The Impact and Causes Analysis of Actual Price Registry Scheme on Construction Stock Returns
碩士 === 國立彰化師範大學 === 財務金融技術學系 === 103 === This study investigates the relationship between the announcement effect of the actual price registry scheme(the 24th of August in 2011) and construction stock returns. Using a sample of publicly traded and the Gre-Tai companies on the Taiwan Stock Exchan...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2015
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| Online Access: | http://ndltd.ncl.edu.tw/handle/73184541002011985805 |
| Summary: | 碩士 === 國立彰化師範大學 === 財務金融技術學系 === 103 === This study investigates the relationship between the announcement effect of the actual price registry scheme(the 24th of August in 2011) and construction stock returns. Using a sample of publicly traded and the Gre-Tai companies on the Taiwan Stock Exchange, this study provides further insight into the influence of firms’ financialcharacteristics on abnormal stock returns. The empirical results of the regression analysis are as follows:
The announcement of the actual price registry schemeleads the company to believe in pessimistic futures. This negative information causes investors not to invest and has a negative stock return.
While the market-to-book ratio has a positive effect on the abnormal stock returns; other firms’ financial characteristics such as inventory turnover, current ratio, gross profit ratio are significantly negative related to abnormal stock returns.
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