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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31752

    Title: 公司內部人交易與市場效率關聯性之實證研究
    Other Titles: The empirical study of the relationship between insider trade and market efficiency
    Authors: 梁琳蒂;Liang, Lin-ti
    Contributors: 淡江大學財務金融學系碩士班
    陳達新;Chen, Dar-hsin
    Date: 2005
    Issue Date: 2010-01-11 01:12:28 (UTC+8)
    Abstract: 就市場效率性、公司內部資訊揭露而言,公司內部人交易為一重要的衡量指
    With respects to market efficiency and internal information disclosure, insider
    trading has been seen as an important indicator. The purpose of this study is to discuss
    the relationship between insiders trading and market’s response. The samples are
    selected from January 2001 to December 2003 and employ Event Study method. This
    study employs market-model to evaluate the abnormal return when insiders trade.
    Furthermore, the samples are classified by company scale, industry, and insider’s
    managerial position and then are compared.
    The empirical results suggest that the announcement of insiders sell stocks will
    lead to negative abnormal return. Contrarily, insiders purchase stocks will lead to
    positive abnormal return. As to company scale, large companies earn more negative
    abnormal return than small ones when insiders sell stocks. Insiders purchase stocks
    and company scale has no correlation. Distinguishing samples from industry, the
    negative abnormal return comes from electronics industry when insiders sell stocks,
    however, the positive abnormal return comes from non-electronics industry when
    insiders purchase stocks. Regarding managerial position, the chairman of the board
    earns higher abnormal return when he/she sells, however, the chairman of the board
    earns lower positive abnormal return when he/she purchases.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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