Analyze the Seasonal Characteristic of Monthly Revenue and Average Stock Prices and Their Causal Relationships in 4 Pharmaceutical Companies
碩士 === 國立臺北大學 === 企業管理學系 === 99 === Although the pharmaceutical industry is not the major contribution of Taiwan stock market, it will be another rising star in the future in Taiwan. The purpose of this study is to analyze the seasonal characteristic of monthly revenue, average stock prices and th...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2011
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| Online Access: | http://ndltd.ncl.edu.tw/handle/31228432392820408750 |
| Summary: | 碩士 === 國立臺北大學 === 企業管理學系 === 99 === Although the pharmaceutical industry is not the major contribution of Taiwan stock market, it will be another rising star in the future in Taiwan. The purpose of this study is to analyze the seasonal characteristic of monthly revenue, average stock prices and their causal relationships in 4 pharmaceutical companies. Data was collected from Jan, 2000 to Dec. 2009. By using X-11 statistical model and Granger causality test, the results show that seasonality Granger causalities exist in both revenue and stock price series. The conclusion of this study described as below: (1) Seasonal stability of monthly revenues and average stock price are both significant. (2) These 4 local pharmaceutical companies’ monthly stock price is relative to Taiwan stock market index. But the connection between monthly revenues and average stock prices are different in individual companies. (3) The forecast of seasonal characteristic of monthly revenue and average stock prices are high accurate from Jan 2010 to Sep. 2010. The conclusion of this reseach can offer a useful reference to investors of Taiwan stock market.
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