Do the Similar Corporate Names Confuse Investors? A Study in Taiwan

[[abstract]]公司名稱的訂定無疑是最重要的企業形象構成要素，但是許多公司名稱往往極為相似，投資人在證券交易所面對眾多相似名稱的股票是否都能夠完完全全明辨其中差異，令人存疑。本文觀察到兩家名稱相類似的公司高林（2906）、高林股（1531），其並非關係企業也沒有相互持股，經營業務更不相同的情況下，發現自高林股（1531）開始在櫃檯市場交易買賣後的30、60、90、120、150個交易日，其報酬率、成交量、週轉率、委託單成交筆數呈現顯著相關。再來分別以平均數檢定和中位數檢定發現高林（2906）和高林股（1531）在報酬率、成交量、週轉率、委託單成交筆數相關係數和其他配對樣本相關係數的平均值及中位數是同樣有差異且顯著為正。最後進行迴歸分析也發現，高林股（1531）前一期的週轉率確實能夠解釋當期高林（2906）的市場調整報酬率，而且之間的反向變動關係也顯示投資人有被公司名稱搞混的現象。[[abstract]]A firm’s name is infused with meaning and reputation, and identifies the firm to internal and external audiences. There are a lot of extremely similar corporate names in the stock market. Can Investors know the correct stock which they intend to trade in the stock exchange? This paper examines the comovement of stocks with similar corporate names. For one such pair of firms, there is significant correlation between returns, turnover rate, and volume at short frequencies. Corporate names confusion allows the observation of noise traders and their effect on stock prices independent of changes in information and expectations.[[note]]碩