The Impact of iPad Announcement on The Taiwan Electronics Industry Supply Chain─The Event Study Analysis

• Main Authors: Lee, Hau-Shiu, 李浩旭
• Other Authors: Chung, Hui-Min
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/99059698329069761241

碩士 === 國立交通大學 === 財務金融研究所 === 99 === In 2010, Apple Inc. launched its new tablet PC product, the iPad. The product generated high sales as soon as it was launched, and it has had a great impact on the traditional PC industry. Previous literature has discussed the effect of new product announcements, and mostly tests the effect of the announcements on abnormal stock returns, or their impact on competitors and the industry as a whole. In the highly specialized division of labor of the modern high-tech industry, the supply chain has been the key to success. However, no literature on new product announcements has examined the reaction of the stock prices of supply chain vendors. This thesis combines new product announcements with the industry supply chain, and investigates the abnormal returns of important iPad component vendors in Taiwan when the iPad was announced, using the even study methodology . The object of this study is the Taiwanese electronics industry, and the events are the product announcements of the new iPad product in 2010. Stock return data from 2009 to 2010 was used. Sample companies were selected by analyst reports, and vendors in the supply chain were screened by public announcement. Finally a total of 26 companies were selected in this study from among the Apple supply chain. Empirical results support the hypothesis that the new product announcement effect is indeed reflected in the iPad supply chain vendors, but there are early responders to the phenomenon. In addition, there are negative reactions in the tendency of over-correction after the day of announcement.