| SARS疫情信息披露方式的市场反应研究 --来自中国医药类上市公司的实证证据 |
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| 引用本文： | 赵景文.SARS疫情信息披露方式的市场反应研究 --来自中国医药类上市公司的实证证据[J].南开管理评论,2005,8(5):82-87. |
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| 作者姓名： | 赵景文 |
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| 作者单位： | 清华大学经济管理学院 |
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| 基金项目： | 本研究受国家自然科学基金项目"中国投资者的行为特征及其对证券市场的影响"(项目批准号70273060)资助 |
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| 摘 要： | 本文分析了SARS疫情信息披露方式与医药类上市公司市场反应之间的关系.本文发现,在疫情信息披露"不显眼"的情况下,医药类上市公司不存在显著的市场反应;而在疫情信息披露"显眼"的情况下,医药类上市公司存在显著为正的市场反应.这说明对中国投资者而言,可能存在"显眼效应".
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| 关 键 词： | SARS疫情 信息披露方式 市场反应 显眼效应 |
The Market Reaction of Information Disclosure Manners of SARS Epidemic Situation: The Empirical Evidence from China Listed Firms of Pharmaceutical Industry |
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| Zhao Jingwen.The Market Reaction of Information Disclosure Manners of SARS Epidemic Situation: The Empirical Evidence from China Listed Firms of Pharmaceutical Industry[J].Nankai Business Review,2005,8(5):82-87. |
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| Authors: | Zhao Jingwen |
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| Institution: | Zhao Jingwen |
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| Abstract: | This paper investigates the relationship between the in- formation disclosure manners of SARS epidemic situation and the market reaction of China listed firms of pharmaceutical industry. The main findings are the following: When the disclosed information of SARS epidemic situation is not salient, the market reaction of listed firms of pharmaceutical industry is not significant. When the infor- mation of SARS epidemic situation is announced saliently, however, there is significantly positive market reaction of listed firms of phar- maceutical industry. The findings imply salience effects may exists for Chinese investors. |
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| Keywords: | SARS Epidemic Situation Information Disclosure Manners Event Study Market Reaction Salience Effects |
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