{"id":45040,"date":"2026-04-15T11:36:16","date_gmt":"2026-04-15T03:36:16","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=45040"},"modified":"2026-04-15T00:30:42","modified_gmt":"2026-04-14T16:30:42","slug":"how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/","title":{"rendered":"How Information Sources Shift Stock Prices: Empirical Evidence from TCRI Watchdog"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"737\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\/stephen-dawson-qwtCeJ5cLYs-unsplash-1-1024x737.jpg\" alt=\"\" class=\"wp-image-45077\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/stephen-dawson-qwtCeJ5cLYs-unsplash-1-1024x737.jpg 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/stephen-dawson-qwtCeJ5cLYs-unsplash-1-300x216.jpg 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/stephen-dawson-qwtCeJ5cLYs-unsplash-1-150x108.jpg 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/stephen-dawson-qwtCeJ5cLYs-unsplash-1-768x553.jpg 768w, https:\/\/www.tejwin.com\/wp-content\/uploads\/stephen-dawson-qwtCeJ5cLYs-unsplash-1-1536x1105.jpg 1536w, https:\/\/www.tejwin.com\/wp-content\/uploads\/stephen-dawson-qwtCeJ5cLYs-unsplash-1-2048x1474.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo by <a href=\"https:\/\/unsplash.com\/@dawson2406?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noopener\">Stephen Dawson<\/a> on <a href=\"https:\/\/unsplash.com\/photos\/turned-on-monitoring-screen-qwtCeJ5cLYs?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noopener\">Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69df432d703a5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69df432d703a5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Preface\" >Preface<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Backtesting_Framework\" >Backtesting Framework\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Research_Scope_and_Event_Design\" >Research Scope and Event Design&nbsp;&nbsp;&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Event_Categories_and_Backtesting_Results\" >Event Categories and Backtesting Results\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#P-MO_Announcement-Based_Governance_Events_Agency_Issues\" >P-MO: Announcement-Based Governance Events (Agency Issues)&nbsp;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Event_Distribution\" >Event Distribution&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#CAAR_Analysis\" >CAAR Analysis&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Effect_Decomposition\" >Effect Decomposition&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Investment_Implications\" >Investment Implications&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#N-MO_News-Based_Governance_Events_Agency_Issues\" >N-MO: News-Based Governance Events&nbsp;(Agency Issues)<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Event_Distribution-2\" >Event Distribution&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#CAAR_Analysis-2\" >CAAR Analysis\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Effect_Decomposition-2\" >Effect Decomposition&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Investment_Implications-2\" >Investment Implications&nbsp;<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.tejwin.com\/en\/insight\/how-information-sources-shift-stock-prices-empirical-evidence-from-tcri-wd\/#Conclusion\" >Conclusion\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Preface\"><\/span>Preface<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">TCRI Watchdog (WD)<\/a> converts complex news and announcements into standardized quantitative alternative data. Building on our research into &#8220;<a href=\"https:\/\/www.tejwin.com\/en\/insight\/tcri-watchdog-part-1\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Official Announcements (Source P)<\/a>&#8221; and &#8220;<a href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-i-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Media News (Source N)<\/a>,&#8221; we have confirmed that disclosure channels directly dictate the speed and structure of market digestion.<\/p>\n\n\n\n<p><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">This chapter moves from macro &#8220;Event Categories&#8221; to micro &#8220;Source \u00d7 Sub-category&#8221; dimensions<\/mark> to capture actionable Alpha within granular events. Focusing on high-sensitivity &#8220;Corporate Control Events,&#8221; we analyze the signal heterogeneity between Source P and Source N. We further demonstrate how these high-precision signals assist investors in optimizing entry timing and hedging strategies.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100\"><a class=\"wp-block-button__link has-vivid-cyan-blue-to-vivid-purple-gradient-background has-background has-medium-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/news\/tcri-watchdog\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\ud83d\udc49Struggling with unquantifiable market noise? <br>TCRI WD turns raw text into a structured quantitative database<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Backtesting_Framework\"><\/span>Backtesting Framework\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This study adopts a standard event study methodology to evaluate abnormal returns (AR) and cumulative abnormal returns (CAAR) surrounding event occurrences.