.
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Hsu, Hsiu-yun, and 許琇雲. "The Announcement Effect of Stock Repurchase in Taiwan." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/73741055071323627887.
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You, Yao-Ling, and 游曜菱. "Corporate Turnaround Announcement Effect and Influencing Factors Analysis." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/f9t627.
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碩士<br>國立臺灣師範大學<br>管理研究所<br>105<br>In this study, we examine whether the news release of “Corporate turnaround” could cause a positive cumulative average abnormal return (CAARs), and examine determinants that influence the average cumulative abnormal return. The sample consists of 2714 Taiwan corporates that had ever experienced losses for four consecutive quarter and a successful turnaround from the second quarter of 2006 to the second quarter of 2016.The results indicates “Corporate turnaround” news release will directly influence on average cumulative abnormal returns of stock price. The relation between news release of “Corporate turnaround” and return of stock price is significantly positive. But the average cumulative abnormal returns are not large, and the announcement effect is not strong.
Another purpose of this study is to identify determinants affecting the CAARs. I employ multiple regression and probit model as research methods to examine the important factors of the CAARs. The empirical results shows that the shareholders' return on equity (ROE) and dealer shareholding ratio are positively correlated with the average abnormal rate of return. We inference that the ROE is an indicator of firms performance. When investors measure the profitability of an enterprise, they refer to the rate of return on shareholders' equity, resulting in a higher average accumulated abnormal reward. In the part of dealer shareholding ratio, the literature shows that dealers tend to bargain hunt and reap profits when the stock price rise, so we also inference that dealers tend to bargain hunt in advance and reap the profits when the news of “Corporate turnaround” is announced so as to push up the CAARs.
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游琇婷. "The Effect of Dividend Announcement on Stock Returns." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/9v7mrb.
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碩士<br>國立彰化師範大學<br>財務金融技術學系<br>105<br>The purpose of this study is to explore the effect of dividend announcement on stock returns. If the dividend increases, do the stock returns increase? If the dividend yield increases, do the stock returns increase?
This study uses the common stock of Taiwan from 2000 to 2015 except the financial-related industries, and explores the effect of cash dividend announcement and stock dividend announcement by event research. The empirical results are stated below: 1. The company with dividend announcement will have abnormal returns on the stock price. 2. When the company's cash dividends or stock dividends increase, abnormal returns increase. 3. When the dividend yield of the stock increases, abnormal returns increase.
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Chen, Tzu-Chun, and 陳姿君. "The Announcement Effect of Green Corporate Bond Issuance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/j5wtn3.
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碩士<br>國立臺灣大學<br>財務金融學研究所<br>106<br>Witnessed the drastic changes in the climate and environment in recent years, the government, society, and corporations have increased their emphasis on environmental protection. Therefore, green bonds have emerged as an innovative financial instruments. Past literatures have discussed the impact of the issuance of straight bonds and convertible bonds on the company’s stock performance (Spiess and Affleck-Graves (1999); Mitchell and Stafford (2000); Lewis, Rogalski, and Seward (2011)). Since the green bond is a fairly new instrument, very few literatures have discussed its impact. After investigating the green bonds which announced during the period 2014 to 2017 in the United State, we find that the cumulative abnormal return of the announced events is significantly negative in the long run, with less than -30%. Multiple regression analysis also shows that the green bond issuance and the cumulative abnormal return is negatively correlated. We suggest that the limited usage of capital that raised by green bonds, as well as the additional compliance and monitoring costs it brings, may be the reasons why green bonds do not necessarily have a positive effect on firm performance. In addition, the number of green corporate bond samples are relatively small, the sharp share price fall in individual firm can easily affect the abnormal returns overall.
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Wu, Ko-Hsun, and 吳克遜. "The New Product Announcement Effect in Apple Inc." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/68jdpa.
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碩士<br>國立臺中科技大學<br>企業管理系事業經營碩士班<br>101<br>This study uses the event study methodology to investigate the abnormal returns of Apple Inc. suppliers in Taiwan. Then reviews the variables influence on abnormal returns. The event dates are the product announcements of the Apple Inc. iPad series from 2010 to 2012.
