Please use this identifier to cite or link to this item:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/38919| Title: | 企業購併溢價之研究-以台灣市場為例 A study of mergers and acquisitions premium in Taiwan stock market |
| Authors: | Yu-Shan Fan 范宇珊 |
| Advisor: | 邱顯比(Shean-Bii Chiu) |
| Keyword: | 購併,溢價,事件研究法,市場模型,價格加成假說,內部人交易,多變量分析, mergers and acquisition,premiums,event study,market model,markup pricing hypothesis,multivariate analysis, |
| Publication Year : | 2005 |
| Degree: | 碩士 |
| Abstract: | This paper studies the relation between the premiums in mergers and acquisitions bids involving listed firms from 1992 to 2004 and the pre-announcement stock price runups. Furthermore, I also analyze the determinants that influence the premiums most. The evidence shows that the pre-bid runup and post-bid markup increase in the target’s stock price are positively correlated. With almost no substitution between the runup and the markup, the runup is an added cost to the bidder. This result has important implication for assessing the costs of insider’s trading. I also find out that the targets whose insider’s shareholding of the equity structure is higher than others tend to get significantly higher premiums. |
| URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/38919 |
| Fulltext Rights: | 有償授權 |
| Appears in Collections: | 財務金融學系 |
Files in This Item:
| File | Size | Format | |
|---|---|---|---|
| ntu-94-1.pdf Restricted Access | 878.17 kB | Adobe PDF |
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