碩士 / 佛光大學 / 管理學系 / 102 / Following that Directorate General Of Telecommunication issued five 3G licenses which lifespan up to 15 years to Chunghwa Telecom, Taiwan Mobile, Far Eastone, Vibo Telecom and Asia Pacific Broad band Wireless on February 2002, the bidding of 4G Mobile Broad and release was closed on October 30, 2013. There are six highest bidders, which including Chunghwa Telecom, Far Eastone, Taiwan Mobile, Asia Pacific Telecom, Hon Hai Technology Group and Ting Hsin International Group, also the total bidding price is NT$118.65 billion. However, there is suspicion that whether the exceed price, which is higher than the expected future payments, be passed to consumers; additionally, there is suspicion that whether stock market increases by the profit of 4G improvement.
This study discusses the impact of 4G bidding on the whole stock market price of Chunghwa Telecom by using event study. That is, the study investigates the market reaction to indicate the effect of the 4G announcements on stock price, and the finding may assist investors to make investment decision and choose the trading timing. The results show that; (1) When the 4G bidding started, the investors do not all informed the event. But after more news are published, most investors do not have overreaction and that the stock price has no abnormal returns. (2) The insanity-bidding price has the impact on partial of the company value, and the stock price is not that high as expected after 4G bidding was closed. The study employs cross comparison analysis.
The event window in this study was divided into short, medium and long period in order to have precisely significant result. The samples were separated into 2 groups, the first group include the CHT (ADR) sample; the second group exclude the CHT (ADR) sample. The results show that the small event window (0, +1) and the medium event window (-5, +10) and the large event window (-10, +20) have no abnormal return. However, there are significant abnormal returns on the event day, which implies that the market still has expectation for the 4G industry even though there is an insanity-bidding price. Additionally, after the t test of AR and CAR, the stock price is not as high as expected after the event day, which also indicates that investors are affected by the high bidding price of C5 gold band, and the market also losses confidence to the insanity-bidding price.
| Identifer | oai:union.ndltd.org:TW/102FGU05583022 |
| Date | January 2014 |
| Creators | 廖虹淵 |
| Contributors | 李銘章 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 64 |
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