The result of empirical research support that the better Cumulative Abnormal Average Return (CAAR) occur before declared three months ago and the Apple Inc. suppliers are excellent than Non-Apple Inc. suppliers. It will have negative CAAR after announcement dates. Apple Inc. suppliers also have positive abnormal returns on new product announcement dates to show New Product Announcement Effect.
In different industries analysis, The CAAR are positive and significant before two or three months from event dates when invests in Optoelectronic industry, Motherboard industry and Electronic Component industry for Apple Inc. suppliers. Besides, upstream firms have a same result before three months from announcement dates. For Non-Apple Inc. suppliers, it will be similarly happened before two months. But no matter Apple Inc. suppliers or not, the CAAR are not significant in downstream and midstream firms.
In addition, regression empirical results also support to that New Product Announcement Effect will decrease gradually by Debt ratio, R&D/Sales ratio and growth index (Tobin’s Q). But there are positive reactions with Earnings Per Share, Account Receivable Turnover ratio and whether Apple Inc. or not.
The overall conclusion will suggest investors to invest in related companies with new product announcement. And investors should arrange portfolio before two or three months from the announcement dates of new product series. It will have the optimum when invest in upstream firms which supply electronic components are considered with Earnings Per Share.
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SHI, WEI-MIN, and 施微敏. "Acquirers’ Life Cycle and Announcement Effect of Takeovers." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/hj8xzq.
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碩士<br>東海大學<br>財務金融學系<br>107<br>This paper mainly investigates whether the life cycle has an impact on the announcement effect of acquirers. This paper uses the stock samples of Taiwan from 2009 to 2017. Using the research methods of Anthony and Ramesh (1992) and Bens, Nagar, and Wong (2002), I classify the acquirers in Taiwan by their life cycles: growth, maturity, and decline stages. Then I examine the abnormal returns by using the event study with the market model, and I further investigate the results separately by acquirers’ industry and sizes. Results show that acquirers have positive announcement effect of takeovers at each stage of the life cycle. Divided the samples by industry, it is found that the cumulative abnormal returns of the electronics acquirers are higher than those of the non-electronic samples, especially at the maturity stage. Divided the sample by size, it is found that whether the sample divided by capital or market value, the small companies have better cumulative abnormal returns than do big companies, and it confirms the size effect. Besides, as the life cycle changes, the cumulative abnormal returns of small companies changed from small to large. Finally, using sign test, I find that the declining electronics and the growing small companies report significant negative abnormal returns on the day before the announcements.
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Kuo, Shu-Chuan, and 郭淑娟. "Announcement Effect of a Corporate Social Responsibility Award." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/q7wv2x.
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碩士<br>亞洲大學<br>財務金融學系碩士在職專班<br>107<br>This study selected large enterprises and medium-sized enterprises conferred with Excellence in Corporate Social Responsibility Award held by CommonWealth Magazine from 2007 to 2018 as samples. A total of 527 enterprises, 411 large enterprises and 116 medium-sized enterprises, are selected. The event study method is adopted to examine the stock return responses of the awarded enterprises after the announcement of the corporate social responsibility award. Empirical results reveal that the awarded enterprises exhibit significant, positive abnormal returns only a day after the announcement. Meanwhile, no statistically significant cumulative abnormal returns are observed during the event period, suggesting that investors have no marked responses to the award-winning news. For large enterprises, significant, positive abnormal returns are observed only a day after the announcement; in comparison, medium-sized enterprises exhibit significant, positive abnormal returns on the day of the announcement and the following 10th day. The cumulative abnormal returns of both enterprise types do not reach statistical significance.
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Chen, Shih-Hua, and 陳仕華. "The research of announcement effect of public company to stock return---categorized investment announcement by function." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/41755355941241694401.
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Su, Chuan-Yu, and 蘇傳宇. "Trading Volume and the M&A Announcement Effect." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/ckt5e8.
