The Impact of ECFA on Taiwan Stock Market--An Event Study Analysis

• Main Authors: Tui Huang, 黃對
• Other Authors: Yung-shi Liau
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/04649737097646070413

碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 101 === 　　This study investigates the abnormal return of signing cross-strait economic cooperation framework agreement on the Taiwan Stock market, i.e., biotech, finance, food, shipping, trade, general merchandise, tourism, electronic industries and analyze the share price changes before and after the signing of circumstances. 　 　　The empirical results show that the two sides signed the ECFA event the share price of the benefit of the phenomenon of abnormal returns for eight episodes. First event, biotech, food, shipping, tourism, electronic industries exist significantly positive abnormal return. The second event day, biotechnology, shipping is significantly positive abnormal return. The third event day, biotech is significantly positive abnormal return. The fourth event day, all industries abnormal return are not significant. The fifth event day, electronic industry is significantly negative abnormal return, the rest of the biotech, financial, food, shipping, tourism, e-finance, trade, general merchandise was not significant. The sixth event day, biotech industry is significant but negative abnormal return, the rest of the biotech, financial, food, shipping, trade, general merchandise, tourism, electronic industries are insignificant. The seventh event day, electronic industry is significantly positive abnormal return, the rest of the biotech, financial, food, shipping, trade, general merchandise, tourism, electronic industries are insignificant. Eighth event date, biotech, food industries are significantly negative abnormal return, the remaining financial, shipping, trade, general merchandise, tourism, electronics industries are not significant, Finally, signing ECFA is benefit for Taiwan stock market and investors gains via this agreement.