請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/46002完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 何耕宇 | |
| dc.contributor.author | Li-Jen Chang | en |
| dc.contributor.author | 張立人 | zh_TW |
| dc.date.accessioned | 2021-06-15T04:50:59Z | - |
| dc.date.available | 2012-08-03 | |
| dc.date.copyright | 2010-08-03 | |
| dc.date.issued | 2010 | |
| dc.date.submitted | 2010-08-02 | |
| dc.identifier.citation | References
Asquith, P., 1983, Merger bids, uncertainty, and stockholder returns, Journal of Financial Economics 11, 121-139. Baker, M., R. Ruback, and J. Wurgler, 2005, Behavioral Corporate Finance: A Survey, in B. Espen Eckbo (eds.), Handbook in Corporate Finance: Empirical Corporate Finance, North-Holland. Barberis, N., and R. Thaler, 2003, A survey of behavioral finance, in: G. Constantinides, M. Harris, R. Stulz (eds.), Handbook of the Economics of Finance, North-Holland. Black, F. and M.Scholes, 1973, The Pricing of Options and Corporate Liabilities, Journal of Political Economy 81, 637-654. Campbell T. C, A. Johnson, R. J. Stanley, and W. Brooke, 2009, CEO confidence and forced turnover, Working Paper, Texas A&M University. Fuller, K., J. Netter, and M. Stegemoller, 2002, What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions, Journal of Finance 57, 1763-1793. Glaser, M., M. Weber, and T. Langer, 2005, Overconfidence of Professionals and Lay Men: Individual Differences Within and Between Tasks?, Working Paper, University of Mannheim. Goel, A. M., and A. Thakor, 2000, Rationality, overconfidence and leadership, Working Paper, University of Michigan. Gompers, P., J. Ishii, and A. Metrick, 2003, Corporate governance and equity prices, Quarterly Journal of Economics 118, , 107-155. Hall, B. J. and K. J. Murphy, 2002, Stock options for undiversified executives, Journal of Accounting and Economics 33, 3-42. Harford, J., 1999, Corporate Cash Reserves and Acquisitions, Journal of Finance 54, 1969-97. Heaton, J. B., 2002, Managerial optimism and corporate finance, Financial Management 31, 33-45. Hirshleifer, D., A. Low, and S. H. Teoh, 2010, Are Overconfident CEOs Better Innovators?, Working Paper, University of California, Irvine Jensen, M. C., 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323-329. Jensen, M. C., 1988, Takeovers: their causes and consequences, Journal of Economic Perspectives 1,21-48. Lambert, R. A., D. F. Larcker, and R. E. Verrecchia, 1991, Portfolio considerations in valuing executive compensation, Journal of Accounting Research 29, 129-149. Lang, L., and R. Stulz, 1994, Tobin’s Q, corporate diversification, and firm performance, Journal of Political Economy 102, 1248-1280. Lang, L., R. Stulz, R. Walkling, 1989. Managerial performance, Tobin’s Q, and the gains from successful tender offers, Journal of Financial Economics 24, 137-154. Langer, E. J., 1975, The illusion of control, Journal of Personality and Social Psychology 32, 311-328. Maksimovic, V., G. Phillips, 2001, The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains? Journal of Finance 56, 2019-2065. Malmendier, U., and G. A. Tate, 2005, CEO overconfidence and corporate investment , Journal of Finance 60, 2661-2700. Malmendier, U., and G. A. Tate, 2008, Who makes acquisitions? CEO overconfidence and the market’s reaction, Journal of Financial Economics 89, 20-43 Masulis, R. W., C. Wang, and F. Xie, 2007, Corporate Governance and Acquirer Returns, Journal of Finance 62, 1851-1889 Merton, R. C., 1973, Theory of rational option pricing, The Bell Journal of Economics and Management Science 4, 141-183. Moeller, S. B., F. P. Schlingemann, and R. M. Stulz, 2005, Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave, Journal of Finance 60, 757-782. Myers, S. C., and