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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 邱顯比,陳業寧 | |
dc.contributor.author | Pin-Chuen Liauw | en |
dc.contributor.author | 廖品荃 | zh_TW |
dc.date.accessioned | 2021-06-13T02:05:21Z | - |
dc.date.available | 2007-07-18 | |
dc.date.copyright | 2007-07-18 | |
dc.date.issued | 2007 | |
dc.date.submitted | 2007-07-02 | |
dc.identifier.citation | 1. Bommel, J., 2002, Messages from market to management: the case of IPOs, Journal of Corporate Finance 8, 123-138
2. Bruner, R. F., 2005, Deals from Hell: M&A Lessons That Rise Above the Ashes 3. Bruner, R. F., 2004, Applied Mergers and Acquisitions 4. Datar, S., R. Frankel, and M. Wolfson, 2001, Earnouts: the effects of adverse selection and agency costs on acquisition techniques, Journal of Law, Economics, and Organization 17, 201-238 5. Faccio, M., and R. W. Masulis, 2005, The choice of payment method in European mergers and acquisitions, Journal of Finance 60, 1345-1388 6. Jennings, R. H., and M. A. Mazzeo, 1991, Stock price movements around acquisition announcements and management’s response, Journal of Business 64, 139-163 7. Kau, J. B., J. S. Linck, and P. H. Rubin, 2004, Do managers listen to the market? Working Paper 8. Luo, Y., 2005, Do insiders learn from outsiders? Evidence from mergers and acquisitions, Journal of Finance 60, 1951-1982 9. Luo, Y., 2001, Learning from the market as a motive for disclosure: The case of takeover announcement timing, Working paper, SSRN 10. Martin, K. J., 1996, The method of payment in corporate acquisitions, investment opportunities, and management ownership, Journal of Finance 51, 1227-1246 11. Morck, R., A. Shleifer, and R. Vishny, 1990, Do managerial objectives drive bad acquisitions? Journal of Finance 45, 31-48 12. Officer, M. S., 2004, Collars and renegotiation in mergers and acquisitions, Journal of Finance 59 , 2719-2743 13. Officer, M. S., 2003, Termination fees in mergers and acquisitions, Journal of Financial Economics 69, 431-467 14. Shleifer, S., and R. W. Vishny, 2003, Stock market driven acquisitions, Journal of Financial Economics 70, 295-311 15. Wagenhofer, A., Voluntary disclosure with a strategic opponent, Journal of Accounting and Economics 12, 341-363 | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/30495 | - |
dc.description.abstract | 在併購案中,市場資訊往往具有一定的參考價值,然而併購雙方卻不一定有誘因去傾聽市場的意見並且將其考慮進最後是否繼續進行併購案的決策。本論文採用建立模型的方式來針對此現象進行探討。對於主併公司而言,整體綜效的預期大小、市場資訊的準確程度以及揭露消息前後分配到的綜效多寡都會影響到主併公司事前對市場揭露消息的意願;另一方面,對於目標公司而言,其揭露消息的誘因不一定和主併公司一致,而這將可能進一步造成「揭露不足」或是「揭露的不效率性」的情況。為了使雙方的利益盡量一致,主併公司可採用股票或其他具有風險分攤效果的交易方式來達成這個目標。 | zh_TW |
dc.description.abstract | This paper presents an analytical model about managers’ learning behavior in mergers and acquisitions (M&As). The amount of the expected synergy, the accuracy of the market information, and the splitting of the synergy pie with the target all have an influence on the bidder’s willingness to disclose news to the public and learn from the market reaction. The target’s incentive, however, is not necessarily the same as the bidder’s, which may further result in disclosure inefficiency. To solve this problem, a bidding structure with risk sharing such as the utilization of the stock exchange can be implemented. | en |
dc.description.provenance | Made available in DSpace on 2021-06-13T02:05:21Z (GMT). No. of bitstreams: 1 ntu-96-R94723043-1.pdf: 528870 bytes, checksum: 218f083cb49b5086a168d2b12fe1dd1d (MD5) Previous issue date: 2007 | en |
dc.description.tableofcontents | 口試委員會審定書……………………………………………………………………i
誌謝……………………………………………………………………………………ii 中文摘要………………………………………………………………………………iii 英文摘要………………………………………………………………………………iv I. Introduction…………………………………………………………………………1 II. The Model………………………………………………………………………….6 2.1. Basic Model…………………………………………………………………….6 2.2. Extension Model I – A Cash-payment Deal……………………………….10 2.3. Extension Model II – A Stock-exchanged Deal…………………………..15 2.4. Comparison…………………………………………………………………….19 III. Further Discussion………………………………………………………………25 IV. Conclusion……………………………………………………………………….27 References…………………………………………………………………………..29 | |
dc.language.iso | zh-TW | |
dc.title | 併購雙方揭露消息之誘因探討 | zh_TW |
dc.title | Announcement and Learning Incentive in Mergers and Acquisitions | en |
dc.type | Thesis | |
dc.date.schoolyear | 95-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 陳聖賢 | |
dc.subject.keyword | 併購,市場資訊, | zh_TW |
dc.subject.keyword | mergers and acquisitions,learning behavior,market opinion, | en |
dc.relation.page | 30 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2007-07-03 | |
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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