The Relationship between the Product Market Power and Stock Market Efficiency: Evidence from Electronics Industry of Taiwan

• Main Authors: Yue-Ru Jhong, 鍾月如
• Other Authors: Chang-Chun Cheng
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/31609833669793611025

碩士 === 銘傳大學 === 財務金融學系碩士班 === 99 === The large of the research to investigate equity market after Fama propose efficiency product hypothesis in 1970 about the problem is the whether it will have abnormal returns. The research seldom discuss that how to result in individual stock efficiency difference and impact degree. But Peress (2010) theory model already fill up the finance gap. The more product market power firms have more efficiency. Furthermore, we choose the Peress (2010) introduce the product excess profit margin ratio (EPCM) measure for individual company product market power. And to use the relative market power hypothesis of market share and structure-conduct -performance (SCP) of industrial concentration measure electronics sub-industry product market power. We evidence from empirical analyze individual company and macrocosm product the relationship between the product market power and stock market efficiency. The results to the experiment of product market power and stock market efficiency are not statistically significant, but volatile idiosyncratic and industrial concentration are positive statistically significant. Therefore, the more industrial concentration is the more significant the volatile idiosyncratic.