{"title":"投資人如何反應嚴重急性呼吸道症候群和嚴重特殊傳染性肺炎?","authors":"張志向 張志向, 鄭淳云 鄭淳云","doi":"10.53106/207308882022121502005","DOIUrl":null,"url":null,"abstract":"\n 本研究旨在探討臺灣股市投資人如何反應嚴重特殊傳染性肺炎(COVID-19)及嚴重急性呼吸道症候群(SARS)的首例確診宣告。相異於偏重調查單一傳染病之股價效果的早期文獻,本研究調查COVID-19及SARS首例確診宣告對股票報酬率、交易量及報酬波動性的影響。我們的實證結果顯示COVID-19及SARS對於股東財富及股票交易頻率產生明顯的衝擊;此外,COVID-19首例確診宣告也導致投資人持股風險出現顯著的增加。總結而言,COVID-19對股市投資人決策的影響力是高於SARS。\n This study aims to examine how investors in the Taiwanese stock market respond to the announcement of the first confirmed case of COVID-19 and SARS. Unlike earlier studies focusing on the share price effect of an infection, this study explores the influences of the first confirmed case of COVID-19 and SARS on the stock returns, trading volume and return volatility. Empirical results reveal that both COVID-19 and SARS have an important impact on the shareholder’s wealth and stock trading frequencies. Additionally, the announcement of the first confirmed case of COVID-19 increases significantly the risk of investing in shares. Overall, the influences of COVID-19 on the investor’s decision-making is greater than those of SARS.\n \n","PeriodicalId":421870,"journal":{"name":"青年企業管理評論","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"青年企業管理評論","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.53106/207308882022121502005","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
本研究旨在探討臺灣股市投資人如何反應嚴重特殊傳染性肺炎(COVID-19)及嚴重急性呼吸道症候群(SARS)的首例確診宣告。相異於偏重調查單一傳染病之股價效果的早期文獻,本研究調查COVID-19及SARS首例確診宣告對股票報酬率、交易量及報酬波動性的影響。我們的實證結果顯示COVID-19及SARS對於股東財富及股票交易頻率產生明顯的衝擊;此外,COVID-19首例確診宣告也導致投資人持股風險出現顯著的增加。總結而言,COVID-19對股市投資人決策的影響力是高於SARS。
This study aims to examine how investors in the Taiwanese stock market respond to the announcement of the first confirmed case of COVID-19 and SARS. Unlike earlier studies focusing on the share price effect of an infection, this study explores the influences of the first confirmed case of COVID-19 and SARS on the stock returns, trading volume and return volatility. Empirical results reveal that both COVID-19 and SARS have an important impact on the shareholder’s wealth and stock trading frequencies. Additionally, the announcement of the first confirmed case of COVID-19 increases significantly the risk of investing in shares. Overall, the influences of COVID-19 on the investor’s decision-making is greater than those of SARS.
本研究旨在探讨台湾股市投资人如何反应严重特殊传染性肺炎(COVID-19)及严重急性呼吸道症候群(SARS)的首例确诊宣告。相异于偏重调查单一传染病之股价效果的早期文献,本研究调查COVID-19及SARS首例确诊宣告对股票报酬率、交易量及报酬波动性的影响。我们的实证结果显示COVID-19及SARS对于股东财富及股票交易频率产生明显的冲击;此外,COVID-19首例确诊宣告也导致投资人持股风险出现显著的增加。总结而言,COVID-19对股市投资人决策的影响力是高于SARS。 This study aims to examine how investors in the Taiwanese stock market respond to the announcement of the first confirmed case of COVID-19 and SARS. Unlike earlier studies focusing on the share price effect of an infection, this study explores the influences of the first confirmed case of COVID-19 and SARS on the stock returns, trading volume and return volatility. Empirical results reveal that both COVID-19 and SARS have an important impact on the shareholder’s wealth and stock trading frequencies. Additionally, the announcement of the first confirmed case of COVID-19 increases significantly the risk of investing in shares. Overall, the influences of COVID-19 on the investor’s decision-making is greater than those of SARS.