The Effects on Announcements of New iPhone - The Stock Price Reaction of iPhone’s Supply Chain Manufactures

• Main Authors: Kao, Ting-hsun, 高鼎勛
• Other Authors: Yang, Fu-ju
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/39808673943118933968

碩士 === 中國文化大學 === 財務金融學系 === 101 === The event study will be applied to examine if average abnormal returns occur in Taiwanese newly added, deleted and overall firms of supply chain manufacturers in each product of new iPhones. Research process will analyze three different sorts of supply chain manufacturers by OLS and will use multiple regression analysis to discuss the reasons of fluctuations of iPhones’ manufacturers’ abnormal returns. The results of the study reveals that when new iPhones are announced, the abnormal returns of newly added supply chain manufacturers are positive significantly while the abnormal returns of deleted and overall supply chain manufacturers are negative significantly. The results also find that added and overall manufacturers’ share price movement is in line with semi-strong efficient market hypothesis, but deleted manufacturers aren’t. By using multiple regression analysis, it reveals that there is negative relationship between abnormal return and ROE but there is positive relationship between abnormal return and B/P for overall supply chain manufacturers.