The Effect of Non-rational Investment Behavior and Major Eventson the Marine and Airline Companies

• Main Authors: Yen-Hua Liu, 劉燕樺
• Other Authors: YungHsiang Cheng
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/95957881720401670804

碩士 === 國立高雄第一科技大學 === 運籌管理所 === 94 === This study applies the DHS (Daniel, Hirshleifer and Subrahmanyam, 1998) and event study methodologies to examine the effects of market disclosed information on investors’ investment behavior and analyze factors affecting abnormal return of individual companies. Recent major events-911 terrorist attack in the U.S. for 2001, shut down of West Cost Harbor in the U.S. for 2002, and U.S.-Iraq War in 2003 in global and local transportation logistics are affecting stock prices and operation performance of U.S. and Taiwan air and marine carriers largely leading to irrational investment behavior. Study period is from 1998 to 2005. Results show the tendency of irrational investment behavior and abnormal return in Taiwan more than the U.S. Negative abnormal returns are statistically correlated to events including 911 terrorist attack, U.S.-Iraq war 2003, and U.S. West Coast Harbor shut down.