The Relationship between Stock Market Reaction and Issuing DRs in Taiwan Listed Companies

Chin-Tsai Lin Yi-Hsien Wang Jung-Dan Lin
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Chin-Tsai Lin Yi-Hsien Wang Jung-Dan Lin: Graduate Institute of Business and Management, Yuanpei University, Taiwan Department of Finance, Yuanpei University, Taiwan Graduate Institute of Business and Management, Yuanpei University, Taiwan

Zagreb International Review of Economics and Business, 2008, vol. 11, issue 2, 139-146

Abstract: This investigation utilized the event study methodology to examine the information effect of announcements on depositary receipt listing and stock reward fluctuation behavior during 1990 to 2006. Empirical evidence demonstrates that listing depositary receipts leads to negative abnormal returns around the recommendation date. Furthermore, the stock market exhibits negative abnormal returns near the recommendation date when listed depositary receipts in the electronics industries, but the stock prices in the non-electronics industries are not immediately influenced by the announcement of DRs.

Date: 2008
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