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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 李艷榕(Yen-Jung Lee) | |
dc.contributor.author | Yi-Ting Chen | en |
dc.contributor.author | 陳怡婷 | zh_TW |
dc.date.accessioned | 2021-06-15T06:43:36Z | - |
dc.date.available | 2011-07-18 | |
dc.date.copyright | 2011-07-18 | |
dc.date.issued | 2011 | |
dc.date.submitted | 2011-07-05 | |
dc.identifier.citation | Aboody, D., & Lev, B. (2000). Information Asymmetry, R&D and Insider Gains. Journal of Finance, 55(6), 2747-2766.
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/47963 | - |
dc.description.abstract | 本研究探討內部人職位與內部人交易獲利能力間之關係,我們檢視2001年至2006年間美國證券市場上所有公開發行公司之內部人交易,第一部分我們探討內部人的職位和角色是否影響其內部人交易預測未來公司股價的異常報酬,結果我們發現CFO的內部人交易預測未來股價獲利的能力最好。
第二部份我們探討R&D活動是否對內部人交易產生影響,以RD變數測試R&D公司和非R&D公司的差別,再以RD_RATIO變數測試R&D活動強度對內部人交易的影響,整體而言,R&D活動的確增加了內部人間的資訊不對稱,且在賣出交易部分的結果比買進交易部分的明顯。 最後一部份我們探討沙賓法案實行後對內部人交易獲利能力的影響,這部分只有賣出交易的部分達到我們的預期,沙賓法案實行後內部人在賣出交易部分得以規避的損失減少,而內部人在買進交易部分能賺取的報酬和獲利比法案實行前還多,因此,沙賓法案只有在內部人賣出交易部分達到原來立法的目的。 | zh_TW |
dc.description.abstract | In this paper, I investigate the relationship between insiders’ positions and insider trading profitability. I examine insiders’ trades of all publicly traded companies in the U.S. during the 2001-2006 period. First, I test whether the position an insider holds affects the profitability of his trades. I find that insider trades initiated by CFOs exhibit the best ability to predict abnormal stock return and profit per share following their trades.
Second, I investigate whether R&D activities influences insider trading profitability. I use a dummy variable RD to identify whether the firm engages in any R&D activities and use RD_RATIO to measure the intensity of R&D activities. Results from this test are consistent with R&D activities increases information asymmetry among insiders. Moreover, results from selling-trades are more significant than buying-trades. Finally, I investigate whether the enactment of Sarbanes-Oxley Act of 2002(SOX) affects insider trading profitability. I find that SOX only dampens the profitability derived from insider selling-trades. Specifically, insiders avoided less loss from selling activities in the post-SOX period. However, insider buying-trades predict greater profits in the post-SOX period. As result, the efficacy of SOX is limited to insider selling-trades. | en |
dc.description.provenance | Made available in DSpace on 2021-06-15T06:43:36Z (GMT). No. of bitstreams: 1 ntu-100-R98722016-1.pdf: 1278616 bytes, checksum: e3d500e661dc131c3633cc79186ce43a (MD5) Previous issue date: 2011 | en |
dc.description.tableofcontents | 謝辭 i
摘要 ii Abstract iii 目 錄 iv 圖表目錄 v 第一章 緒論 1 第一節 研究背景 1 第二節 研究動機及目的 2 第三節 研究架構 4 第二章 文獻探討 6 第三章 研究方法 12 第一節 研究假說 12 第二節 變數定義與衡量方法 16 第三節 實證模型 22 第四節 研究樣本及資料來源 25 第四章 實證研究結果與分析 27 第一節 敘述性統計分析 27 第二節 內部人職位和角色與內部人交易關聯性之實證結果 36 第三節 R&D活動與內部人交易關聯性之實證結果 40 第四節 沙賓法案與內部人交易關聯性之實證結果 48 第五章 結論 50 第一節 研究結論 50 第二節 研究限制與建議 51 參考文獻 53 | |
dc.language.iso | zh-TW | |
dc.title | 內部人職位與內部人交易獲利能力關聯性之研究 | zh_TW |
dc.title | The Relation between Insider Positions and Insider Trading Profitability | en |
dc.type | Thesis | |
dc.date.schoolyear | 99-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 許文馨(Wen-Hsin Hsu),陳維慈(Wei-Tzu Chen) | |
dc.subject.keyword | 內部人交易,累積異常報酬,每股獲利,R&D活動,沙賓法案, | zh_TW |
dc.subject.keyword | Insider trading,Cumulative Abnormal Return,Profit per shares,R&D activities,Sarbanes-Oxley Act, | en |
dc.relation.page | 55 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2011-07-05 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 會計學研究所 | zh_TW |
顯示於系所單位: | 會計學系 |
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