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標題: 台灣櫃轉市公司之能見度效應
The Visibility Effects of the Transfer from OTC to Taiwan Stock Market Listing
作者: 蔡宗遠
Tsai, Tsung-Yuan
關鍵字: Visibility;能見度;OTC switching to Listing;Abnormal Returns;Batch-Listing;Media Reporting;櫃轉市;異常報酬;批次上市;媒體報導
出版社: 會計學研究所
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The past studies of OTC switching to stock market listing in Taiwan are mainly focused on its relationship with firms' performance, or the relationship with the stock prices behavior. Rarely has been found on the relationship between OTC transferring to stock market listing and stock returns. This paper investigates the visibility effects of stock returns on the transfer of OTC to stock market listing in Taiwan. It further investigates the relation between changes in visibility, batch-listing, firms' performance and firm size.

The methodology adopted in the paper is based on event study, and employs multi-regression to do the empirical analysis. The proxies used for ‘visibility' are numbers of analysts forecasts, percentage of institutional investors shareholding, numbers of institutional investors, and times of media reporting.

The empirical results indicate that the changes in the times of media reporting are significantly and positively related to abnormal returns. The change in the percentage of institutional investors, the change in the numbers of the institutional investors and the change in the numbers of analysts forecasts are significantly and positively related to firms' market values. The change in the numbers of analysts forecasts and the change in the media reporting times are also significantly and positively related to the stock turnover. The above empirical results confirm the extant relevant studies.

This paper, however, found that the percentage of institutional investors' shareholding, the numbers of institutional investors and the changes in visibility due to OTC switching to listing are not significant. On the other hand, we found that non-batch listing is significantly and positively related to the changes in the numbers of analysts forecasts, whereas the changes in the times of media reporting of batch-listing is more obvious than that of the non-batch listing.
其他識別: U0005-1207200622145100
Appears in Collections:會計學系所

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