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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 何耕宇(Keng-Yu Ho) | |
| dc.contributor.author | Jo-Huai Hsu | en |
| dc.contributor.author | 徐若懷 | zh_TW |
| dc.date.accessioned | 2021-06-17T00:42:16Z | - |
| dc.date.available | 2017-02-16 | |
| dc.date.copyright | 2012-02-16 | |
| dc.date.issued | 2011 | |
| dc.date.submitted | 2012-01-16 | |
| dc.identifier.citation | Agrawal, A. and G. Mandelker, 1990, Large shareholders and the monitoring of managers: The case of antitakeover charter amendments, Journal of Financial and Quantitative Analysis 25, 143-161.
Bathala, C.T., K.P. Moon, and R.P. Rao, 1994, Managerial ownership, debt policy, and the impact of institutional holdings: An agency theory perspective, Financial management 23, 38-50. Brav, A., C. Geczy, and P. A. Gompers, 2000, Is the abnormal return following equity issuances anomalous? Journal of Financial Economics 56, 209-249. Brickley, J. and C. James, 1987, The takeover market, corporate board compensation, and ownership structure. Journal of Law and Economics 30, 161-180. Brickley, J. A., R. C. Lease , and C. W. Smith, 1988. Ownership structure and voting on antitakeover amendments. Journal of Financial Economics 20, 267-291. Chen, A., W-L. Li, and R.C.Y. Chen, The announcement effect +of seasoned equity offerings with respect to the growth potential and insider trading. Journal of Financial Studies 9, 2001,1-25. Coffee, J., 1991, Liquidity verses control: The institutional investors voice, Columbia Law Review 91, 1277-1388. Dittmar, A. and A. Thakor, 2007, Why do firms issue equity? Journal of Finance 62, 1-54. Gillan, S. and L. Starks, 2000, Corporate governance proposals and shareholders activism: The role of institutional investors, Journal of Financial Economics 57, 275-305. Hansen, R. and C. Crutchley, 1990, Corporate earnings and financings: An empirical analysis, Journal of Business 63, 347-372. Hess, A. C. and S. Bhagat, 1986, size effect of seasoned stock issues: Empirical evidence, Journal of Business 59, 567-584. Demiralp, I., R.D. Mello, F.P. Schlingemann, and V. Subramaniam ,2011, Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings. Working Paper, University of New Orleans. Jensen, M. C., 1986, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review 76, 323-329. Loughran, T. and J. Ritter, 1995, The new issues puzzle, Journal of Finance 50, 23-51. Mayers, D., Shivdasani, A. , and Smith, C. W., Jr. ,1997, Board composition and corporate control: Evidence from the insurance industry, Journal of Business 70, 33-62. 22 Pound, J., 1988, Proxy contests and the efficiency of shareholder oversight, Journal of Finance Economic 20, 237-265. Paul, A. and D.W. Mullins, Jr. 1986, Equity issues and offering dilution, Journal of Financial Economics 23, 61-89. Rangan, S., 1998, Earnings management and the performance of seasoned equity offerings, Journal of Financial Economics 50, 101-112. Rosenstein, S. and J. Wyatt, 1990, Outside directors, board independence and shareholder wealth, Journal of Finance Economic 26,175-191. Shleifer, A. and R. Vishny, 1992, A survey of corporate governance, Journal of Finance 52,117-142. Smith, M., 1996, Shareholder activism by institutional investors: Evidence from CALPERS, Journal of Finance 51, 227-252. Spiess, D.K. and J. Affleck-Graves, 1995, Underperformance in long-run stock returns following seasoned equity offerings, Journal of Financial Economics 38, 243-267. Strickland, D., K. Wiles, and M. Zenner, 1996, A requiem for the USA: Is small shareholder monitoring effective? Journal of Financial Economics 40, 319-338. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/66551 | - |
| dc.description.abstract | 本研究主要探討機構投資人持股比例與公司短期及長期績效表現之關聯。我們以2000年到2010年國內進行現金增資的公司為樣本，試圖以現金增資後的長短期表現作為機構投資人監督效果之佐證。實證結果顯示，短期的監督效果並不顯著，但大致上呈現機構投資人持股比例愈高，短期異常報酬愈佳的趨勢。而長期股價表現與機構投資人持股比例及機構投資人持股變動比例呈現正相關，長期營運表現亦然。研究中發現台灣市場之長期績效表現與機構投資人持股比例關係較符合監督效果假說。此外我們加入了公司治理變數，實證結果顯示，機構投資人持股比例及機構投資人持股變動比例仍與長期績效呈現高度正相關，支持監督效果假說。 | zh_TW |
| dc.description.abstract | We examine the monitoring hypothesis by examining the relation between institutional ownership and short-term and long-term performance following seasoned equity offerings .We collect the firms which have engaged in seasoned equity offering during the period January 2000 to December 2010 in Taiwan. We find that announcement cumulated abnormal return is positively related to institutional ownership but is not significant. Long-term stock performance is positively related to the level of institutional ownership and change in institutional ownership. Long-term operating performance is also positively related to the level of institutional ownership and change in institutional ownership. The long-term empirical results are consistent to the monitoring hypothesis. We also take corporate governance into consideration, and we find that the institutional ownership and change in institutional ownership are still positively related to the long-term stock performance and operating performance | en |
| dc.description.provenance | Made available in DSpace on 2021-06-17T00:42:16Z (GMT). No. of bitstreams: 1 ntu-100-R98723013-1.pdf: 391661 bytes, checksum: 35fcc0c7e0ac12557d442b4dbabfa861 (MD5) Previous issue date: 2011 | en |
| dc.description.tableofcontents | 1.Introduction............................................1
2.Literature Review and Hypothesis.........................5 3.Data and Methodology ....................................8 3.1 Sample selection and variable definition...............8 3.2 Methodology ..........................................10 3.2.1 Short-term abnormal performance.....................10 3.2.2 Long-term abnormal performance......................11 4.Empirical Results.......................................13 4.1 Data description...............................................13 4.2 Announcement cumulated abnormal return and institutional holding ..................................................13 4.3 Long-term stock performance and institutional ownership ..........................................................15 4.4 Long-term operating performance and institutional ownership ................................................17 5.Conclusion..............................................19 Reference................................................ 22 Table content Table 1 Descriptive statistics of independent variables...24 Table 2 Descriptive statistics of CAR.....................25 Table 3 Relation between CAR and the level of institutional ownership.................................................26 Table 4 OLS regressions of CAR to the level of institutional ownership.................................................27 Table 5 Descriptive statistics of BHAR and operating performance...............................................28 Table 6 Relation between BHAR and the level of institutional ownership.................................................29 Table 7 OLS regressions of long-term stock performance....30 Table 8 Relation between operating performance and level of institutional ownership...................................31 Table 9 OLS regressions of long-term operating performance32 | |
| dc.language.iso | en | |
| dc.subject | 公司績效表現 | zh_TW |
| dc.subject | 現金增資 | zh_TW |
| dc.subject | 機構投資人 | zh_TW |
| dc.subject | Institutional investors | en |
| dc.subject | SEO | en |
| dc.title | 機構投資人持股比例對現金增資公司長短期績效之影響 | zh_TW |
| dc.title | The Effect of Institutional Ownership on Short-Term and Long-Term Performance following Seasoned Equity Offerings | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 100-1 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 石百達,周冠男 | |
| dc.subject.keyword | 機構投資人,現金增資,公司績效表現, | zh_TW |
| dc.subject.keyword | Institutional investors,SEO, | en |
| dc.relation.page | 32 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2012-01-16 | |
| 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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