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研究生:呂輝鴻
研究生(外文):Kenneth Vincent
論文名稱:The Impact of U.S. Corporate Data Breach Events on the Stock Price of North American Information Technology Consulting Firms
論文名稱(外文):The Impact of U.S. Corporate Data Breach Events on the Stock Price of North American Information Technology Consulting Firms
指導教授:陳正忠陳正忠引用關係
指導教授(外文):Jeng-Chung (Victor) Chen
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際管理碩士在職專班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:英文
論文頁數:50
外文關鍵詞:Abnormal ReturnsEvent studyData Breaches
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Despite all the research done in assessing the impact of data and Information Technology (IT) beaches to the market value of breached firms, there is no study on how the breach events affect the stock price of consulting firms that supplies the know-how and infrastructure to create, implement and maintain Corporate Information Technology Systems. The application of IT to business or commercial uses is not totally secure; as more data breaches occur every year, investors, clients and customers may well look beyond the faults of the individual firms, and place some responsibility on the shoulders of these IT Consulting Firms.


The sample of breach events were from the year 2006 and 2007. A total of 83 breach events were identified affecting a wide range of US firm in various industries. Based on the empirical findings, no clear impact on the stock price of data breaches can be found, nor do the the type of firm being breached influence the results. However, breaches that affect a higher number of records will have lower two day cumulative abnormal return.
ACKNOWLEDGEMENTS I
ABSTRACT II
TABLE OF CONTENTS III
LIST OF TABLES VI
LIST OF FIGURES VII
CHAPTER ONE INTRODUCTION 1
1.1 Research Background and Motivation. 1
1.2 Research Objectives and Contributions. 3
1.3 Scope of the Research. 4
1.4 Research Flow. 4
1.5 Research Structure. 6
CHAPTER TWO LITERATURE REVIEW 8
2.1 Breaches. 9
2.1.1 Distributed Denial-of-Service Attack. 10
2.1.2 Internet Security Breaches. 11
2.1.3 Data Breaches. 11
2.1.4 The CIA (Confidentiality, Integrity and Availability) Framework. 12
2.2 Information Technology and its Importance. 12
2.3 Information Technology Consulting and its Impact on Businesses. 16
2.4 Efficient Market Hypothesis (EMH). 18
2.5 Event-Study Analysis. 19
2.6 Hypothesis Development. 21
2.6.1 IT Consulting Firm Stock Price Reaction to Data Breach Announcement. 21
2.6.2 IT Consulting Firm Stock Price Reaction to Number of Records Affected. 22
2.6.3 IT Consulting Firm Stock Price Reaction to Business Types Affected. 22
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 25
3.1 Hypotheses to be Tested. 25
3.2 Data Collection. 26
3.3 Data Analysis Procedure. 30
3.3.1 Ordinary Least Squares Method. 30
3.3.2 Capital Asset Pricing Model (CAPM). 31
3.3.3 ANOVA (Analysis of Variance) Method. 32
3.4 Regression Model. 32
CHAPTER FOUR EMPIRICA RESULTS 35
4.1 Entire Sample. 35
4.2 Sub-samples. 36
4.3 Empirical Evidence. 38
4.3.1 Entire Sample. 38
4.3.2 Entire Sample using the CAPM (Capital Asset Pricing Model). 39
4.4 Regression Analysis and Hypothesis Two. 40
4.5 Anova Analysis and Hypothesis Three. 42
CHAPTER FIVE CONCLUSION 43
5.1 Conclusion. 43
5.2 Managerial Implications. 43
5.3 Limitation and Future Research. 45
REFERENCES 48
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