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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
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dc.contributor.advisor | 邱顯比(Shean-Bii Chiu) | |
dc.contributor.author | Hsing-Yu Lee | en |
dc.contributor.author | 李星諭 | zh_TW |
dc.date.accessioned | 2021-06-08T02:40:26Z | - |
dc.date.copyright | 2018-04-18 | |
dc.date.issued | 2018 | |
dc.date.submitted | 2018-03-29 | |
dc.identifier.citation | [1] Agarwal, V., Taffler, R.J., 2007, Twenty-five years of the Taffler z-score model: does it really have predictive ability?, Accounting and Business Research, 285– 300.
[2] Axelson, Ulf, Tim Jenkinson, Per Strömberg, and Michael S. Weisbach, 2013, Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts, Journal of Finance, 2223-2267. [3] Bauer, Julian, and Vincent Agarwal, 2014, Are hazard models superior to traditional bankruptcy prediction approaches? A comprehensive test, Journal of Banking & Finance, 423-442. [4] Bharath, S.T., Shumway, T., 2008, Forecasting default with the Merton distance to default model, Review of Financial Studies, 1339–1369. [5] Campbell, J.Y., Hilscher, J., and Szilagyi, J., 2008, In search of distress risk, Journal of Finance, 2899–2939. [6] Guo, Shourun, Edith S. Hotchkiss, and Weihong Song, 2011, Do Buyouts (Still) Create Value?, Journal of Finance. 177–181. [7] Kaplan, Steven N., and Per Stro ̈mberg, 2009, Leveraged buyouts and private equity, Journal of Economic Perspectives, 121–146. [8] Kaplan. S., 1989, Management Buyouts: Evidence on taxes as a source of value, Journal of Finance, 611-632. [9] Muscarella, Chris J., and Michael R. Vetsuypens, 1990, Efficiency and Organizational Structure: A Study of Reverse LBOs, Journal of Finance, 1389-1413. [10] Shumway, T., 2001, Forecasting bankruptcy more accurately: a simple hazard model, Journal of Business, 101–124. [11] Smith. A., 1990, Corporate ownership structure and performance: The case of management buyouts, Journal of Financial Economics, 143-164. [12] Taffler, R.J., 1983, The assessment of company solvency and performance using a statistical model, Accounting and Business Research, 295–307. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/20120 | - |
dc.description.abstract | 過去曾有論文探討槓桿收購(LBO)是否會創造價值,Guo, Hotchkiss and Song (2011)在文中指出,在不同的槓桿收購出場方式中,透過公開上市(IPO)的報酬率是最高的。並再探討價值創造的原因,發現以會計指標衡量的營運表現成長是報酬率很重要的一個來源。本文蒐集了從1990年1月到2014年6月間被槓桿收購並下市的公司資料,並提出了用機率模型來預測公司被槓桿收購下市後,未來再重新上市的機率,實證結果顯示,此模型所預測的機率,平均而言比用樣本資料簡單的相對次數估計機率來的高出許多。顯示出本文中所選擇的模型變數整體上是具有解釋力以及可靠性。 | zh_TW |
dc.description.abstract | Several papers study on the topic of whether Leveraged Buyouts (LBOs) would create value. Guo, Hotchkiss and Song (2011) shows that within all possible outcomes of an LBO, a subsequent IPO seems to have the highest returns. They further investigate the relative importance of the three potential contributors of returns. Their study indicates that improvements in operating performance measured by accounting items play an important role in generating returns. In this paper, I collect data for companies announced to go private through LBO between January 1990 and June 2014. Logit regression is applied for modeling the probability, the results suggest that the estimated probability of a subsequent IPO, on average, is much higher than the simple estimator, calculated as dividing number of companies with a subsequent IPO in the sample by sample size. Overall, I believe the results indicate that the model specification in this paper is reliable. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T02:40:26Z (GMT). No. of bitstreams: 1 ntu-107-R04723057-1.pdf: 561527 bytes, checksum: 4e31155c70555e0d077b907204f6e564 (MD5) Previous issue date: 2018 | en |
dc.description.tableofcontents | 中文摘要 ii
ABSTRACT iii CONTENTS iv LIST OF FIGURES AND TABLES v Chapter 1 Introduction 1 Chapter 2 Literature Review 3 Chapter 3 Methodology 5 Chapter 4 Data and Empirical Analysis 9 Chapter 5 Conclusion 19 REFERENCE 21 | |
dc.language.iso | en | |
dc.title | 公司被槓桿收購後再重新上市之機率 | zh_TW |
dc.title | The probability of a subsequent IPO after taken private through LBO | en |
dc.type | Thesis | |
dc.date.schoolyear | 106-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 陳明賢(Ming-Shen Chen),胡星陽(Shing-Yang Hu) | |
dc.subject.keyword | 槓桿收購,併購,公開上市, | zh_TW |
dc.subject.keyword | LBO,M&A,IPO, | en |
dc.relation.page | 22 | |
dc.identifier.doi | 10.6342/NTU201800687 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2018-03-30 | |
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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