English  |  正體中文  |  简体中文  |  Items with full text/Total items : 65275/65275 (100%)
Visitors : 20890829      Online Users : 315
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version


    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/62837


    Title: 指數成份股調整的研究:來自國際的實證;Research on Index Additions and Deletions: International Evidences
    Authors: 徐政義
    Contributors: 國立中央大學財務金融學系
    Keywords: 財政(含金融;保險)
    Date: 2012-12-01
    Issue Date: 2014-03-17 14:05:30 (UTC+8)
    Publisher: 行政院國家科學委員會
    Abstract: 研究期間:10108~10207;Abstract Past literature examining the price and liquidity reactions of the additions to and deletions from index is based on the assumption that the change of index constituents is information-free event. Empirical evidences demonstrate a significant “S&P 500” effect, that is, for those stocks which are newly added to index list experience positive price changes and those stocks which are deleted from index constituents suffer price depressions. These price effects are significantly different from zero both at the announcement and effective dates. However, there are some interesting issues that are not well documented. First, past evidences of various studies come from U.S. It is interesting to understand that whether the “S&P 500” is also applied to other countries, particularly to emerging markets, and the association of the abnormal returns and the national institutions and investor protections. Second, due to the unavailability of ownership data, few studies has address the issue of the foreigners’ and local investors’ reactions to the additions and deletions. Finally, some studies confirmed that the e.p.s. forecasts by financial analysts on newly added firms have increased after the effective date, and the realizations of e.p.s. do increase. What are the factors that raising e.p.s? It is probably attributed to improvement in operating performance, or expansion in operating scale. The expansion in scale occurs because these additions are more likely to access to capital market after they become the member of S&P 500 index. There is lack of study to examine these possibilities. We submit three-year project to address these three important issues by employing different sample.
    Relation: 財團法人國家實驗研究院科技政策研究與資訊中心
    Appears in Collections:[財務金融學系] 研究計畫

    Files in This Item:

    File Description SizeFormat
    index.html0KbHTML167View/Open


    All items in NCUIR are protected by copyright, with all rights reserved.

    社群 sharing

    ::: Copyright National Central University. | 國立中央大學圖書館版權所有 | 收藏本站 | 設為首頁 | 最佳瀏覽畫面: 1024*768 | 建站日期:8-24-2009 :::
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback  - 隱私權政策聲明