| Summary: | 碩士 === 亞洲大學 === 財務金融學系碩士在職專班 === 106 === This study investigated whether iPhone product launch announcements made by Apple Inc. (here after referred to as “Apple”) have a significant effect on the stock prices of its suppliers in the supply chain. An event study method was adopted to examine whether abnormal returns were observed in the stock prices of suppliers during global product launch announcements for iPhone5s/5c, iPhone6/6 Plus, iPhone6s/6s Plus, iPhone7/7 Plus, and iPhone8/8 Plus/X between 2013 and 2017.Most studies that have explored the effect of product launch announcements on suppliers’ stock prices have selected supplier samples comprising firms’ regular suppliers. However, the suppliers that are publicly disclosed by Apple change every year. Accordingly, this study selected publicly-disclosed iPhone suppliers over the past 5 years as its supplier sample. The empirical results revealed that except for the product launch announcement for iPhone5s/5c, iPhone6/6 Plus, all other product launch announcements for iPhones exhibited significant and positive effects on suppliers’ stock prices. Positive and negative abnormal returns were observed before and after global product launch announcement dates, respectively, indicating the effects of product launch announcement son suppliers’ stock prices; that is, their stock prices exhibited reactions prior to actual product release and revised after the product launch announcement dates.
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