Using Nikkei 225 Index adjustment data, this study examines price response to changes in index composition. This study demonstrates that prices of stocks added to and deleted from the Nikkei 225 Index respectively fluctuate accordingly on the announcement day. These price trends then reverse...

Using Nikkei 225 Index adjustment data, this study examines price response to changes in index composition. This study demonstrates that prices of stocks added to and deleted from the Nikkei 225 Index respectively fluctuate accordingly on the announcement day. These price trends then reverse...

This study aims to discuss the operating performance of a case telecom company in Taiwan by comparing the entire region, urban and rural operating areas. The data envelopment analysis (DEA) and Tobit model are employed and performed on 23 operating divisions from 2008 to 2010 to analyze the...

Using data from MSCI Taiwan Index adjustments, we study analyst responses to stock additions from 1999 to 2007. The empirical results show that the magnitudes of changes in analysts' earnings-per-share forecasts are similar to those of their two benchmarks for new additions to the index....