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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 姜堯民(Yao-Min Chiang) | |
| dc.contributor.author | Shin-Yi Ye | en |
| dc.contributor.author | 葉信億 | zh_TW |
| dc.date.accessioned | 2021-06-08T02:04:19Z | - |
| dc.date.copyright | 2016-03-08 | |
| dc.date.issued | 2015 | |
| dc.date.submitted | 2016-02-17 | |
| dc.identifier.citation | 參考文獻
一、中文部分 1. 李婉禎，<初次公開發行資訊不對稱之研究-以台灣上市上櫃公司為例>，逢甲大 學財務金融學研究所碩士論文，民國95年 2. 劉玉珍與陳薇如，<為何詢價圈購方式逐漸取代競價拍賣?>，證券暨期貨月刊第二十二卷，第五期，專題二，民國93年 3. 顏美英，<承銷商聲望與新上市股票異常報酬關係之實證研究>，國立台灣大學會計研究所碩士論文，民國81年 二、英文部分 Andrei Shleifer, 1986, “Do demand curves for stocks slope down”, Journal of Finance, Vol.41, 579-590. Eugene F. Fama, 1970, “Efficient capital market：A review of theory and empirical work”, Journal of Finance Vol.25,383-417. Francesca Cornelli and David Goldreich, 2003, “Bookbuilding: How informative is the order book?” Journal of Finance, 58, 1415-1444. Frank K. Reilly and David J. Wright, 1984, “Block trading and aggregate stock volatility, Financial Analyst Journal, Vol.40, 54-60. Harry DeAngelo and Rene M. Stulz, 2010, “Seasoned equity offerings, market timing, and the corporate lifecycle.” Journal of Financial Economics 95, 275-295. John Kose and Joseph Williams,1985, “Dividends, dilutions, and taxes: A signaling equilibrium,” Journal of Finance, 40, 1053-1070. Kraus Alan and Hans R. Stoll, 1972, “Price impact of block on the New York Stock Exchange”, Journal of Finance, Vol.27,569-588. Massaimo Massa and Zahid Rehman, 2008, “Information flows within financial conglomerates: Evidence from the banks-mutual funds relation”, Journal of Financial Economics 89, 288-306. Michael C. Jensen and William H. Meckling, 1976, “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics Vol.3, No.4, 305-360. Myron S. Scholes, 1972, “The markets for securities: substitution versus price pressure and the effects of information on share price, Journal of Business, Vol.4, .179~211. Nicolas Close, 1975, “Price reaction to large transactions in the Canadian equity market”, Financial Analyst Journal, Vol.31, 50-57. Paul Asquith and David Mullins, 1985, “Equity issues and offering dilution”, Journal of Financial Economics 15, 61-89. Victoria Ivashina and Zheng Sun, 2011, “Institutional Stock trading on loan market information”, Journal of financial Economics 100, 284-303. Yiming Qian, Michelle Lowry, and Yao-Min Chiang, 2014, “The information advantage of underwriters in IPOs.” PhD dissertation, University of Iowa. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19539 | - |
| dc.description.abstract | 本研究以台灣上市櫃公司於2001~2012年間曾進行現金增資的企業做為研究主體，並利用迴歸分析，分析主辦券商自營部門在其現金增資客戶掛牌上市後之買賣行為，以評估該股價長期績效表現，進而評估主辦資訊優勢是否存在。實證結果發現主辦券商自營部門買賣行為對現金增資掛牌後股價長期而言具有解釋力。另外研究亦發現金增資宣告對股價有顯著負向宣告效果。
金融機構協助客戶辦理股權募資活動，在現行詢價圈購之作業流程下，獲得客戶與潛在買方等眾多資訊。主辦券商自營部門買賣行為對股價績效具有影響力，且台灣金融市場亦身為具有影響力之機構投資人，對股價具有預測力，進而使主辦資訊優勢存在。 | zh_TW |
| dc.description.abstract | This paper researches the buying and selling of host dealers in the financial conglomerates by OLS method sampling SEO stocks from 2001 to 2012 in Taiwan. We try to predict their long-term stock performance via trading amounts of host dealers, and assessed whether information advantage exist or not in this context via this factor. We find that actions of host dealers are significantly relevant to the long-term stock performance. In addition, we find that stock price has significantly negative announce effect when enterprises undertake SEO.
Maybe affiliated dealers own information accessibility from clients and potential bidders under current condition of bookbuilding, and they also serve as an influential institutional investor in Taiwan financial market. Therefore, information advantage would exist. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T02:04:19Z (GMT). No. of bitstreams: 1 ntu-104-R02723074-1.pdf: 643829 bytes, checksum: d538c5ea9cc9c61ffa7b032341cfe0a7 (MD5) Previous issue date: 2015 | en |
| dc.description.tableofcontents | 第一章 緒論 6
1.1 研究動機與背景 6 1.2 台灣金融機構發展進程與經營型態 7 1.3 研究目的 8 第二章 文獻探討 9 2.1 機構投資人與股價交易相關理論 9 2.1.1 機構投資人交易對股價有影響之相關理論 9 2.2.2 機構投資人交易對股價無影響之相關理論 10 2.2 金融機構關聯法人交易資訊優勢 12 2.3 台灣股權募資發展與過程 13 第三章 研究設計與實證模型 17 3.1 假說設定 17 3.2 樣本來源 18 3.3 代理變數定義 18 3.4 績效衡量指標 19 3.5 檢定說明與實證模型設立 20 第四章 實證結果分析 21 4.1 敘述統計分析 21 4.2 現金增資股價反應與宣告效果分析 23 4.3 主辦券商自營部門對現金增資股票掛牌後股價長期預測能力實證分析結果 24 第五章 研究結論與貢獻 27 參考文獻 28 | |
| dc.language.iso | zh-TW | |
| dc.title | 主辦券商自營部門買賣行為對現金增資公司掛牌後股價長期績效影響之研究 | zh_TW |
| dc.title | A Study of the effect of the Host Dealers’ Buying and Selling on the Long-run Stock Performance of Post SEO Companies | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 104-1 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 黃柏凱,張邦茹 | |
| dc.subject.keyword | 現金增資,主辦資訊優勢,宣告效果,詢價圈購,自營部門, | zh_TW |
| dc.subject.keyword | SEO,Host information advantage,Announce effect,Book-building,Dealer, | en |
| dc.relation.page | 29 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2016-02-17 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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