An Empirical Study of the Impact of Information Transparency Disclosure Rankings System on the Stock Price

碩士 === 中原大學 === 會計研究所 === 93 === In order to promote Corporate transparency, Taiwan Securities and Futures Institute (SFI) has launched “ Information Transparency and Disclosure Rankings System” (ITDRS) to evaluate the level of the transparency for all TSE/GTSM listed companies since 2003. Expecting...

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Bibliographic Details
Main Authors: Pei-Chen Wang, 王佩珍
Other Authors: Li-Hua Kao
Format: Others
Language:zh-TW
Published: 2005
Online Access:http://ndltd.ncl.edu.tw/handle/33814801116646302838
Description
Summary:碩士 === 中原大學 === 會計研究所 === 93 === In order to promote Corporate transparency, Taiwan Securities and Futures Institute (SFI) has launched “ Information Transparency and Disclosure Rankings System” (ITDRS) to evaluate the level of the transparency for all TSE/GTSM listed companies since 2003. Expecting to do one objective and systematized evaluation to the transparency of all TSE/GTSM listed companies with the other system of independent, just and professional. There are two main purposes of this research. First, based on the sample of 2003 & 2004 ITDRS, to probe into what's the effect of the result of the racking system to the fluctuation of the stock price. It adopts the Market Model of the Event Study, which uses Abnormal Returns(AR)and Cumulative Abnormal Returns(CAR) to test whether the disclosure of ITDRS will effect the decision of investors. The second one is to examine that whether the more transparent companies (MTF) have higher market valuation than the other no-MTF. From the results of study, we find (1) “ Information Transparency and disclosure Rankings System” have information content, but because the event date is very close to the declare date of annual and first quarterly financial statement, In the situation of event date clustering, all samples are besides influenced by the event also influenced by the same external factors and earnings announcement at the same time, cause the mutual interference of the stock price. That is, it is more difficult to obviously find out the effect of ITDRS to the invest decision of investors. (2) We also find that MTF are more highly valued than no-MTF.