zmwang

The Taiwanese stock market offers an ideal setting for examining how notable corporate events influence the gambling anomaly apart from announcing their quarterly earnings because listed companies are required to announce their monthly revenue. In this study, after using the limit-hitting rate (LHR) to proxy a stock’s lottery likeness, we identify a significantly modified maximum daily return (MAX) effect in the previous month. This effect is demonstrated by a higher LHR, which leads to lower subsequent returns. However, when the high LHR is associated with monthly revenue announcement, this type of stock becomes significantly less appealing to individual investors, and individual order imbalances drop substantially, consequently diminishing the modified MAX effect. Finally, our findings reveal that monthly revenue announcements provide investors with up-to-date information regarding company operations with greater frequency and promptness, thereby offering greater insight than earnings announcements and playing a dominant role in the modified MAX effect.

台湾股市提供了一个理想的环境，以探讨除公布季度收益之外，显著的企业事件如何影响赌博异常现象。在本研究中，我们通过使用极限触达率（LHR）作为股票彩票相似性的代理指标，发现在前一个月存在一个显著修改的最大日回报率（MAX）效应。这种效应表现为较高的LHR，进而导致后续回报率降低。然而，当高LHR与月度营收公告相关联时，这类股票对个人投资者变得显著不再具有吸引力，个人订单失衡大幅下降，从而减弱了修改后的MAX效应。最终，我们的研究结果表明，月度营收公告为投资者提供了关于公司运营的最新信息的更高频率和时效性，因而比收益公告提供了更深入的洞察，并在修改后的MAX效应中扮演了主导角色。