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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/64967


    Title: The Impacts of Warrants Issuance on the Price and Trading Volumes of the Underlying Stock: The Call Warrants Case of Taiwan Stock Exchange
    Authors: Chuang, Chung-chu;Chuang, Shuo-li
    Contributors: 淡江大學經營決策學系
    Keywords: Warrants;Hedging Effect;Price Manipulation/Information Leakage Effect;Event Study Method
    Date: 2005-03
    Issue Date: 2011-10-20 16:14:33 (UTC+8)
    Publisher: Taipei : Graduate Institute of Management Science, Tamkang University
    Abstract: This paper is to investigate the impacts of derivative warrants issuance from January, 1997 to April, 2001 on both price and trading volumes of underlying stock around the announcement date in Taiwan stock market. The findings on price and trading volumes behaviors suggest that there may be substantial purchases of the underlying stock by the issuers at one day before the announcement date of derivative warrants issuance for meeting the hedging demand, and there may be substantial purchases of the underlying stock by the issuer/informed-trader for the last 10 minutes prior to market closure on the announcement date of derivative warrants issuance for meeting price manipulating/information leaking demands. Nevertheless, the findings on price and trading volumes also suggest that there may convey an unfavorable signal about the reactions to the issuers' perception of future performance of the underlying stock by the public investors during two days after the announcement date of derivative warrants issuance, which underlying stock underperforms the whole market.
    Relation: International Journal of Information and Management Sciences 16(1), pp.17-34
    Appears in Collections:[管理科學學系暨研究所] 期刊論文

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