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Research_Scope_and_Event_Design\"><\/span>Research Scope and Event Design&nbsp;&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Market coverage<\/strong>: Taiwan-listed and OTC companies (including delisted firms)\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Data Source<\/strong>: TCRI Watchdog (WD),\u00a0focusing on both announcement-based (P) and news-based (N) events\u00a0<\/li>\n\n\n\n<li><strong>Sample period<\/strong>: January 1, 2018 to August 31, 2025\u00a0<\/li>\n\n\n\n<li><strong>Research Scope (Source \u00d7 Subcategory)<\/strong>\uff1aThis chapter focuses on 2 representative event groups selected based on CAAR performance and statistical significance, covering both positive and negative signals:\u00a0\n<ul class=\"wp-block-list\">\n<li>P-MO: Corporate governance announcements \u2014 control \/ agency issues&nbsp;&nbsp;<\/li>\n\n\n\n<li>N-MO: News \u2014 control \/ agency issues&nbsp;&nbsp;<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Event grouping<\/strong>:\u00a0Based on the WD event scoring system, events are grouped as follows:\u00a0<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#ffe9ae\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Group&nbsp;<\/th><th class=\"has-text-align-center\" data-align=\"center\">Event&nbsp;&nbsp;Score&nbsp;<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">negative&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">&lt;0&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">-1&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">=-1&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">-2&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">=-2&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">-3&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">=-3&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">positive&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">&gt;0&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">=1&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">=2&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">3&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">=3&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">neutral&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">=0&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Event Study Design&nbsp;\n<ul class=\"wp-block-list\">\n<li>Estimation Window\uff1at-270 ~ t-21&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li>Gap&nbsp;Days\uff1a10 days&nbsp;<\/li>\n\n\n\n<li>Event&nbsp;Window\uff1a t-10&nbsp;to&nbsp;t+30&nbsp;&nbsp;&nbsp;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>The post-event window is extended to +30 days to better capture signal persistence and tradability.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Event_Categories_and_Backtesting_Results\"><\/span>Event Categories and Backtesting Results\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Compared to the&nbsp;previous&nbsp;chapter\u2019s aggregate analysis at the category level, this section further decomposes events into specific subcategories to&nbsp;identify&nbsp;how different information sources and event types affect market reactions.&nbsp;<\/p>\n\n\n\n<p>The analytical approach is adaptive:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>When subcategories&nbsp;exhibit&nbsp;consistent return directions, results are aggregated&nbsp;to preserve both sample size and statistical robustness&nbsp;<\/li>\n\n\n\n<li>When subcategories show heterogeneous behavior, the analysis focuses on representative and predictive subgroups to enhance precision&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Based on this framework, 2 representative event groups are examined across governance, fundamentals, and capital structure dimensions.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"P-MO_Announcement-Based_Governance_Events_Agency_Issues\"><\/span>P-MO: Announcement-Based Governance Events (Agency Issues)&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P-MO events originate from material disclosures (P), including ownership changes, control transfers, and governance disputes.&nbsp;<\/p>\n\n\n\n<p>These disclosures are released via the MOPS system, including both mandatory regulatory filings and exchange- or firm-initiated announcements, characterized by high standardization&nbsp;and rapid information transmission.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Based on this principle, this study focuses on four representative event combinations across three major dimensions\u2014corporate governance, fundamentals, and capital structure\u2014to analyze their individual impacts on stock price performance.<\/p>\n\n\n\n<p>This group consists of seven subcategories:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#ffe9ae\"><thead><tr><th>Subcategory&nbsp;<\/th><th>Description&nbsp;<\/th><\/tr><\/thead><tbody><tr><td>MO01&nbsp;<\/td><td>Insider \/ major shareholder&nbsp;share&nbsp;transfers&nbsp;<\/td><\/tr><tr><td>MO02&nbsp;<\/td><td>Waiver of subscription rights&nbsp;<\/td><\/tr><tr><td>MO03&nbsp;<\/td><td>Insufficient insider shareholding&nbsp;<\/td><\/tr><tr><td>MO04&nbsp;<\/td><td>External intervention \/ control disputes&nbsp;<\/td><\/tr><tr><td>MO05&nbsp;<\/td><td>Control transfer&nbsp;<\/td><\/tr><tr><td>MO06&nbsp;<\/td><td>Share pledging&nbsp;<\/td><\/tr><tr><td>MO07&nbsp;<\/td><td>Financial distress of insiders \/ major shareholders&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Event_Distribution\"><\/span><strong>Event Distribution&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Figure\u00a01 presents the distribution of event scores.\u00a0A total of 849 events\u00a0are\u00a0observed:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Negative: 52.8%&nbsp;&nbsp;<\/li>\n\n\n\n<li>Neutral: 42.9%&nbsp;&nbsp;<\/li>\n\n\n\n<li>Positive: 4.4%&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Figure 1\uff1aEvent Sample Distribution (P-MO)\u00a0\u00a0<\/strong>\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"554\" height=\"319\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-839.png\" alt=\"\" class=\"wp-image-45041\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-839.png 554w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-839-300x173.