教師資料查詢 | 類別: 期刊論文 | 教師: 莊忠柱 Chung-chu Chuang (瀏覽個人網頁)

標題:The Impacts of Warrants Issuance on the Price and Trading Volumes of the Underlying Stock: The Call Warrants Case of Taiwan Stock Exchange
學年93
學期2
出版(發表)日期2005/03/01
作品名稱The Impacts of Warrants Issuance on the Price and Trading Volumes of the Underlying Stock: The Call Warrants Case of Taiwan Stock Exchange
作品名稱(其他語言)
著者Chuang, Chung-chu; Chuang, Shuo-li
單位淡江大學經營決策學系
出版者Taipei : Graduate Institute of Management Science, Tamkang University
著錄名稱、卷期、頁數International Journal of Information and Management Sciences 16(1), pp.17-34
摘要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.
關鍵字Warrants; Hedging E ect; Price Manipulation/Information Leakage E ect; Event Study Method
語言英文
ISSN1017-1819
期刊性質國內
收錄於EI
產學合作
通訊作者
審稿制度
國別中華民國
公開徵稿
出版型式紙本
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