英文摘要 |
Event studies can be used to investigate how changes in company environment affect corporate finance. However, using short-term stock prices to examine mean reversion may face the problem: there is no evidence that changes in market value are unbiased estimates of changes in fundamentals. This study adopts program trading to test the mean reversion of pathogenic avian influenza event (such as: CP Group and TTET) between Jan 2007 and May 2016 in the feed industry of Taiwan. The results show that investors can use RSI spread and stock price deviation to make abnormal returns. In other words, investors can make profits based on technical analyses. Therefore, the evidence suggests that between 2007 and 2016 the security market in Taiwan did not fully meet the condition of a semi-strong form efficient market. |