| Summary: | 碩士 === 國立高雄第一科技大學 === 金融研究所 === 104 === This paper investigates the impact of PBC monetary policy announcement of reducing interest rate on the TAIEX returns and analyzes whether there are any significant abnormal returns on the computer and peripheral equipment sector and electronic components sector by the event study approach from 2012 to 2015.
The empirical results show that TAIEX returns are significantly positive at
t = -6, t = -5, t = -3, t = -2, t = 1 and t = 2; significantly negative at t = -1 and t = 0. Abnormal returns of peripheral equipment sector and electronic components sector are both significantly positive at t = -2, and t =1 to t =3; significantly negative at t = -1 and t = 0. Cumulative Abnormal Returns of peripheral equipment sector and electronic components sector are both significantly positive at CAR(0, 2) to CAR(0, 10), and the highest cumulative abnormal returns at CAR(0, 10).
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