A study of the impact of transparency information on stock price
碩士 === 中國文化大學 === 會計研究所 === 98 === This study aims to investigate whether the information transparency and ranking results, published by the Security and Futures Institute (SFI), convey information content to investors. To address this issue, the market model is used to measure market abnormal retu...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2010
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| Online Access: | http://ndltd.ncl.edu.tw/handle/32568683452245366344 |
| Summary: | 碩士 === 中國文化大學 === 會計研究所 === 98 === This study aims to investigate whether the information transparency and ranking results, published by the Security and Futures Institute (SFI), convey information content to investors. To address this issue, the market model is used to measure market abnormal returns. After controlling for the potentially confounding effects, the results demonstrate that the interaction of high transparency and transparency upgrade is positively associated with abnormal returns, indicating that upgrading transparency for firms having high transparency is considered good news by investors. Such empirical findings show that news conveying in the Information Transparency and Ranking Results is value-relevant.
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