| Summary: | 碩士 === 國立東華大學 === 企業管理學系 === 98 === From 1/1995 to 6/2009 totaling 174 Months, this research aims to explore the leading or lagging role of the Taiwan Capitalization Weighted Stock Index relative to the selected domestic industries. We use the business cycles published by the Council for Economic Planning and Development (CEPD) to define the highs and lows for the Taiwan Stock Exchange over the sample period. We additionally employ the Dow Jones Average and the NASDAQ composite indices for a comparative purpose.
Our evidence shows, first, that most indusial indices lead the business cycle published by the CEPD. Second, the Dow Jones and the NASDAQ indices also lead the Taiwan business cycle. Finally, the three largest firms of each of the nine major industries lead the highs, the business cycle but lag behind the lows.
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