碩士 / 國立中央大學 / 財務金融學系 / 102 / 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.
| Identifer | oai:union.ndltd.org:TW/102NCU05304001 |
| Date | January 2014 |
| Creators | Wei-ting Weng, 翁暐婷 |
| Contributors | Chung-ta Ho, 何中達 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 49 |
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