摘要
采用事件研究法,对股票更名公告前后市场上的交易量和收益率反应进行研究。研究发现在股票更名前后存在超常交易量和超额收益率,市场对更名事件存在过度反应。另外,实证研究还发现不同原因引起的更名公告的交易量和收益率反应是不一样的,说明我国股市存在较严重的题材炒作和投机现象。
By using the method of event study, this paper studies on the reactions of the trading volume and returns around the period of the rename announcement of the stock. The abnormal trading volume and returns around the period of the rename of the stock and the overreaction of the market on the rename of the stock are found. And meanwhile, the fact that different causes can lead to different reactions of trading volume and returns on the rename announcement is also discovered. All these findings show that there are heavy promotional hype and severe speculation in our country＇s stock market.
出处
《漳州师范学院学报（哲学社会科学版）》
2006年第3期1-6,共6页
Journal of Zhangzhou Teachers College:Philosophy and Social Sciences
关键词
更名事件
交易量
收益率
过度反应
rename announcement
trading volume
returns
overreaction
