The Effects of Financial Holding Companies’ Financial Indicators and Macroeconomic Factors on Stock Returns

• Main Authors: Chiou, Wen-Ching, 邱文清
• Other Authors: Dr. Lin, Mei-Chen
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/92805177376844351948

碩士 === 國立臺北大學 === 國際財務金融碩士在職專班 === 100 === Taiwan Financial Holding Company Law was formally implemented in June 2001, which brought Taiwan's financial industry to a new era. Fourteen financial holding companies were established during 2001 to 2005. The financial holding company can strengthen specialized divisions as well as improve operational efficiency, share resources and financial management flexibility. These bring positive benefits to financial holding company. This study first examines whether stock returns of financial holding company are affected by their corresponding financial performance. Furthermore, the main structure of the financial holding company includes three categories: Banking, security, and insurance industry. Due to the difference in operations, their stock returns of financial holding companies may vary with their major operation categories. Therefore, this study intends to investigate whether the mentioned relationship is affected by their major operation categories. Finally, we also explore whether the changes in interest rates, stock index and exchange rate affect the stock returns of the financial holding company, and whether their effects depend on their structure.