A study on the correlation between major nature disaster events and corporate value

• Main Authors: Chun-Hsien Lin, 林君憲
• Other Authors: Justine S. Chang
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/05502189007325637387

碩士 === 朝陽科技大學 === 會計所 === 100 === Abstract The study aims to explore the correlation between major nature disaster events and corporate value. Sample events of South Asia Tsunami in December 27, 2004, Katrina in USA in August 29, 2005, Wenchuan Earthquake in China in May 13, 2008, and volcano eruption in Iceland in April 14, 2010 are used as subjects of study. The study applied event study method to examine whether the occurrence of major natural disaster events has effect on corporate value in generating abnormal returns. Empirical result showed that the occurrence of major natural disaster events do cause effect on abnormal return, among which the extent and timing of effects varies with different industries. In addition, the study finds that in the short term the effects on Taiwan domestic industries that are more related to disaster area are more obvious. Keywords：Major events; Event study; Abnormal returns