美國召回活動已行之多年且明文規定汽車製造商有義務將車輛存在的安全缺陷或故障，通報給用戶或交通管理部門並進行免費修理。美國公路交通安全局(NHTSA)提供消費者登錄車輛品質瑕疵與抱怨與強制性召回的政策，避免汽車製造廠企圖掩蓋車輛瑕疵問題。

我們依據Chen, Ganesan, and Liu (2009)的定義，樣本依照廠商於官方調查期間執行召回的時點分為主動召回(Proactive recall)與被動召回(Passive recall)，以探究不同的召回形式對股票異常報酬的影響。並進一步探討，為什麼召回廠商向美國公路交通安全局通報後，又向大眾發布新聞稿作說明?這作法是否會對主動召回與被動召回的股價異常報酬造成影響。此外，執行主動召回與被動召回廠商發布含有不同資訊量的新聞稿，是否會對其股票報酬有所影響。

本文使用美國公路交通安全局(NHTSA)官方召回資料庫，蒐集北美前六大的汽車廠商Chrysler、Ford、General Motors、Honda、Nissan、Toyota 於1997 年到2008 年所執行的汽車安全召回，並用雷克思蘭克思全球學術資料庫檢驗召回事件是否有相關的新聞報導，確認廠商是否發布新聞稿。我們採用事件研究法來衡量股票異常報酬，並用回歸模型來檢驗本研究的假設。本文研究發現，主動招回有顯著的負向股價異常報酬，而被動召回未有顯著發現。若主動招回廠商發布新聞稿引起大眾注目卻未提供豐富資訊解除消費者與投資者疑慮，將導致顯著的負向股價異常報酬。此外，若被動召回廠商不願意提供新聞稿主動向大眾說明，企圖掩蓋召回訊息將導致顯著負向的異常報酬。倘若被動招回廠商發布新聞稿且提供大量資訊，可能引起大眾認為廠商為既有過錯作辯解，導致股票市場產生顯著負向的異常報酬。

The U.S. automobile recall has been adopted for many years. The automobile manufacturers are obligated to report the defect to National Highway Traffic Safety Administration (NHTSA) and every owner of a recall-related vehicle, moreover, the remedy must be provided at no charge. NHTSA offers the on-line database and mandatory recall policy to avoid the manufacture’s attempt to conceal the truth.

We follow Chen, Ganesan, and Liu’s (2009) definition to determine the proactive recall and passive recall and attempt to realize whether proactive recall and passive recall publicizing press release after reporting to NHTSA will influence the recalling firm’s abnormal return. Besides, should the recalling firm offer more or less information?

We obtained recall sample initiated by the Big Six -Chrysler, Ford, General Motors, Honda, Nissan, and Toyota -automobile manufacture in U.S. from the NHSTA recall database during period from 1997 to 2008 and reinvestigate them in LexisNexis Database to check whether recall with press release. We adopt event study to measure the abnormal return in the stock market, and further use the single sample T-test and linear regression model to test our result. Our result support our hypothesis that recall affect negatively firm’s abnormal return, and compare with passive recall, proactive recall react significantly negative. If the proactive recalling firms publicize press release, they should disclose more information to the public to relieve the negative impact result from the media attention and investor scrutiny. On the other hand, the passive recalling firm must publicize press release to announce a willing of bearing responsibility but do not offer too much information ,otherwise ,the market will interpret the action is excusing the fault.

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