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Does Reorganization Adjudication Conveyfirm-specific Or Industry-wide Information?rnevidence From Taiwan

机译:重组裁定是否传达企业特定信息或行业信息?台湾的证据

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摘要

In this paper, we investigate whether reorganization adjudication only conveys information about the announcer or whether it also provides industry-wide information for rivals. We find evidence of strong information content and information transfer arising from the announcement. Reorganization adjudication announcements are associated with positive share prices for announcers, but produce both positive contagion and negative competitive effects for industry rivals, with the latter dominating. We also develop a neuro-fuzzy model and link it to the input feature selection method of genetic algorithms to examine which rivals are more likely to exhibit a contagion or competitive effect in their equity values.
机译:在本文中,我们调查了重组裁定是否仅传达了有关播音员的信息,还是也为竞争对手提供了行业范围的信息。我们发现该公告产生了强有力的信息内容和信息传递的证据。重组裁定公告与播音员的积极股价相关,但对行业竞争对手产生积极的传染性和负面的竞争影响,后者占据主导地位。我们还开发了一个神经模糊模型,并将其与遗传算法的输入特征选择方法联系起来,以检查哪些竞争对手更可能在其股权价值上表现出传染性或竞争性影响。

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