The Information Contents of Media Recommendation: Empirical Analysis of Adjusted-Event Study

• Main Authors: Liu, Shiou-Chen, 劉琇禎
• Other Authors: Lin, Chin-Tsai
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/2nbv2t

碩士 === 元培科技大學 === 經營管理研究所 === 96 === The main purpose of this study is to examine whether there exists information content effects of media recommendations in the Taiwanese listed electronics companies around the announcement date in TSE. And this paper examined the performances of the market model and the grey forecasting model, GM(1,1), to study the performance of uncertain stock market. This paper employs the data from the column of the Weekly Well-chosen & Potential Stock of the Economic Daily News from January 1, 2006 to December 31, 2006. The empirical results of this study found that investors who obtained statistically significant positive and negative abnormal return for day -5 and 2 from journalism column. Furthermore, the empirical results found that grey forecasting model is better than the market model, hence, positive abnormal stock returns are expected by investors who utilized grey forecasting model on uncertain stock market.