Political Instability and Market Reaction in Service industry: Empirical Study of Thailand October 2013

• Main Authors: Piyapha Sajjasakulrat, 唐雅珮
• Other Authors: Wang, Yi-hsien
• Format: Others
• Language: en_US
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/2reu46

碩士 === 中國文化大學 === 財務金融學系 === 103 === This study investigates the impact of the demonstration in Thailand October 2013 on abnormal returns of service industry. The analytical results demonstrate that average abnormal returns for tourism and leisure stocks are significantly negative at 5% level after the date of the demonstration began on days 4, 7, 12 and 13; whereas; the service stocks are significantly negative at the 1% level before the date of the demonstration began on days -12, -10, and -1, and after that in days 6 and 13. Empirical result implies that both tourism and leisure stocks and service stocks are influenced by the demonstration and caused negative effects. This study can be attributed to companies that they should sustain the confidence level of investors; and to investors that they can realize to adjust their portfolio to cope with this kind of situation.