THE INFLUENCE ON STOCK PRICE OF ISSUING ECB - EXEMPLIFIED BY STOCK LISTING ELECTRONIC COMPANIES IN TAIWAN

• Main Authors: LEE,WEI-SHIN, 李維信
• Other Authors: WU,RUEY-SHAN
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/00211237720406769547

碩士 === 國立臺北大學 === 企業管理學系 === 93 === In this study, use the event study and three factors model to observe the average abnormal return and cumulative average abnormal return of ECB Issuance Companies. Further analysis and evaluations are based on the empirical results to discuss the influences of ECB issuance of Taiwanese stock listing Electronic Companies to their stock prices. Secondly, to categorize sample companies by sectors industry characters. Further more, in expecting to provide critical information for investors while making decision on investment and company finance, the study also probes the volatility of the stock price and the mobility of system risk of sample companies before and after the issuance of ECB expecting. Conclusion has been reached by examining 33 ECB issuance company during the period from 2002 to 2003 as below: 1.For the entire sample companies, positive implications of insignificant effect have been found where ECB is issued. It reveals that there will be no influence to company on issuing ECB. 2.As sectors industry characters, ECB issuing influence is negative on upstream electronic industry sectors and positive of downstream electronic industry sectors to their stock prices. Therefore, the influence of ECB issuance is different from sectors to sectors. 3.The volatility of the stock price is not significant after ECB issuance is found in empirical results. The market has a full response to this message, there is no arbitrage on the issuing date, before and after issuing ECB, so there is no significant change the return of price. 4.Beta coefficient of the company is not significant changed after ECB issuance is found in empirical results. The finding shows that there is no significant influence on the sustained low-interest tendency and normal economy market, so there is no significant change of the Beta coefficient.