A Study of the Abnormal Return on Taiwan’s Emerging Company transferring to the Listing Stock Market

• Main Authors: LIAO,CHAN-CHEN, 廖展震
• Other Authors: Han, Chien-Shan
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/90320847681960885198

碩士 === 輔仁大學 === 金融與國際企業學系金融碩士在職專班 === 104 === The Thesis mainly discussed whether stocks transferred to listing stock market during the period of two important date─ date of deliberation of IPO Council、date of board resolution exist the abnormal returns. The research analysis the obvious abnormal return during the above two date by using event study. Furthermore, We put into some characteristics of emergency stocks, ex: the trading date in emergency stock market、the size of emergency stock as independent variables. And the government announced to levied the tax from 2013 to November, 2015. We added the dummy variable to examine whether impact the abnormal return or not. We used the method of multi-regression to find out key factors to obviously impact the abnormal return. The research period is from January, 2009 to December, 2015. The number of the samples were234. The research discovered the emergency stocks had the obvious abnormal returns at the date of deliberation of IPO Council and the date of board resolution. Furthermore, the thesis discovered the longer life of the emergency stocks, the more obvious abnormal return because of the transparent information . We also found out the shorter trading days in the emergency stock market, the bigger abnormal return. The smaller size of the samples, the bigger abnormal return. The industry categories and the tax didn’t impact the abnormal return.