The Stock Market Reaction in the Downfall of Qing Dynasty
Date Issued
2014
Date
2014
Author(s)
Hsieh, Chien-Yi
Abstract
This is a Cross-Disciplinary thesis that combines History and Finance field. It brings readers to go back to Shanghai a hundred years from now and lets readers to understand more about the stock market and the nervous atmosphere between foreign invaders and native citizens in Shanghai. This study uncovers how the rubber stock bubble and wars as well lead to the downfall of Qing Dynasty in the end.
This thesis undertakes event study method to do a research on Shanghai stock market in 1910 to 1914. This event study tests whether Xinhai Revolution significantly and negatively influenced the rubber stocks. The outcome of event study reveals Xinhai Revolution insignificantly had negative impact on the rubber stocks. So this thesis further uses panel data analysis to investigate how rubber stocks survived the rubber stock bubble and Xinhai Revolution. The history published that the managers of rubber companies usually paid out a lot of cash dividends in order to increase investor’s confidence. The panel data analysis shows cash dividends do significantly have positive impact on stock price.
Subjects
跨領域
辛亥革命
事件分析法
面板數據分析法
橡膠股泡沫
Type
thesis
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