Stock Market Reaction to ECFA Announcement in Taiwan Chemicals Listed Stock
碩士 === 真理大學 === 財經研究所 === 99 === This paper examines the cumulative daily response of stock prices to 5 announcements about the Economic Cooperation Framework Agreement (ECFA).We focus to evaluate the abnormal return of the Taiwan chemical listed stock. We use daily data from January 2010 to Februar...
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| Format: | Others |
| Language: | en_US |
| Published: |
2011
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| Online Access: | http://ndltd.ncl.edu.tw/handle/3z5gvd |
| Summary: | 碩士 === 真理大學 === 財經研究所 === 99 === This paper examines the cumulative daily response of stock prices to 5 announcements about the Economic Cooperation Framework Agreement (ECFA).We focus to evaluate the abnormal return of the Taiwan chemical listed stock. We use daily data from January 2010 to February 2011 to employ an event study measure suggested by Zibart (1985). The empirical results suggest that the three ECFA announcement dates, as well as the signing date, show significantly negative abnormal return due to the prior positive cumulative response of Taiwan Chemicals listed stock prices.
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