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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 何耕宇(Keng-Yu Ho) | |
| dc.contributor.author | Po-Han Chen | en |
| dc.contributor.author | 陳柏翰 | zh_TW |
| dc.date.accessioned | 2021-06-16T08:04:04Z | - |
| dc.date.available | 2019-07-15 | |
| dc.date.copyright | 2014-07-15 | |
| dc.date.issued | 2014 | |
| dc.date.submitted | 2014-07-02 | |
| dc.identifier.citation | [1]Barclay, M.J., C.G. Holderness, and D.P. Sheehan, 2007, “Private Placements and Managerial Entrenchment,” Journal of Corporate Finance, Vol. 13, 461-484
[2]Barclay, M.J., C.G. Holderness, and D.P. Sheehan, 2001, “The Block Pricing Puzzle, Unpublished,” Working Paper, Boston College. [3]Campbell, T.C., S.A. Johnson, J. Rutherford, and B.W. Stanley, 2011, “CEO Optimism and Forced Turnover,” Journal of Financial Economics, Vol. 101, 695-712 [4]Chiang, M.H., and Y.P. Fang, 2010, “Does Management Quality Drive the Monitoring Effect of Institutional Investors? Evidence from Private Placements,” European Financial Management Association [5]Carhart, M.M., 1997, “On Persistence in Mutual Fund Performance,” Journal of Finance, Vol. 52, 57-82 [6]Dann, L.Y., and H. DeAngelo, 1987, “Corporate Financial Policy and Corporate Control,” Journal of Financial Economics Vol. 20, 87-127 [7]Eckbo, E.B., R.W. Masulis, and O. Norli, 2000, “Seasoned Public Offerings: Resolution of the New Issues Puzzle,” Journal of Financial Economics, Vol. 56, 251-291 [8]Fama, E.F., 1998, “Market Efficiency, Long-Term Returns, and Behavioral Fnance,” Journal of Financial Economics, Vol. 49, 283-306 [9]Fama, E.F., and K.R. French, 1993, “Common Risk Factors in the Returns on Stocks and Bonds,” Journal of Financial Economics, Vol. 33, 3-56. [10]Hirshleifer, D., A. Low, and S.H. Teoh, 2012, “Are Overconfident CEOs Better Innovators?,” Journal of Finance, Vol. 67, 1457-1498 [11]Hall, B.J., and K.J. Murphy, 2002, “Stock Options for Undiversified Executives,” Working Paper, NBER. [12]Hertzel, M., and R.L. Smith, 1993, “Market Discounts and Shareholder Gains for Placing Equity Privately,” Journal of Finance, Vol. 48, 459–486. [13]Jaffe, J.F., 1974, “Special Information and Insider Trading,” Journal of Business Vol. 47, 410-428 [14]Loughran, T., and J.R. Ritter, 1997, “The Operating Performance of Firms Conducting Seasoned Equity Offerings,” Journal of Finance Vol. 52, 1823-1850. [15]Logue, D., 1973, “On the Pricing of Unseasoned Equity Issues: 1965-1969,” Journal of Financial and Quantitative Analysis, Vol. 8, 91-103 [16]Malmendier, U., and G. Tate, 2008, “Who Makes Acquisitions? CEO Overconfidence and the Market’s Reaction,” Journal of Financial Economics, Vol. 89, 20-43. [17]Malmendier, U., G. Tate, and J. Yan, 2007, “Corporate Financial Policies with Overconfident Managers,” Working Paper, NBER. [18]Malmendier, U., and G. Tate., 2005, “Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited,” European Financial Management, Vol. 11, 649-659. [19]Malmendier, U., and G. Tate, 2005, “CEO Overconfidence and Corporate Investment,” The Journal of Finance, Vol. 60, 2661-2700. [20]Mitchell, M.L., and E. Stafford, 2000, “Managerial Decisions and Long-Term Stock Price Performance,” Journal of Business, Vol. 73, 287-329 [21]Masulis R., and A. Korwar, 1986, “Seasoned Equity Offerings: An Empirical Investigation, Journal of Financial Economics,” Vol. 15, 91-118 [22]Myers, S.C., and N. Majluf, 1984, “Corporate Financing and Investment Decisions when Firms Have Information that Investors Do not Have,” Journal of Financial Economics Vol. 13, 187–221. [23]Mandelker, G., 1974, “Risk and Return: The Case of Merging Firms,” Journal of Financial Economics, Vol. 1, 303-336 [24]Shen, C.H. and C.J. Lee, 2000, “Event Study: Empirical Analysis for Finance and Accounting.” [25]Spiess, D.K., and J. Affleck-Graves, 1995, “Underperformance in Long-Run Stock Returns following Seasoned Equity Offerings,” Journal of Financial Economics Vol. 38, 243-267 [26]Wruck, K.H. and Y.L. Wu, 2009, “Relationships, Corporate Governance, and Performance: Evidence from Private Placements of Common Stock,” Journal of Corporate Finance, Vol. 15, 30-47 [27]Wruck, K.H., 1989. Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings,” Journal of Financial Economics, Vol. 23, 3–27 | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/57974 | - |
