| Summary: | 碩士 === 逢甲大學 === 風險管理與保險學系 === 104 === This study investigates the change in stock return, volatility, trade volume and systematic risk after the announcement of hostile takeover of SPIL by ASE on 21 August 2009. The results are concluded in the following: First of all, ASE and SPIL have no significant difference in average rate of stock return over the research period. But the volatility of stock return in ASE is significantly higher than SPIL. The second, ASE is not affected in the return of stock by the announcement, but SPIL is significantly increased. However, ASE is not significant on the volatility of stock return by the announcement, but SPIL is significantly increased. Third, ASE is significant decreased on the trade volume of the stock by the announcement, but SPIL increased. Only SPIL is significant increased on the volatility of trade volume by announcement. Fourth, ASE is not affected in the systematic risk by the announcement. But for SPIL, the return of stock is significantly increase and simultaneously the systematic risk is significantly decrease.
|
|---|
