A research on the stock price which is influenced by the information of individual stock recommended by Industrial & Commercial Daily News

• Main Authors: Shin-Chi Chen, 陳信奇
• Other Authors: Jien-Wei Yang
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/59318066919593430741

碩士 === 雲林科技大學 === 財務金融系碩士班 === 96 === This issue is probed and studied by many people on the practice and the theory. The writer selects Industrial & Commercial Daily News from a variety of mediums as a research subject because this medium is famous for its report on industry and commerce, and has a great influence on recommendation. The research subject was the special column “Stocks balloted by legal persons” published every Sunday by Industrial & Commercial Daily News. How the stock price was impacted by the recommended information of the newspaper. The research period was from January 1, 2005 to December 31, 2007, total 156 weeks. The recommend information was selected and grouped depending on the nature of their samples. “Event Study” was employed. Abnormal return was estimated by “Market mode”. “t TEST” was used for statistics and test. Thus, two empirical study results were obtained – 1. Among all the listed stocks recommended by professionals, the recommended individual stocks had an obvious price rising 2~7 days prior to the event, especially for the electronic stocks. Therefore, the purchase publicly recommended by the medium had no information content. 2. After the information is issued, if you purchase the stocks according to the Information recommended by professionals, you were unable to get a remarkable abnormal return. The recommended information reflected the price on the day of the event. Therefore, it can be inferred that Taiwan stock market conforms to semi-strong form efficiency