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流動性:指標與實證-台灣股票市場之上櫃轉上市 / Liquidity: Measures and Evidences form Exchange Listings in Taiwan Stock Market

This study employs event study to show that, on average, exchange switching in Taiwan stock market from 1997 to 2000 is a negative event for stockholders. Stocks involved in exchange switching experience negative abcdrmal returns before and after switching. And, in general, liquidity deteriorates after exchange switching. Therefore, TSEC is not absolutely better than OTC from the view of liquidity-providing. Several conclusions are derived in this paper: 1. On average, exchange switching in Taiwan does not create value for stockholders. 2. In general, liquidity deteriorates after switching according to the evidences found in this study with multiple liquidity measures. 3. Liquidity indeed has multiple facets. 4. TSEC is not exactly better than OTC for raising in terms of function of liquidity providing.

Identiferoai:union.ndltd.org:CHENGCHI/A2002001526
Creators黃琛汶, Huang, Chen-Wen
Publisher國立政治大學
Source SetsNational Chengchi University Libraries
Language英文
Detected LanguageEnglish
Typetext
RightsCopyright © nccu library on behalf of the copyright holders

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