| Summary: | 碩士 === 淡江大學 === 東南亞研究所 === 93 === This research regards new and listing stock from 1990 to 1997 of four countries of Southeast Asia as the research object, use three kinds to calculate method of the unusual performance for a long time (accumulate the unusual remuneration law (cumulative abnormal returns, CAR), buy and hold the unusual remuneration law (buy-and-hold abnormal returns, BHAR) investment combination law of and calendar time (calendar-time portfolio, CTAR)), and the basic method that three kinds are asked (The market adjusts the way (market-adjusted model), contrast investment combination law (reference portfolio ) and control company law (control firm )), form various kinds of is it examine unusual method of remuneration for a long time to detect, whether the long-term (14 months ) unusual remuneration exists to assay the new listed stocks of four countries of Southeast Asia. The main result is as follows:
1.Unusual remuneration performance did not exist for a long time after going on the market in new listed stocks of Singapore, Thailand.
2.Whether Malaysia''s new listed stock exists and shows the unusual long-term investment performance, there is no unanimous conclusion.
3.All Indonesian new listed stock samples have investment performance not for a long time good.
4.Control and is listed leaving it in year, the new listed stock of Singapore and Thailand does not have apparent long-term unusual remuneration yet, the long-term remuneration performance of new listed stocks of Malaysia and Indonesia will be influenced by the fact that listed for year.
5.Controlling the industry after leaving, it is different in the long-term average unusual remuneration of zero that the new listed stocks of four countries of Southeast Asia do not show.
6.The financial reform has positive influence on stock market.
Comprehensive result, can nearly confirm that the Singaporean and Thai new listed stock has not behaved showing unusual performances, and this result is under controlling factors, such as year and industry''s classification, etc. of going on the market, still remain unchanged. The long-term average performance of all Malaysia''s new listed stock samples will produce inconsistent conclusions because the ones that weigh the method are different. But, under controlling going on the market year and industry''s classification, the average unusual remuneration performance that its conclusion seems to relatively support Malaysia''s new listed stock not to exist for a long time. As for Indonesia, though all sample results show unanimously that its new listed stock stores the apparent long-term average performance not good, but under distinguishing going on the market year and industry''s classification, nearly overthrow unanimous conclusion of all sample incomes, its result show more Indonesia’s for every year the new listed stock of going on the market or every industry has not existed and shown differently in the long-term average unusual remuneration of zero.
Finally, it seems that the new listed stocks of the all right four countries of Southeast Asia of inference have not existed and shown the unusual long-term investment performance, and its long-term investment performance will be listed the influence of year and industry''s classification, so when investors invest in the new listed stock, can consult and go on the market the factors, such as year and industry''s classification, etc.
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