本研究蒐集2008年3月1日至2008年8月31日共265個訊息，利用事件研究法探討不同訊息的發布是否會對股價產生超額報酬以及是否會對各類投資人的投資反應產生影響。
本研究實證結果指出(1)樂觀期間內資本支出增加及盈餘增加的訊息發布會有顯著正向的超額報酬，資本支出減少及盈餘減少的訊息發布則會有顯著負向的超額報酬；(2)悲觀期間僅有盈餘增加的訊息發布呈現顯著正向的超額報酬；(3)現金增資訊息在資訊揭露程度高的樣本中，在事件日當天及後一天會呈現顯著負向的超額報酬；(4)樂觀期間中，外資法人對於資本支出增加訊息，有相當顯著的買超反應，但在悲觀期間中，則對資本支出增加訊息無顯著買超反應；(5)自然人對訊息的顯著買賣超反應，皆集中於樂觀期間。

This study investigated whether the different information announcement resulted in abnormal return of the stock price and impact on each investor. Following are the empirical result: (1) it is significantly positive abnormal return during optimistic period after the information about additional capital expenditure and earnings are announced (2) it is significantly positive abnormal return during pessimistic period after only the information about additional earnings are announced (3) with the higher information transparency company, it is significantly negative abnormal return when the event day and the next day after the information about SEO (4) during the optimistic period, the foreign institutional investors are significantly overbuy after announcement of additional capital expenditure, but during the pessimistic period, there is no significantly overbuy after announcement of additional capital expenditure (5) only during the optimistic period, the individual investors are significantly overbuy and oversell after information announced.

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