N. S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-221. Roll, R., 1986, The hubris hypothesis of corporate takeovers, Journal of Business 59, 197-216. Schoar, A., 2002, Effects of corporate diversification on productivity, Journal of Finance 57, 2379-2403. Servaes, H., 1991. Tobin’s Q and the gains from takeovers, Journal of Finance 46, 409.419. Weinstein, N. D., and W. M. Klein, 2002, Resistance of personal risk perceptions to debiasing interventions, in T. Gilovich, D. Griffin, and D. Kahneman(eds.), Heuristics and Biases: The Psychology of Intuitive Judgment, Cambridge University Press. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/46002 | - |
| dc.description.abstract | 本文探討經理人過度自信特質對於企業併購決策之影響以及其市場反應。經理人因具有過度自信特質，高估其進行經營決策時所能創造價值之能力，致使進行過多而品質相對低落的併購決策，而面臨較差的市場反應。我們檢視1996至2006年間，673間美國公司及其併購決策，發現過度自信經理人具有較高進行併購的傾向；同時當擁有較低決策獨裁權時，過度自信經理人呈現更高的併購傾向。在市場的反應方面，對過度自信經理人併購事件宣告的反應，相對於非過度自信經理人為差。 | zh_TW |
| dc.description.abstract | This study examines the effect of CEO overconfidence on merger decisions and the corresponding market responses. Overconfident CEOs tend to overestimate their ability in generating value. Hence, there is a greater chance that they conduct more mergers with a lower-than-average quality and sequentially poorer market responses. We study 673 US firms and their merger bids during 1996 and 2006. The empirical results show that overconfident CEOs are more likely to conduct mergers. This is more evident when the overconfident CEOs are in firms with lower managerial power. The market reacts significantly more negative to the mergers announced by overconfident CEOs than those by rational CEOs. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-15T04:50:59Z (GMT). No. of bitstreams: 1 ntu-99-R97341040-1.pdf: 2444270 bytes, checksum: 13a2d722fa46f2e00ba501b16050a6fa (MD5) Previous issue date: 2010 | en |
| dc.description.tableofcontents | Contents
1 Introduction………………………………………………………………….....1 2 Literature Review…………………………………………………………….... 4 3 Hypotheses…………………………………………………………………….. 7 4 Data…………………………………………………………………………..... 9 4.1 Data Sources…………………………………………………………….. 9 4.2 Overconfidence Measure……………………………………………….. 10 4.3 Other control variables…………………………………………………. 12 5 Empirical Result…………………………………………………………….... 14 5.1 Merger frequency, Managerial and corporate condition……………….. 15 5.2 Do overconfidence CEOs prefer diversifying mergers………………… 25 5.3 Undervaluation Perception in Merger Financing………………………. 26 5.4 Market responses……………………………………………………….. 27 6. Conclusion…………………………………………………………………….. 30 7. References……….………………………………………………………………. 33 | |
| dc.language.iso | en | |
| dc.subject | 併購 | zh_TW |
| dc.subject | 過度自信 | zh_TW |
| dc.subject | 傲慢 | zh_TW |
| dc.subject | 獨裁 | zh_TW |
| dc.subject | 管理偏誤 | zh_TW |
| dc.subject | Dictatorship | en |
| dc.subject | Managerial biases | en |
| dc.subject | Mergers and Acquisitions | en |
| dc.subject | Overconfidence | en |
| dc.subject | Hubris | en |
| dc.title | 企業倂購決策與經理人過度自信之關聯性分析 | zh_TW |
| dc.title | Managerial Overconfidence and Acquisition Decision | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 98-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 周冠男,莊文議 | |
| dc.subject.keyword | 併購,過度自信,傲慢,獨裁,管理偏誤, | zh_TW |
| dc.subject.keyword | Mergers and Acquisitions,Overconfidence,Hubris,Dictatorship,Managerial biases, | en |
| dc.relation.page | 47 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2010-08-02 | |
| dc.contributor.author-college | 社會科學院 | zh_TW |
| dc.contributor.author-dept | 國家發展研究所 | zh_TW |
| 顯示於系所單位： | 國家發展研究所 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-99-1.pdf 未授權公開取用 | 2.39 MB | Adobe PDF |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。