New product announcements and long-term stock returns
碩士 === 南台科技大學 === 財務金融系 === 102 === This paper examines the long-term stock returns and profitability for the listing companies which have made new product announcements from 1997 to 2012 in Taiwan. With new product announcements, the announcing companies can earn significant abnormal returns measur...
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| Language: | zh-TW |
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| Online Access: | http://ndltd.ncl.edu.tw/handle/21161213137886319320 |
| Summary: | 碩士 === 南台科技大學 === 財務金融系 === 102 === This paper examines the long-term stock returns and profitability for the listing companies which have made new product announcements from 1997 to 2012 in Taiwan. With new product announcements, the announcing companies can earn significant abnormal returns measured by alpha value of three-factor model and four-factor model. The results also indicate that the stock of new product announcement can outperform industry index, but the superior return will vanish as compared with matching firms. Additionally, the profitability of announcing firms is inferior to that of industry and matching firms, implying that the information asymmetry stemming from the ambiguity of new product announcement events might still exist in the long run.
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