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Price Reactions to the Announcement of the Cross-Strait Economic Cooperation Framework Agreement

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  • Li-Chiu Chi

Abstract

This study employs event study methodology to capture the effects of the signing of the cross-strait Economic Cooperation Framework Agreement (ECFA) on the shipping and transportation business in Taiwan. The results of this study will be useful in adding to the body of literature that analyzes market response in order to identify the likely beneficiaries of the regional economic cooperation and liberalization brought about by the ECFA. This analysis ascertains that investors quickly anticipate the good news of the signing of the ECFA and fully assimilate its implications for a firm's value on a timely and unbiased basis.

Suggested Citation

  • Li-Chiu Chi, 2012. "Price Reactions to the Announcement of the Cross-Strait Economic Cooperation Framework Agreement," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 58(3), pages 213-221.
    • Handle: RePEc:aeq:aeqaeq:v58_y2012_i3_q3_p213-221
    DOI: 10.3790/aeq.58.3.213
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    More about this item

    Keywords

    ECFA; price reactions; single industry;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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