This study employs an event study using the market model with conditional
heteroscedasticity to investigate the effects of media recommendations on the performance
of electronics companies listed on the Taiwan Stock Market. The empirical results confirm
that investors obtain significantly abnormal returns following different types of information
around the announcement date when the news is released. These analytical results provide
evidence that the stock market information is frequently leaked in advance of the
announcement date and the investors generally adopt a conservative strategy following the
release of information regarding a recommended stock.
Relation:
International? Research Journal of Finance and Economics 33:111-119
