The Effect of Property-Liability Insurer Stock Returnon Catastrophic Events in Taiwan

• Main Authors: Shu-Ling Yeh, 葉淑玲
• Other Authors: Shyan-Rong Chou
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/40449783246540439462

碩士 === 國立高雄第一科技大學 === 金融營運所 === 91 === ABSTRACT This paper analyzes the effect of large catastrophic events on the stock price of property-liability insurer. This paper chooses the large catastrophic events in Taiwan from 1994 to 2002 for the research samples. Evidence is found: 1.From the results of surveying all samples, have negative abnormal returns on event date and after one day. Next day, the insurance stocks of Taiwan fits semi-strong form efficient market, though they appear the no statistically significant with the different trading window of cumulative abnormal returns. However, it will show the obviously positive abnormal returns and cumulative abnormal returns after a period of time. 2.In the insurance loss of big and small groups, these two groups have no statistically significant differences on cumulative abnormal returns. Therefore, the inventors have almost the same response with the big or small insurance payment. 3.In natural and artificial groups, these two groups have statistically significant differences with cumulative abnormal returns. 4.In company sizes, these two groups have statistically significant differences on cumulative abnormal returns.