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系統識別號 U0026-0812200911314268
論文名稱(中文) 航空公司宣告開新航線對股價之影響
論文名稱(英文) The impact of new route announcements on the market value of airline
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 93
學期 2
出版年 94
研究生(中文) 陳珠蘭
研究生(英文) Chau-lan Tran
學號 R6692702
學位類別 碩士
語文別 英文
論文頁數 38頁
口試委員 口試委員-曾瓊慧
指導教授-張紹基
口試委員-譚丹琪
口試委員-方式杰
中文關鍵字 股價  新航線  航空公司 
英文關鍵字 new product announcement  airline  new route  market value 
學科別分類
中文摘要 none


英文摘要 Previous event studies show mixed results about the announcement effect of new product introductions on firms’ market value. Because prior researches focus on either cross industries sample or single manufacturing industries, we thereof hope to clarify that ambiguity by studying this effect in the context of a service industry. This study empirically estimates the impact of new route announcements on the market value of airline companies. Using the sample of U.S. airlines over a 10 year period, we further identify factors that influence the direction and magnitude of the change in market value. To provide more insights, we also examine if those influences vary across different groups of announcements. Our work extends the body of literature about the impact of new product announcements and the literature about new entry effects in airline industry. Moreover, these findings will provide insights to managers and investors in evaluating new route opening decision.


論文目次 Table of Contents

Abstract i
Table of contents ii
List of Tables iii

Chapter 1: Introduction 1

Chapter 2: Literature review 4
1. New product introductions 4
2. Airline industry 6
3. Hypotheses 9

Chapter 3: Methodology 15
1. Event study methodology 15
2. Data collection 17
3. Regression analysis 18

Chapter 4: Empirical results 22
1. Sample statistics 22
2. Abnormal returns for new route announcements 24
3. Abnormal returns for hypotheses tests 25
4. Regression analysis 28

Chapter 5: Conclusions 33

References 35
Appendix 38

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