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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 楊朝成(Chau-Chen Yang) | |
| dc.contributor.author | Po-Wei Lu | en |
| dc.contributor.author | 呂柏維 | zh_TW |
| dc.date.accessioned | 2021-06-13T06:02:46Z | - |
| dc.date.available | 2007-06-23 | |
| dc.date.copyright | 2006-06-23 | |
| dc.date.issued | 2006 | |
| dc.date.submitted | 2006-06-21 | |
| dc.identifier.citation | References
Allayannis, George and Abon Mozumdar, 2000, “Cash Flow, Investment, and Hedging,” Working Paper, University of Virginia. Allayannis, George and Abon Mozumdar, 2004, “The impact of negative cash flow and influential observations on investment–cash flow sensitivity estimates,” Journal of Banking & Finance 28, p.901–930. Almeida, Heitor, and Murillo Campello, 2002, “Financial constraints and investment–cash flow sensitivities: New research directions,” Working paper, New York University and University of Illinois. Almeida, Heitor, Murillo Campello and Michael S. Weisbach, 2004, “The Cash Flow Sensitivity of Cash,” Journal of Finance, 59 (4), p.1777-1804. Alti, Aydogan, 2003, “How sensitive is investment to cash flow when financing is frictionless?” Journal of Finance, 58 (2), p.707-722. Baker, H. Kent, Gary E. Powell and Daniel G. Weaver, 1999a, “Does NYSE Listing Affect Firm Visibility?” Financial Management, Summer, 28 (2), p. 46-54. Baker, H. Kent, Gary E. Powell and Daniel G. Weaver, 1999b, “Listing Changes and Visibility Gains,” Quarterly Journal of Business and Economics, Winter, 38 (1), p.46-63. Baker, H Kent, John R Nofsinger, Daniel G Weaver, 2002, “International cross-listing and visibility,” Journal of Financial and Quantitative Analysis. Seattle: Sep 2002, 37 (3), p. 495-511. Baker, H. Kent and Richard B. Edelman, 1992a, “The Effects on Spread and Volume of Switching to the NASDAQ National Market System,” Financial Analyst Journal, Jan/Feb,48 (1), p.83-88. Baker, H. Kent and Richard B. Edelman, 1992b, “AMEX-to-NYSE Transfers, Market Microstructure, and Shareholder Wealth,” Financial Management, Winter, 21 (4), p.60-72. Barry, Christopher B., and Stephen J. Brown. 1986. “Limited Information as a Source of Risk,” Journal of Portfolio Management, 12 (2), 66-73. Cleary, S. and C. Meghir, 1999, “The Relationship between Firm Investment and Financial Status,” Journal of Finance, 54, 673-692. Dharan, Bala G. and David L. Ikenberry, 1995, “The Long-Run Negative Drift of Post-listing Stock Returns,” The Journal of Finance, 50 (5), p. 1547-1574. Deshmukh, Sanjay; Vogt, Stephen C. ,2005, “Investment, cash flow, and corporate hedging,” Journal of Corporate Finance, 11 (4) , p.628-644 Eledman, Richard B. and Kent H. Baker, 1990, “Liquidity and Stock Exchange Listing,” Financial Review (May), p. 231-249. Fazzari, Steven M., R. Gleen Hubard, Bruce C. Petersen, 1988, Financing constraints Brookings Papers on Economic Activity, p.141-206. Fazzari, Steven M., R. Glen Hubbard, Bruce C. Petersen, 1996, “Asymmetric information, financing constraints and investment,” Review of Economics and Statistics, 69 (3), p.481-488 Fazzari, Steven, R. Glenn Hubbard, and Bruce Petersen, 2000, ‘‘Investment-Cash Flow Sensitivities Are Useful: A Comment on Kaplan and Zingales,’’ Quarterly Journal of Economics, CXV, p. 695–705. Froot, Kenneth A, Scharfstein, David S, Stein, Jeremy C. ,1993, “Risk management: Coordinating corporate investment and financing policies,” The Journal of Finance, 48 (5), p. 1629-1658. Gomes, Joao F., 2001, “Financing investment,” The American Economic Review, Dec, 91 (5), p.1263-1285. Grammatikos, T. and G. Papajoannou, 1986, “Market Reaction to NYSE Listings: Tests of the Marketability Gains Hypothesis,” Journal of Financial Research (Fall), p. 215-227. Kaplan, Steven N. and Luigi Zingales, 1995, “Do financing constraints explain why investment is correlated with cash flow?” Working Paper No.5267, National Bureau of Economic Research. Kaplan, Steven N. and Luigi Zingales, 1997, “Do investment-cash flow sensitivities provide useful measures of financing constraints?” Quarterly Journal of Economics 1, p.169-215. Merton, Robert C. 1987, “Presidential Address: A Simple Model of Capital market Equilibrium with Incomple Information,” Journal of Finance, 42 (3), 483-510. Moyen, Nathalie, 2004, “Investment–Cash Flow Sensitivities: Constrained versus Unconstrained Firms,” Journal of Finance, 59 (5), p.2061-2092. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/34316 | - |
| dc.description.abstract | Baker and Edelman (1992a, 1992b) and Baker, Powell, and Weaver (1999b) find a positive relationship between listing switches and visibility. Improved visibility suggests greater flow and accessibility of information about a firm, which in turn may reduce information asymmetry and the uncertainty about a firm’s prospects. Reducing information asymmetry and risk may enable firms to lower their cost of external capital and to reduce their financing constraints. Accordingly, when firms can easily acquire less expensive external capital, their investment sensitivity to cash flow should decrease.
We examine the relationship between listing switches and the investment sensitivity to cash flow for switching firms. We hypothesize that firms switching their listing from NASDAQ to the NYSE have significantly lower investment sensitivity to cash flow due to improved visibility, and hence improved cost of external equity. Based on a sample of 157 switching firms during 1992-2002, the evidence shows that a firm’s visibility and liquidity increase after switching to a larger exchange. These benefits of switching may enable firms to reduce their financing constraints by reducing information asymmetry. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-13T06:02:46Z (GMT). No. of bitstreams: 1 ntu-95-R93323027-1.pdf: 329508 bytes, checksum: a506c4ac4c26f654edffd75e44016b38 (MD5) Previous issue date: 2006 | en |
| dc.description.tableofcontents | 1.Introduction………………………………………………………5
2.Literaturereview…………………………………………………7 2.1 Listing Changes 2.2 Investment Sensitivity to Cash Flow 3.FinancialModels…………………………………………………13 4. Data and Statistics………………………………………...15 4.1 An Overview of NASDAQ and the NYSE 4.2 Data Sources and Sample 5. Empirical Results……………………………………………26 6. Conclusions………………………………………………….37 Appendix……………………………………………………………38 Reference…………………………………………………………39 | |
| dc.language.iso | en | |
| dc.title | 公司上櫃轉上市是否影響其投資對現金流量之敏感度
－美國股市實證分析 | zh_TW |
| dc.title | Does Switching from NASDAQ to the NYSE Affect
a Firm’s Investment Sensitivity to Cash Flow? | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 94-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳勝源(Sheng-Yuan Chen),劉任昌(Ren-Chang Liou) | |
| dc.subject.keyword | 上櫃轉上市,投資對現金流量之敏感度,融資限制, | zh_TW |
| dc.subject.keyword | listing switch,investment sensitivity to cash flow,financing constraints, | en |
| dc.relation.page | 41 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2006-06-21 | |
| dc.contributor.author-college | 社會科學院 | zh_TW |
| dc.contributor.author-dept | 經濟學研究所 | zh_TW |
| 顯示於系所單位： | 經濟學系 | |
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