The Impact of Industry Concentration on the Transfer Effects of Firm's Monthly Sale Information Announcement
| Autor: | Yun-hui Lin, 林玉慧 |
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| Rok vydání: | 2013 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 101 This study examines the information transforming effect of stock returns among listed electronic companies in the Taiwan stock exchange market after the predominant company announces its monthly sale. Namely, this study examines whether monthly sale variation of the predominant company exists information transferring effect on stock return to other companies in the electronic industry and the magnitude of this effect is triggered by the industry concentration. By using the event study and the multivariate regression model, the empirical results are presented as follows: 1.The abnormal stock returns in the predominant company after announcement of its monthly sale is positively associated with the abnormal returns in other companies within the same industry during the event. It suggests that the existence of information transferring and speculation on other companies'' operation from monthly result of the predominant company as well as the greater investment opportunity the stronger information transferring observed 2.It is also found that the positive information transferring effect is prominent in the industry with high industry concentration. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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