| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 92 === This research is trying to find out whether some characteristics of governmental bonds of Taiwan in the primary market will influence the bonds’ liquidity in the secondary market.
All date are sorted into two types:
1. Accumulated periods - the trading data for 1-30 days, 1-60 days, 1-90 days, and 1-180 days after bonds’ issuance.
2. Separated periods - the trading date for 1-30 days, 31-60 days, 61-90 days, and 91-180 days after the bonds’ issuance.
ANOVA analysis reveals that there is no significant difference in the average trading turnover among bonds with different terms of issuance.
Divided bonds into two groups by whether the issuance volume is under 40 billion dollars, I found, by t test, the average trading turnovers between the two groups have no significant difference. It concludes that the factor – “Volume of Issuance” is not a good variance to explain the liquidities of governmental bonds.
By t test, this article finds the governmental bonds which are mainly obtained, in the primary market, by stock companies and bill finance companies- the main traders in the secondary market have greater average trading turnover than those mainly obtained by banks, insurance companies, and trust companies do.
By t test, this research also finds that the trading volume before the issuance of new bond is greater than that after the issuance of new bond. That proofs the new bond issuance effect is actually existed.
|
|---|
