| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 102 === In this paper, I use those publicly traded 3D printing stocks in Taiwan as my samples to study those events that are associated with 3D printing news announced from 2010 to 2013. I separate those events into three types by its frequency, like daily newspaper, weekly magazine and monthly magazine. I use the event study to check whether the media effect influences the short term return of 3D printing industrial stocks, and whether the cumulative abnormal return exists or not.
The empirical result shows that the Economic Daily News portfolio in the most of the event time has the significant positive abnormal return, and the 10 days cumulative average abnormal return is 7.7%. The Business Weekly portfolio in the most of the event time has the significant negative abnormal return, and the 10 days cumulative average abnormal return is negative. The Common Wealth and Global Views Monthly portfolio in the most of the event time has the significant negative abnormal return, and the 10 days cumulative average abnormal return is also negative. The result shows that the media effect causes the short term influence in 3D printing stocks. Besides, the Economic Daily News is the most attractive to retail investors, and makes investors to trade those stocks to gain the positive cumulative return.
My finding is corresponded to the result of Gur Huberman and Tomer Regev (2001). Retail investors prefer using popular daily and magazine as their investing benchmark, and the Economic Daily News have such a character to gain the good abnormal return. Therefore, I suggest that investors can have the short term good abnormal return by settling portfolios from the the Economic Daily News’s media effect.
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