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碩士<br>國立臺灣大學<br>商學研究所<br>105<br>This study investigates the relationship between unusually low trading volume of the bidder’s stock over the week prior to its M&A announcement and the announcement effect of the M&A bidder. The empirical result suggests that (1) the unusually low trading volume over the week prior to its M&A announcement signals bad news about the announcement effect; (2) this effect is more pronounced among stocks with higher short-selling constraints. Our findings posit that unusually low trading volume signals negative information, since, under short-selling constraints, informed agents stay by the sidelines. In addition, past research regarding to high volume premium are insufficient to explain the results. This shows that the underlying driver for the volume prompted price movements is different for unusually high and low volume shocks.
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Lin, Liou-Jiun, and 劉俊琳. "Policy Announcement and Forward Exchange Rates Dynamics：Holmes-Smyth Effect." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/27148219651197803267.
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KAO, KUEI-MEI, and 高貴美. "The Study on Announcement Effect of Seasoned Equity Offering." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/62372396606754073710.
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Marvin-Lin and 林懋民. "The Study of Announcement Effect of Multiple Stock Repurchases." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/52915264235420570261.
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碩士<br>銘傳大學<br>管理科學研究所<br>90<br>Abstract
This study is a practical research which is about the carrying-out announcement effects of stock repurchases for Taiwan’s listed companies by applied the event study methodology. The study also focuses on the possibility of gradual decrease effects while companies announce the repurchases frequently and compares the outcomes in announcement effects between companies listed on TSE and OTC. The sample of the study is based from listed companies which announced stock repurchases in the periods from Aug. 7, 2000 to Dec. 31, 2001. The conclusions of this study are presented in three points：
1.No matter how many times the companies announced stock repurchases, we find that announcement effects do exist according to the changes of abnormal return before and after the announcement. Namely, abnormal return was always negative before announcement as a result of the stock price undervalued and the abnormal return was generally positive after announcement because of the stock price improved.
2.The announcement effects of stock repurchases decrease gradually by the times of announcement among the companies listed on the TSE.
3.The announcement effects of stock repurchases in OTC based companies perform better than in TSE listed companies, especially in the first and the second times. But the result is not apparent by statistics examination.
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Wang, 1ing-tsann, and 王金燦. "The Announcement Effect and Information Content of Stock Dividends." Thesis, 1998. http://ndltd.ncl.edu.tw/handle/64201164299612984982.
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碩士<br>國立臺灣大學<br>財務金融學系<br>86<br>This paper examines the announcement effect of stock dividends and the
information content . In order to observe how the stock dividends policy
influence the stock price , we use the market model and modified market
model to estimate the abnormal returns .To explore the information content
of stock dividends , we exam the cross-sectional implication from a
signalling story explore . Furthermore , we connect the announcement
effect and the next year''s earnings . There are several findings :
1. On average , the announcement effect of the stock dividends is not
statistically significant .
2. The announcement effect conveys information on next year''s earning .
When the announcement effect is positive , the next year''s earning is
more likely to increase .
3. In cross-sectional regressions , we find that the payout ratio is the most
significant variable in explaining the announcement effect . Other
significant variables are the expected earnings growth rate and the
Tobin''s Q .
4. The market responds similarly whether the stock dividend has to be
approved by the SEC .
5. The abnormal return remains significant one day after the announcement
of the stock dividends . It suggests that the stock market in Taiwan is not
efficient in the semi-strong .
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Shie, Yisyue, and 謝易軒. "Media Tone and Announcement Effect of the Stock Repurchases." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/84219766705183682405.
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碩士<br>國立高雄第一科技大學<br>財務管理研究所<br>102<br>This study investigated before the stock repurchase announcement, the negative media reports on the conduct of shares declared company''s stock price reaction. It’s sample is Taiwan listed companies repurchase treasury shares declared based on 2009-2010. The results show that the before declaring’s negative media coverage make a positive influence to the after declaring’s abnormal returns. And before declaring, the high negative media reports of the company’s abnormal returns significantly higher than the low negative media reports of the company. And later as investors over react caused by the price reversal, the company reported by high negative media’s abnormal returns will gradual decline after declared. Summary, before the treasury stock repurchase announcement, the negative media coverage affects the abnormal returns during the declaration, and has the forward reaction to declaring the company''s share price during the declaration.