| dc.description.abstract | 使用私募籌資的上市上櫃公司近年不斷增加，已成為資本市場上常見的募資管道。國內外文獻不乏討論私募股權對於私募過後之股票報酬的影響；然而，目前之相關研究尚未與高階經理人過度自信的議題所連結。實證研究指出短期私募股票之宣告效果顯示為正，但近年來亦有研究指出與上述實證相左的例子。如壕溝效果指出管理者藉由大量發行私募股票予消極投資者，以鞏固自己對於公司之影響力；此效果將導致私募股票之宣告效果產生負異常報酬。我們將壕溝效果與高階經理人過度自信之現象相連結，探討過度自信的高階經理人在從事私募股權時是否較容易產生壕溝效果。本研究分短期宣告效果與長期股票報酬兩部分做探討，並將樣本分為過度自信群組與非過度自信群組進行研究分析。實證結果在短期指出私募股權公司若存在過度自信之高階經理人有較高的機率使宣告效果產生負異常報酬；長期而言並無顯著結果指出兩群組之股票報酬有所不同。 | zh_TW |
| dc.description.abstract | Nowadays, private placement becomes a common financing method in capital market, and there are increasing numbers of company using private placements to finance capital. Existing studies suggest that firms announcing private placements follow positive stock performance. Nevertheless, entrenchment effect which leads the negative announcement effect of private placements is supported in recent years. We note that private placements have not linked to CEO overconfidence in the prior literature. Therefore, in this study, we test if overconfident CEOs affect stock performance following private placements. In empirical results, we find that firms with overconfident CEO perform worse than those with rational CEOs when they announce private placements. However, no significant difference exists in firms with overconfident CEO. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-16T08:04:04Z (GMT). No. of bitstreams: 1 ntu-103-R01723076-1.pdf: 381425 bytes, checksum: 36764351861f1a7b9c6ced6225938140 (MD5) Previous issue date: 2014 | en |
| dc.description.tableofcontents | Acknowledgements i
摘要 ii Abstract iii Table of Contents iv List of Tables v 1. Introduction 1 2. Literature Review and Hypothesis 4 3. Data and Methodology 8 3.1. Sample Selection 8 3.2 Measure CEO Overconfidence 9 3.3 Event Study: Cumulative Abnormal Return (Short-Term) 11 3.4 Measurement of Long-Run Abnormal Stock-Price Performance 14 3.4.1. Buy-and-Hold Abnormal Returns 14 3.4.2. Calendar-Time Abnormal Returns 15 4. Empirical Result 16 4.1 Short-Term Result 16 4.1.1 Abnormal Return Test 16 4.1.2 Standardized Cumulative Abnormal Return Test 17 4.1.3 Regression Analysis on Short-Term Abnormal Return 17 4.2 Long-Term Result 20 4.2.1 Buy and Hold Abnormal Return Method 21 4.2.2 Regression Analysis on Buy-and-Hold Abnormal Return 22 4.2.3 Calendar Time Portfolio Return Method 22 5. Conclusion 23 Reference 25 | |
| dc.language.iso | en | |
| dc.subject | 高階經理過度自信 | zh_TW |
| dc.subject | 私募股權 | zh_TW |
| dc.subject | 壕溝效果 | zh_TW |
| dc.subject | Entrenchment Effect | en |
| dc.subject | CEO Overconfidence | en |
| dc.subject | Private Placement | en |
| dc.title | 私募股票報酬與高階經理人過度自信之關聯性分析 | zh_TW |
| dc.title | CEO Overconfidence and the Stock Performance following Private Placements | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 102-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 徐之強(Chih-Chiang Hsu),石百達(Pai-Ta Shih) | |
| dc.subject.keyword | 私募股權,壕溝效果,高階經理過度自信, | zh_TW |
| dc.subject.keyword | Private Placement,Entrenchment Effect,CEO Overconfidence, | en |
| dc.relation.page | 37 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2014-07-02 | |
| 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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