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被引量：7

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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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”。 This paper investigates the relationship between the information 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 information of SARS epidemic situation is announced saliently, however, there is significantly positive market reaction of listed firms of pharmaceutical industry. The findings imply salience effects may exists for Chinese investors.

作者赵景文

机构地区清华大学经济管理学院

出处《南开管理评论》 CSSCI 2005年第5期82-87,共6页 Nankai Business Review

基金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

关键词 SARS疫情信息披露方式市场反应显眼效应医药类上市公司中国投资者实证证据反应研究 SARS疫情 SARS Epidemic Situation Information Disclosure Manners Event Study Market Reaction Salience Effects

分类号 F224 [经济管理—国民经济]

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