碩士 / 朝陽科技大學 / 財務金融系碩士班 / 92 / This paper is an event study to examine the impact of the listing of Depositary Receipts on the stock price of underlying firms. The sample consists of 39 Taiwanese public-listed firms that instituted their first Depositary Receipts program over the period, 1992-2002.
In the total sample, stocks, on average, earn significant positive abnormal returns following the initial announcement of listing before listing actually occurs, while they earn significant negative returns immediately after listing. These indicate that, a listing on the overseas market was viewed as a valuable event by investors, and investors’ reactions became normal after actual listing.
Additionally, the stock price reaction is related to the financial timing (i.e., bull or bear markets), dual listings, and underlying security (i.e., new or old issues). The cumulative abnormal returns were lower when the companies issued Depositary Receipts in the bear market. These results indicate that, the value of underlying firms tended to decline in the bear market. The interest and exchange rate also influenced the effects of announcement and listing. The stock investors earn positive abnormal returns when the domestic interest rate rises.
| Identifer | oai:union.ndltd.org:TW/092CYUT5304016 |
| Date | January 2004 |
| Creators | Su-Jen Wu, 吳淑媜 |
| Contributors | Jin-Jou Dai, 戴錦周 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 74 |
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