公司總部地點對股票報酬及成交量有影響嗎? ─幅員狹小經濟體的實證研究

Does Corporation Headquarter Location Matter for Stock Returns and Turnovers? Evidence from an Economy with Small Territory

本研究為首篇探討土地幅員狹小經濟體的公司總部地點對股票報酬與股票成交量的區域共移性影響之研究。也是首篇探討全球金融風暴對區域共移性影響的研究。和Pirinsky and Wang (2006) 及 Wongchoti and Wu (2008) 的美國和中國的幅員廣大的國家研究結論一致，本研究發現台灣股票市場的股票報酬及股票成交量也具有顯著的共移性。更值得注意地，在2007年至2009年的全球金融風暴期間台灣股票市場的區域股票報酬與區域股票成交量的共移性是比其他研究期間更為強烈。

This study is the first to investigate local co-movements of stock returns and trading volumes in an economy with small territory. Moreover, to the best of our knowledge, this is the first study to explore the impact of the global financial crisis on the local co-movements. Consistent with the results of Pirinsky and Wang (2006) and Wongchot and Wu (2008) on nations with large territories, U.S.A and China respectively, stock returns and trading volumes exhibit significant co-movements with local stock returns and trading volumes in Taiwan. More importantly, the local co-movements are stronger during the current global financial crisis period, 2007-2009.