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Chan, Cheng-Ying, and 詹承穎. "Disposition Effect and Earnings Announcement in Taiwan Stock Market." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/61295344735406620697.
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碩士<br>國立雲林科技大學<br>財務金融系<br>104<br>In this study, we used disposition effect and earnings announcement of Taiwan stock market to refer the extent of the significant cumulative abnormal return. By observing the variation of these variables, what we discovered is summarized as follows:
1.Disposition effect indeed happened in Taiwan's stock market, and it was negatively
correlated to cumulative abnormal return .
2.Earnings announcement also remained in Taiwan's stock market, and SUE was positively
correlated with cumulative abnormal return. However, the significant extent faded as
time went by.
3.In Taiwan stock market, the disposition effect on investment return was greater than
earnings announcement.
4.Even if earnings announcement exceeded expectations, as long as the Stock holders had
disposition effect, the company's share price would go down continuously; vice versa.
Investors can build a portfolio, which is based on the extent and degree of sue and disposition effect. After earnings announcements, investors build the portfolio of the weakest degree disposition effect and the lowest degree of sue, buy and hold it for 40 to 60 days after the sale, expecting it get significantly better than the market's rate of return.
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賈芸如. "The Share Repurchase Announcement Effect of Listed Semiconductor Companies." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/43905576778415802544.
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Wang, Shu Yin, and 王淑瑩. "An Empirical Study On Earning Announcement Effect and Information." Thesis, 1993. http://ndltd.ncl.edu.tw/handle/49475533076017658813.
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Yu, Liu-Ting, and 余律廷. "Currency Substitution, Announcement Effect and Real Exchange Rate Dynamics." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/48400109114399547688.
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碩士<br>國立臺灣大學<br>經濟學研究所<br>100<br>By Tsaur’ s(2011) free exchange rate system and the announcement effect of Gray and Turnovsky(1979), this paper intends to investigate the long run equilibrium, the dynamic adjustment of the real exchange rate and the output in response to anticipated and unanticipated fiscal policy. Results indicate that if the foreign inflation rate is zero, there will be no effect on the real exchange rate and the output when the government expenditure increases in the long run. If the foreign inflation rate is positive, these variables will increase by the fiscal expansion. When the foreign inflation rate is positive, whether the adjustment paths of the real exchange rate will be overshooting, undershooting or misjump depending on the foreign inflation and parameters in the model. The government can reduce the impact effect of the real exchange rate by policy pre-announcement; moreover, the earlier the government announced, the smaller the impact effect of the real exchange rate is. Finally, the greater the degree of substitution or the smaller the foreign inflation is, the smaller the impact effect of the real exchange rate is.
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Chao, Wen-syun, and 趙文勳. "Policy Announcement Effect of the Real and Financial Dualism." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/81538065857817606926.
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碩士<br>逢甲大學<br>經濟學系<br>101<br>Due to the impact of the financial crisis, real estate is important to people as the preservation and investment tools,. In recent years, people especially in Asia hold real estate as the subject of the hedge and peculators continued speculation which leading real estate prices rising. Therefore, an increasing number of scholars concerned about the relationship between real estate and macroeconomics. In addition, capital markets are not completely sound in developing countries, housing funds are not only dependent on bank but also on private lending. So in this paper we establish a dynamic macro model which includes real estate market, money market and general consumer goods market and assume the expectations of economic variables is perfectly rational, and the financial dualism exists in the economy. For reducing real estate prices, government can implement income or property tax rate policies, increase public housing and adjust the proportion of loans. We try to figure out the announcement effect of those policies on real estate prices and quantities.
The study found that increasing the public housing may cause the real estate quantities mis-adjustment in the short run. while the government adjust the rate of income tax, property tax rate, or the proportion of loans, real estate price will overshoot in the short run, and the determinant factors are the relative of the price effect and the income effect. In the long run, the impact of real estate policies magnitude is ambiguous.
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Ying-YiLi and 李櫻怡. "The Wealth Effect of Sustainable Supply Chain Management Announcement." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/f25497.
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