The Study of the Impact of SEC Mandated Segment Data on Stock Price

• Main Authors: Lu, Cuai-Lan, 呂貴蘭
• Other Authors: Shiu, Fujiing
• Format: Others
• Language: zh-TW
• Published: 1994
• Online Access: http://ndltd.ncl.edu.tw/handle/82920618858820235876

碩士 === 文化大學 === 國際企業管理研究所 === 82 === 　　With the trend of the business internationalization, the need of the users of the financial report for the detailed information disclosure becomes more intensely. The former financial report, using aggregated information, can not be satisfied by the users. Therefore SEC and FASB formulated the relating regulation to standardize the publicly firms, in order to provide more precise information signal about firm value to investors. The purpose of this paper is to examine the information content of the SEC mandated segment data on stock price. 　　The chosen 70 firms issued the annual report of 1992 which were released before April 30,1993. The declaration day was determined by the date of release of the annual report. The estimation period consists of the 100 weeks that preceded the event period. The event day and the preceding month and the following month the event day are referred to as the even period (nine weeks). This paper adopts the market model to get the regression model of the estimation period, then to calculate Average Residual (AR) of the event period. Summing AR of the event period, we can get Cumulative Average residual (CAR). 　　The empirical evidence shows that, there is no significient information content at the declaration day of the event period. There are significient positive abnormal return at the month after the declaration day, then we can adopt that Tanwan''s stock market is non-efficient.