| Summary: | 碩士 === 國立中正大學 === 財務金融系研究所 === 105 === The main purpose of our research is to examine if Taiwan market exist the market timing phenomenon or not. We use Lewis and Tan (2016)’s regression model, and our research period is from 2009 to 2017, the main variables are Earnings announcement return(EAR) and 12 months buy-and-hold annual return(BHAR). We found that the capital structure of corporation indeed will affect the stock return of the company but it didn’t exist the market timing behavior in Taiwan, and also exclude the Pecking Order theory in Taiwan market. The variation of the stock return is tending to affect by the size effect of the small company.The main purpose of our research is to examine if Taiwan market exist the market timing phenomenon or not. We use Lewis and Tan (2016)’s regression model, and our research period is from 2009 to 2017, the main variables are Earnings announcement return(EAR) and 12 months buy-and-hold annual return(BHAR). We found that the capital structure of corporation indeed will affect the stock return of the company but it didn’t exist the market timing behavior in Taiwan, and also exclude the Pecking Order theory in Taiwan market. The variation of the stock return is tending to affect by the size effect of the small company.
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