| dc.description.abstract | This paper primarily investigates the impact of typhoons on the Taiwanese stock market. Several important findings have been identified. Firstly, during typhoon periods, there are noticeable differences in performance among companies of different sizes. In terms of average returns, larger companies generally exhibit higher returns, while smaller companies tend to have lower returns. Secondly, from an industry analysis perspective, the cumulative returns of all industries show a declining trend after the typhoon passes. The financial industry experiences the most significant decline, while traditional industries show a relatively mild recovery and the electronics and technology industry continues to decline even 30 days after the typhoon′s landfall. Thirdly, under different typhoon path classifications, it is found that, compared to other paths, companies generally experience poorer average returns when special path typhoons strike, and eastern path typhoons have a relatively weaker impact. Finally, a multifactor model is employed to analyze the market′s response to typhoons. In terms of typhoon intensity, mild typhoons demonstrate the best performance, while strong typhoons perform the worst. In terms of paths, special paths exhibit the best performance. Before the typhoon′s landfall, negative returns are observed regardless of the path. However, during the typhoon′s landfall period, there is often a relatively better performance. | en_US |