| Summary: | 碩士 === 國立臺灣大學 === 財務金融學系研究所 === 86 === This study discusses the correlation between unseasoned stock price behavior
and listed auditing rule, and tests whether abnormal returns of the listed eve
nt exist marked difference. Cross-sectional analysis is taken in this study. T
he study has an empirical period from 1994 to 1997 new listed stocks.Results g
ot from this study are as follows：1. The weekly event of listed auditing rule
exists abnormal returns (including market returns adjusted and individual ris
k adjusted).2. The result got especially on the stock applying to be listed in
TSE： the market adjusted stock price abnormal week returns of the period app
lying to be listed passed by board of directors and the market adjusted return
s of the period from the last stock price before being listed to the end of "h
oney moon period" after being listed are not rejected by null hypothesis(equal
to zero).3. The result got especially on the stock applying to be listed in O
TC：the weekly event of listed auditing rule exists abnormal returns (includin
g market returns adjusted and individual risk adjusted).4. The market adjusted
abnormal returns of the stocks applying to be listed in OTC are evidently mor
e than those applying to be listed in TSE, including applying date, the date o
f the listed event permitted by SEC, the period from the last price before bei
ng listed to the end of "honey moon period" . Th individual risk adjusted abno
rmal returns of the stocks applying to be listed in OTC are evidently more tha
n those applying to be listed in TSE, including the date of the listed event p
ermitted by SEC and the period from the last price before being listed to the
end of "honey moon period".
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