The Relation between the Announcement Effect of the Trading Halt and Financial Ratios
碩士 === 國立臺中科技大學 === 財務金融研究所碩士班 === 106 === This study explores the relationship between the announcement effects of a trading halt and financial ratios. The sample period is from January 16, 2016 to May 31, 2018. Event study is adopted to measure abnormal and cumulative abnormal return (AR and CAR)...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2018
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| Online Access: | http://ndltd.ncl.edu.tw/handle/487vj2 |
| Summary: | 碩士 === 國立臺中科技大學 === 財務金融研究所碩士班 === 106 === This study explores the relationship between the announcement effects of a trading halt and financial ratios. The sample period is from January 16, 2016 to May 31, 2018. Event study is adopted to measure abnormal and cumulative abnormal return (AR and CAR) around a trading halt. Further, this study utilizes One-way analysis of variance (One-way ANOVA) and regression analysis to examine how financial ratios of a company affect AR and CAR.
The results of event study indicate the significantly positive AR lasts for one day
and significantly positive CAR lasts for five days after the normal trading resumes. Moreovere, the positive AR resulting from the good news trading halt lasts for two days, while the negative AR resulting from the bad news trading halt lasts for only one day. The results of One-way ANOVA show that both the current ratio and the accounts receivable turnover ratio significantly impact abnormal return around a trading halt. The outcome of multiple linear regression analysis indicates the accounts receivable turnover ratio negatively impacts AR in the first day after the trading halt.
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