政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/4165

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政大典藏 > College of Commerce > Department of Finance > NSC Projects > Item 140.119/4165

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/4165

Title:	交易時間與非交易時間盈餘宣告之日內效應
Other Titles:	The Intraday Speed of Market Adjustment to Trading and Non-Trading Hours Earnings Announcement
Authors:	顏錫銘;闕河士
Keywords:	盈餘宣告;交易時間;非交易時間;日內效應;市場結構 Earnings announcement;Traiding time;Nontraiding time;Intraday efficience;Market structure
Date:	1999
Issue Date:	2007-04-18 16:42:02 (UTC+8)
Publisher:	臺北市：國立政治大學財務管理學系
Abstract:	本研究主要是以台灣證券交易所的股票日內交易資料為基礎,比較交易時間與非交易時間的季盈餘宣告之日內量價變化,藉以了解台灣股票市場的資訊傳遞情形。實證結果主要有二點發現:第一,在控制盈餘增加或減少後,交易時間與非交易時間盈餘宣告的日內每15分鐘價格變化並無顯著差異。第二,盈餘減少宣告的價格反應幅度大於盈餘增加宣告,顯示投資人對壞消息的意外程度遠大於好消息。 The main purpose of this study is to examine whether the quarterly earnings announcements during nontrading hours can be response more quickly than those during trading hours in Taiwan stock market. The quarterly earnings announcement sample is selected from firms listed on Taiwan Stock Exchange and they are partitioned into earnings increases and earnings decreases sample sets. The main findings can be summarized as follows: First, there is no significant difference of intraday trading price change between quarterly earnings announcements during trading and nontrading hours. Second, the abnormal returns in earnings decreases sample is larger than in earnings increases sample.
Description:	核定金額：560800元
Data Type:	report
Appears in Collections:	[Department of Finance] NSC Projects

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