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-839-150x86.png 150w\" sizes=\"(max-width: 554px) 100vw, 554px\" \/><\/figure>\n\n\n\n<p><strong>Table 2\uff1aDetailed Statistical Results (P-MO)<\/strong>\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#ffe9ae\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Group&nbsp;<\/th><th class=\"has-text-align-center\" data-align=\"center\">Event Count&nbsp;<\/th><th class=\"has-text-align-center\" data-align=\"center\">Mean AAR (%)&nbsp;<\/th><th class=\"has-text-align-center\" data-align=\"center\">Final CAAR (%)&nbsp;<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">1&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">37&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.50&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>+19.05***<\/strong>&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">positive&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">37&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.50&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>+19.05***<\/strong>&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">neutral&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">364&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.12&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>+4.64***<\/strong>&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">negative&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">448&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22120.06&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22122.41**&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22121&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">320&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22120.10&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u22124.03***<\/strong>&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22122&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">83&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.03&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">+1.27&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22123&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">45&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.03&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">+1.16&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CAAR_Analysis\"><\/span><strong>CAAR Analysis&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>CAAR patterns&nbsp;exhibit&nbsp;clear directional separation,&nbsp;indicating&nbsp;strong discriminatory power of event intensity.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Positive events show significant cumulative gains&nbsp;&nbsp;<\/li>\n\n\n\n<li>Negative events&nbsp;exhibit&nbsp;persistent downward trends&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Figure 3\uff1aCAAR Group Comparison Chart (P-MO)<\/strong>\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"554\" height=\"548\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-840.png\" alt=\"\" class=\"wp-image-45043\" style=\"aspect-ratio:1.0109522686842274;width:800px;height:auto\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-840.png 554w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-840-300x297.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-840-150x148.png 150w\" sizes=\"(max-width: 554px) 100vw, 554px\" \/><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Effect_Decomposition\"><\/span><strong>Effect Decomposition&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Market reactions differ by group:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Positive and neutral events are&nbsp;<strong>partially&nbsp;anticipated&nbsp;(pre-event reaction)<\/strong>&nbsp;&nbsp;<\/li>\n\n\n\n<li>Negative events are primarily&nbsp;<strong>post-event driven<\/strong>,&nbsp;indicating&nbsp;delayed pricing of governance risks&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Table 4\uff1aEffect Distribution Table (P-MO)<\/strong>\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#ffe9ae\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Group&nbsp;<\/th><th class=\"has-text-align-right\" data-align=\"right\">CAAR(t\u22121)%&nbsp;<\/th><th class=\"has-text-align-right\" data-align=\"right\">CAAR(t=0)%&nbsp;<\/th><th class=\"has-text-align-right\" data-align=\"right\">CAAR(t+30)%&nbsp;<\/th><th class=\"has-text-align-right\" data-align=\"right\">AAR(t\u22121)%&nbsp;<\/th><th class=\"has-text-align-right\" data-align=\"right\">AAR(t=0)%&nbsp;<\/th><th class=\"has-text-align-right\" data-align=\"right\">Pre%&nbsp;<\/th><th class=\"has-text-align-right\" data-align=\"right\">t=0%&nbsp;<\/th><th class=\"has-text-align-right\" data-align=\"right\">Post%&nbsp;<\/th><th class=\"has-text-align-right\" data-align=\"right\">Post-Ret%&nbsp;<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">1&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">11.52&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">13.86&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+19.05&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.72&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.34&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">60.5&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">12.3&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">27.2&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>+5.19<\/strong>&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">positive&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">11.52&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">13.86&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+19.05&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.72&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.34&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">60.5&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">12.3&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">27.2&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>+5.19<\/strong>&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">neutral&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.57