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This thesis utilizes the event study approach to show the effect on the rate of return affected by the monthly revenue announcement with the data from Taiwan’s stock market. The sample period is from January 2015 to December 2019, and I collect 1,470 companies’ data within 32 industries publicly traded on Taiwan Stock Exchange (TWSE) and Taipei Exchange (TPEx). Firstly, in order to confirm that monthly revenue announcement events certainly affect the stock price. I utilize t-test to examine the daily data of abnormal returns (ARs) and cumulative abnormal returns (CARs) in announcement periods, and it proves that ARs and CARs exist. Secondly, in order to know the correlation between unexpected revenues and stock returns, I utilize linear regression to model the relationship between unexpected revenues (as independent variables) and CARs (as dependent variables), and the results are as below: 1. Positive effect on 25 industries, including: Chemical Industry, Cement Industry, Semiconductor Industry, Optoelectronic Industry, TDR, Automobile Industry, Others, Other Electronic Industry, Financial Industry, Glass and Ceramic Industry, Food Industry, Textile Industry, Shipping and Transportation Industry, Communications and Internet Industry, Paper and Pulp Industry, Trading and Consumers' Goods Industry, Plastic Industry, Information Service Industry, Agricultural Technology Industry, Electronic Products Distribution Industry, Electronic Parts & Components Industry, Electrical and Cable Industry, Electric Machinery Industry, Rubber Industry, Iron and Steel Industry. 2. Insignificant effect on 6 industries, including: Cultural and Creative Industry, Biotechnology and Medical Care Industry, Oil, Gas and Electricity Industry, Building Material and Construction Industry, Electronic Commerce Industry, Computer and Peripheral Equipment Industry. 3. Negative effect on Tourism Industry.
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