| Summary: | 碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 104 === The study aims to explore the influence of the foreign capital OBOS events on the rate of return of the individual shares under Taiwan 50 index. It analyzes whether different trade amounts show different influence on the stock return of the companies in different industries and patterns. Moreover, it explores the difference of the share’s rate of return between the electronic and non-electronic industries under Taiwan 50 index non-financial type. During 2008~2015, the study takes the foreign capital OBOS events as the subjects, and classifies the stock samples into financial type and non-financial type. Then it deeply analyzes and explores the abnormal return of the electronic and non-electronic shares in non-financial type. Through event study method and One-Way Analysis of Variance (ANOVA), it conducts empirical study and validation for the abnormal return of Taiwan 50 index samples on the OBOS occurrence date. The empirical results are listed as below:
I. The foreign capital OBOS event can generate abnormal return on the occurrence date. The foreign capital OBOS of large amount shows influence. With regard to the amount, the OBOS of larger amount has abnormal return significantly for the relatively higher stock price.
II. In the foreign capital overbought and oversold events, the abnormal return generated in the financial industry is more significant than that generated in the non-financial industry when overbought. However, both financial industries and non-financial industries have significantly abnormal return when oversold.
III. Review the foreign capital overbought and oversold events respectively. They show significant difference of the rate of return in the financial and non-financial industries. Moreover, when oversold, the non-electronic and electronic industries under non-financial type show significant difference. Moreover, the average return of the non-electronic industry is superior to that of the electronic industry. In other words, it will be safer for the investor if holding the stocks of non-electronic industries under non-financial type when foreign capital oversold.
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