&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.87&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+4.64&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">1.02&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.30&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">76.9&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">6.5&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">16.6&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+0.77&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">negative&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.62&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.51&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22122.41&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.02&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.11&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">25.6&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22124.5&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">78.9&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22121.90&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22121&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22121.07&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22121.04&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22124.03&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.13&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.02&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">26.4&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.5&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">74.1&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u22122.99<\/strong>&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22122&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.53&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.53&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+1.27&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.48&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">1.00&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">199.6&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">78.7&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u2212178.3&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22122.26&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22123&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22123.50&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22124.46&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+1.16&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.22&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.96&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u2212301.6&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u221282.8&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">484.4&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>+5.62<\/strong>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investment_Implications\"><\/span><strong>Investment Implications&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The positive group&nbsp;demonstrates&nbsp;strong return potential, with a total CAAR of&nbsp;<strong>+19.05%<\/strong>&nbsp;and post-event return of&nbsp;<strong>+5.19%<\/strong>, suggesting tradability even after disclosure. However, with&nbsp;<strong>60.5% of returns realized pre-event<\/strong>, timing becomes critical.&nbsp;<\/p>\n\n\n\n<p>The negative group shows a CAAR of&nbsp;<strong>\u22122.41%<\/strong>, with the \u22121 subgroup reaching&nbsp;<strong>\u22124.03%<\/strong>&nbsp;and&nbsp;post-event return of&nbsp;<strong>\u22122.99%<\/strong>,&nbsp;indicating&nbsp;clear post-event momentum.&nbsp;In contrast, the \u22122 and \u22123 groups lack sufficient statistical robustness.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"N-MO_News-Based_Governance_Events_Agency_Issues\"><\/span>N-MO: News-Based Governance Events&nbsp;(Agency Issues)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>N-MO events share the same underlying theme as P-MO but are sourced from media reports.&nbsp;<\/p>\n\n\n\n<p>Compared to official disclosures, news-driven governance events:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>May&nbsp;contain&nbsp;stronger sentiment bias&nbsp;&nbsp;<\/li>\n\n\n\n<li>Exhibit non-synchronized timing with announcements&nbsp;&nbsp;<\/li>\n\n\n\n<li>Are subject to selective reporting, often skewed toward negative events&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Event_Distribution-2\"><\/span><strong>Event Distribution&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Figure 5 presents the distribution of event scores.\u00a0A total of 551 events\u00a0are\u00a0observed:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Neutral: 51.9%&nbsp;&nbsp;<\/li>\n\n\n\n<li>Negative: 44.1%&nbsp;&nbsp;<\/li>\n\n\n\n<li>Positive: 4.0%&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Figure 5\uff1aEvent Sample Distribution (N-MO)<\/strong>\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"554\" height=\"319\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-841.png\" alt=\"\" class=\"wp-image-45080\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-841.png 554w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-841-300x173.