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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/63501

    Title: 發行海外存託憑證之股價反應:上市地點、產業 別與是否發行新股之探討;Market Reaction of GDR Listing:The Effect of Listing Locations, Industries and New Stock Issuing
    Authors: 翁暐婷;Weng,Wei-ting
    Contributors: 財務金融學系
    Keywords: 海外上市;海外存託憑證;事件研究法;價格效果;Cross-listing;Global Depositary Receipts;Event study;Price Effec
    Date: 2014-01-24
    Issue Date: 2014-04-02 15:41:17 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 隨著全球化的趨勢,愈來愈多臺灣企業選擇至國際資本市場海外上市,本文旨在
    的公司來的好。; With the trend of globalization, more and more companies in Taiwan choose to cross-list on international capital markets. This paper mainly examines how the Taiwan market react to the first issue of Global Depositary Receipts. This paper uses event study to examine the stock price effect of both announcement day and listing day. This paper also examine the differences of price effect according to listing
    location, industries and whether issuing new stocks. Finally, this paper uses the multiple regression to test the explanation of dummy variables to the cumulative abnormal returns. Empirical results shows that the overall sample has significantly positive cumulative abnormal returns before the announcement day and the stock prices obviously go down after the listing day. The announcement effect of companies
    cross-listing to Luxembourg is much earlier and smaller than companies to London or U.S., the electronics companies have strong effect than non-electronics companies, and the companies issuing new stocks have much higher abnormal returns than the companies using only original stocks.
    Appears in Collections:[財務金融研究所] 博碩士論文

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