The Influence of Taiwans Listed Companies on Stock Prices after Capital Reduction
| Autor: | LIU, JIN-YI, 劉謹逸 |
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| Rok vydání: | 2019 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 107 In recent years, the theme of capital reduction has been increasing. At the same time as the topic of capital reduction, the majority of investors believe that as long as the company implements the capital reduction strategy, it will be a suitable investment. The capital reduction will be further divided into loss reduction and cash reduction. In the past 2011 to 2017, most of the losses and capital reductions have been mostly reduced by cash. The media also reported that a company has implemented news information such as soaring stock prices, which makes investors think that capital reduction is a stock that can quickly enter the market. This study will use the efficiency market hypothesis inference and the GARCH risk adjustment model of the event study to discuss whether the stock price has abnor-mal returns. For the listed companies from the beginning of 2011 to the end of 2017, the company will implement capital reduction on the stock price. The impact study explores the relative change in stock prices before and after the reduction of capital. Further analysis of the companys industrial classification that reduces capital, and whether the stock price of the reduced-capital company, the passive component industry group, and the electronic component industry category after the capital reduction is more than abnormal, so that the companies in each category are reduced. Stock price changes before and after. Finally, through the company that announced the capital increase after the capital reduction, whether the stock price has abnormal returns before and after the capital re-duction. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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