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-841-150x86.png 150w\" sizes=\"(max-width: 554px) 100vw, 554px\" \/><\/figure>\n\n\n\n<p><strong>Table 6\uff1aDetailed Statistical Results (N-MO)<\/strong>\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#ffe9ae\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Group\u00a0<\/th><th class=\"has-text-align-center\" data-align=\"center\">Event Count\u00a0<\/th><th class=\"has-text-align-center\" data-align=\"center\">Mean AAR (%)\u00a0<\/th><th class=\"has-text-align-center\" data-align=\"center\">Final CAAR (%)\u00a0<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">1&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">22&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.052&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">+2.13&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">positive&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">22&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.052&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">+2.13&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">neutral&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">286&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22120.076&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22123.10***&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">negative&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">243&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22120.118&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22124.90***&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22121&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">168&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22120.093&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22123.86***&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22122&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">75&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22120.175&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u22127.17***&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CAAR_Analysis-2\"><\/span><strong>CAAR Analysis\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>CAAR exhibits a&nbsp;<strong>monotonic decreasing pattern<\/strong>, confirming directional validity of the WD scoring system.&nbsp;<\/p>\n\n\n\n<p>Notably, the neutral group shows&nbsp;<strong>\u22123.10% CAAR<\/strong>, in contrast to&nbsp;<strong>+4.64% in P-MO<\/strong>, highlighting systematic differences between news and announcement channels.&nbsp;<\/p>\n\n\n\n<p><strong>Figure 7\uff1aCAAR Group Comparison Chart (N-MO)<\/strong>\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"554\" height=\"548\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-842.png\" alt=\"\" class=\"wp-image-45082\" style=\"aspect-ratio:1.0109780439121756;width:800px;height:auto\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-842.png 554w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-842-300x297.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-842-150x148.png 150w\" sizes=\"(max-width: 554px) 100vw, 554px\" \/><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Effect_Decomposition-2\"><\/span><strong>Effect Decomposition&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>&nbsp;Returns are highly concentrated post-event,&nbsp;indicating&nbsp;delayed market adjustment.&nbsp;<\/p>\n\n\n\n<p><strong>Table 8\uff1aEffect Distribution Table (N-MO)<\/strong>\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#ffe9ae\"><thead><tr><th class=\"has-text-align-center\" data-align=\"center\">Group\u00a0<\/th><th class=\"has-text-align-right\" data-align=\"right\">CAAR(t\u22121)%\u00a0<\/th><th class=\"has-text-align-right\" data-align=\"right\">CAAR(t=0)%\u00a0<\/th><th class=\"has-text-align-right\" data-align=\"right\">CAAR(t+30)%\u00a0<\/th><th class=\"has-text-align-right\" data-align=\"right\">AAR(t\u22121)%\u00a0<\/th><th class=\"has-text-align-right\" data-align=\"right\">AAR(t=0)%\u00a0<\/th><th class=\"has-text-align-right\" data-align=\"right\">Pre%<\/th><th class=\"has-text-align-right\" data-align=\"right\">t=0%<\/th><th class=\"has-text-align-right\" data-align=\"right\">Post%<\/th><th class=\"has-text-align-right\" data-align=\"right\">Post-Ret%<\/th><\/tr><\/thead><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">1&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+3.67&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+4.18&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+2.13&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+0.32&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+0.51&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">172.4&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">24.1&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u221296.5&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22122.05&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">positive&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+3.67&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+4.18&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+2.13&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+0.32&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+0.51&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">172.4&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">24.1&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u221296.5&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22122.05&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">neutral&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+1.16&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+0.99&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22123.10&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+0.70&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.17&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u221237.6&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.5&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">132.1&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22124.09&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">negative<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.75&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.79&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22124.90&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.14&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.03&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">15.4&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.7&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">83.9&