碩士 / 淡江大學 / 會計學系碩士在職專班 / 103 / This study aims to explore the impact of Japanese Yen exchange rate on abnormal Stock Returns in Taiwan Motor Vehicles, Tourism, and Air Transportation industries. Using the five events from 2008 to 2012, in which affected the Japanese Yen exchange rate, the study analyzes,32 sample companies, whether their abnormal Stock Return are influenced by the Japanese Yen exchange rate.
The empirical results show that Japanese Yen exchange rate has a significant influence on abnormal Stock Returns of Motor Vehicles, Tourism, and Air Transportation industries. Because the events of U.S. financial crisis and March 11th Japan tsunami caused the increase in Japanese Yen appreciation, the market expected that the increase in Japanese Yen led to increase enterprise operational cost and decrease its profit. It indicates the negative effects on the abnormal stock price in the Motor Vehicles, Tourism and Air Transportation in Taiwan. When Abe Shinzo was assured to the official post as the prime minister of Japan, the Japanese Yen depreciation was expected to increase. The market expected the increase in Japanese Yen resulting in the decrease of the enterprise operational cost; therefore, the enterprise’s profit increased. Consequently, it indicates the positively significant influence on the abnormal Stock Returns in the Motor Vehicles, Tourism and Air Transportation in Taiwan.
This study contributes to providing the investors in Taiwan the reference for investment decision, and to offer the relevant authorities the reference in making the economic policies for Motor Vehicles, Tourism and Air Transportation in Taiwan.
| Identifer | oai:union.ndltd.org:TW/103TKU05385021 |
| Date | January 2015 |
| Creators | Li-Wei Tseng, 曾莉薇 |
| Contributors | Ku-Jun Lin, Chih-Shun Hsu, 林谷峻, 徐志順 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 35 |
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