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題名 | 大陸安利團來臺旅遊事件對觀光類股股市報酬率之影響=A Study of the Effect of China's AMWAY on Stock Market in Taiwan's Tourism Industry |
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作者 | 陳美華; 許銘珊; | 書刊名 | 運動休閒餐旅研究 |
卷期 | 6:1 2011.03[民100.03] |
頁次 | 頁1-13 |
分類號 | 563.54 |
關鍵詞 | 安利團; 事件研究法; 異常報酬; 效率市場; AMWAY; Event study; Abnormal return; Efficient market; |
語文 | 中文(Chinese) |
中文摘要 | 本研究採用事件研究法的概念,以大陸安利團來台旅遊事件做爲事件樣本,以股市報酬率做爲分析及解讀的標的,同時將事件日前後區分了一個事件期及估計期,本研究以事件研究法中之市場模式來探討安利團事件對於國內觀光產業股票異常報酬之影響。研究期間自2008年8月26日至2009年4月6日,150個交易日,11個觀察值。實證結果顯示,台灣觀光產業確因安利團事件產生正的異常報酬,安利團事件之發生所產生的異常報酬率並無法在一、二天之內就迅速反應完畢,故而推論台灣觀光產業不符合半強式效率市場假說。 |
英文摘要 | In this research we adopted the basic concept of event study, choosing AMWAY of China as sample events and taking stock market returns to be the target of analysis. We divided days around event date into two parts, each of them contains event period and estimate period. This study applied the market model and regression of event study to explore the abnormal return about the AMWAY event of the tourism industry in Taiwan. The empirical period was from August, 26, 2008 to April 6, 2009, including 150 trading days and 11 observations. The result indicated that the positive abnormal return occurred in the tourism industry in Taiwan. The tourism industry in Taiwan was not a semi-strong form efficient market because the abnormal return couldn't response quickly. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。