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22124.11&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22121&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.75&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.97&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22123.86&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.40&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.22&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">19.4&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.6&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">75.0&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22122.90&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u22122&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.76&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22120.39&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22127.17&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+0.43&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">+0.37&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">10.6&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22125.2&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">94.6&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u22126.78&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Investment_Implications-2\"><\/span><strong>Investment Implications<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Negative events display strong and persistent downside signals:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CAAR:&nbsp;<strong>\u22124.90%<\/strong>&nbsp;&nbsp;<\/li>\n\n\n\n<li>\u22122 subgroup:&nbsp;<strong>\u22127.17%<\/strong>&nbsp;&nbsp;<\/li>\n\n\n\n<li>Post-event contribution:&nbsp;<strong>&gt;80%<\/strong>&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>This structure supports clear&nbsp;<strong>short-side trading opportunities<\/strong>.&nbsp;<\/p>\n\n\n\n<p>Neutral events also&nbsp;exhibit&nbsp;negative bias, suggesting&nbsp;<strong>systematic pessimism in market interpretation of governance news<\/strong>. Positive signals&nbsp;remain&nbsp;statistically weak.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This chapter examines &#8220;Corporate Control Events&#8221; across different sources (News N vs. Announcements P). Results confirm that even for identical events, the information source significantly alters the market&#8217;s digestion path and response pace:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Announcement-based governance events (P-MO)<\/strong>&nbsp;are&nbsp;largely anticipated&nbsp;prior to disclosure, yet still&nbsp;exhibit&nbsp;residual post-event trends&nbsp;&nbsp;<\/li>\n\n\n\n<li><strong>Governance news (N-MO)<\/strong>&nbsp;tend&nbsp;to be interpreted negatively, with delayed market adjustment and more pronounced post-event effects&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>In summary, the information source dictates market digestion speed. This granular dimension helps investors find precise entry points for &#8220;early positioning,&#8221; &#8220;trend following,&#8221; and &#8220;risk hedging.&#8221;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100\"><a class=\"wp-block-button__link has-vivid-cyan-blue-to-vivid-purple-gradient-background has-background has-medium-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/insight\/from-news-to-markets-investment-signals-from-media-coverage-part-i-an-empirical-analysis-of-tcri-watchdog-n-news-media-events\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\ud83d\udca1Except for corporate control events, want to know how to filter true investment factors from 30,000 news noises? The answers are all here\ud83d\udca1<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-tej wp-block-embed-tej\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"qCHmm7Y6K4\"><a href=\"https:\/\/www.tejwin.com\/en\/news\/margin-trade-taiwan\/\">Margin Trade- Taiwan<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Margin Trade- Taiwan&#8221; &#8212; TEJ\" src=\"https:\/\/www.tejwin.com\/en\/news\/margin-trade-taiwan\/embed\/#?secret=wsr1VovfVn#?secret=qCHmm7Y6K4\" data-secret=\"qCHmm7Y6K4\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TCRI Watchdog (WD) converts complex news and announcements into standardized quantitative alternative data. Building on our research into &#8220;Official Announcements (Source P)&#8221; and &#8220;Media News (Source N),&#8221; we have confirmed that disclosure channels directly dictate the speed and structure of market digestion.<\/p>\n<p>This chapter moves from macro &#8220;Event Categories&#8221; to micro &#8220;Source \u00d7 Sub-category&#8221; dimensions to capture actionable Alpha within granular events. Focusing on high-sensitivity &#8220;Corporate Control Events,&#8221; we analyze the signal heterogeneity between Source P and Source N. We further demonstrate how these high-precision signals assist investors in optimizing entry timing and hedging strategies.<\/p>\n","protected":false},"featured_media":45077,"template":"","tags":[3264,2916,3617,3621],"insight-category":[690,3509,1356],"class_list":["post-45040","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-alternative-data","tag-credit-risk","tag-signal","tag-tcri-watch-dog","insight-category-data-analysis","insight-category-fintech-en","insight-category-tquant-lab-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/45040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":24,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/45040\/revisions"}],"predecessor-version":[{"id":45127,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/45040\/revisions\/45127"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/45077"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=45040"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=45040"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=45040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}