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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 朱玉芳 | zh_TW |
| dc.contributor.advisor | Yu-Fang Chu | en |
| dc.contributor.author | 謝京兆 | zh_TW |
| dc.contributor.author | Chin-Chao Hsieh | en |
| dc.date.accessioned | 2025-07-23T16:16:57Z | - |
| dc.date.available | 2025-07-24 | - |
| dc.date.copyright | 2025-07-23 | - |
| dc.date.issued | 2025 | - |
| dc.date.submitted | 2025-07-18 | - |
| dc.identifier.citation | Akerlof, G. A. (1970). The market for "lemons": Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488-500. https://doi.org/10.2307/1879431
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The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies, 19(1), 396-455. https://doi.org/10.1007/s11142-013-9258-3 Castellani, V., Muller, K. A., & Park, K. J. (2024). Investor reaction to SPACs' voluntary disclosures. The Accounting Review, 99(1), 105-137. https://doi.org/10.2308/TAR-2022-0003 CFA Institute. (2010). Standards of practice handbook. CFA Institute Chapman, K., Frankel, R. M., & Martin, X. (2021). SPACs and forward-looking disclosure: Hype or information? Working paper. https://doi.org/10.2139/ssrn.3920714 Cheynel, E., & Levine, C. B. (2020). Public disclosures and information asymmetry: A theory of the mosaic. The Accounting Review, 95(1), 79-99. https://doi.org/10.2308/accr-52447 Chu, Y. F. (2023). SPACs and risk factor disclosures [Unpublished doctoral dissertation]. The University of Texas at Dallas. https://hdl.handle.net/10735.1/9892 Dambra, M., Even-Tov, O., & Munevar, K. (2023). 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Journal of Financial Economics, 14(1), 71-100. https://doi.org/10.1016/0304-405X(85)90044-3 Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440. https://doi.org/10.1016/S0165-4101(01)00018-0 Hope, O. K., Hu, D., & Lu, H. (2016). The benefits of specific risk-factor disclosures. Review of Accounting Studies, 21(4), 1005-1045. https://doi.org/10.1007/s11142-016-9371-1 Huang, A.H., Zang, A. Y., & Zhang, R. (2014). Evidence on the information content of text in analyst reports. The Accounting Review, 89(6), 2151-2180. https://doi.org/10.2308/accr-50833 Klausner, M., Ohlrogge, M., & Ruan, E. (2022). A sober look at SPACs. Yale Journal on Regulation, 39(1), 228-303. Kravet, T., & Muslu, V. (2013). Textual risk disclosures and investors' risk perceptions. Review of Accounting Studies, 18(4), 1088-1122. https://doi.org/10.1007/s11142-013-9228-9 Kyle, A. S. (1985). Continuous auctions and insider trading. Econometrica, 53(6), 1315-1335. https://doi.org/10.2307/1913210 Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks. The Journal of Finance, 66(1), 35-65. https://doi.org/10.1111/j.1540-6261.2010.01625.x Marwaha, A. (2023). Essays on risk factor disclosures. [Unpublished doctoral dissertation]. Indian School of Business. https://www.proquest.com/dissertations-theses/essays-on-risk-factor-disclosures/docview/2858650227/se-2?accountid=14229 Pang, B., & Lee, L. (2008). Opinion mining and sentiment analysis. Foundations and Trends in Information Retrieval, 2(1-2), 1-135. https://doi.org/10.1561/1500000011 Pawliczek, A., Skinner, A. N., & Zechman, S. L. C. (2024). Signing blank checks: The roles of disclosure and reputation in the face of limited information. The Accounting Review, 99(2), 395-419. https://doi.org/10.2308/TAR-2021-0631 SEC. (2022). SEC proposes new rules to enhance disclosures and investor protections relating to SPACs, shell companies, and projections. https://www.sec.gov/newsroom/press-releases/2022-56 SEC. (2024). SEC adopts rules to enhance investor protections relating to SPACs, shell companies, and projections. https://www.sec.gov/newsroom/press-releases/2024-8 Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374. https://doi.org/10.2307/1882010 Stone, P. J., Dunphy, D. C., Smith, M. S., & Ogilvie, D. M. (1966). The General Inquirer: A computer approach to content analysis. MIT Press. Tetlock, P. C. (2007). Giving content to investor sentiment: The role of media in the stock market. The Journal of Finance, 62(3), 1139-1168. https://doi.org/10.1111/j.1540-6261.2007.01232.x Tetlock, P. C., Saar-Tsechansky, M., & Macskassy, S. (2008). More than words: Quantifying language to measure firms' fundamentals. The Journal of Finance, 63(3), 1437-1467. https://doi.org/10.1111/j.1540-6261.2008.01362.x Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1-3), 97-180. https://doi.org/10.1016/S0165-4101(01)00025-8 Welker, M. (1995). Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary Accounting Research, 11(2), 801-827. https://doi.org/10.1111/j.1911-3846.1995.tb00467.x Wen, Y., & Zhu, M. (2022). Is going public via SPAC regulatory arbitrage? A textual analysis approach. Working paper. https://ssrn.com/abstract=4066641 | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/97967 | - |
| dc.description.abstract | 近年來，特殊目的收購公司(SPAC)已成為企業上市的熱門替代途徑。本研究探討SPAC股東會委託書中風險因子揭露的負面語調對投資者決策及合併後公司資訊環境的影響。本研究以2016年至2024間的SPAC合併案例為樣本，採用文本分析量化風險因子揭露之負面語調揭露，檢視其對合併前投資者贖回率及合併後資訊不對稱的影響。
實證結果顯示，風險因子揭露的負面語調比例與SPAC投資者贖回率並無顯著關聯，顯示投資者在贖回決策時主要依賴發起人背景及SPAC結構特性等因素。然而，不確定性詞彙及訴訟性詞彙比例與合併後資訊不對稱呈現顯著負相關，表明此類負面語調有助於降低市場參與者間的資訊不對稱。 | zh_TW |
| dc.description.abstract | In recent years, Special Purpose Acquisition Companies (SPACs) have become a popular alternative to go public. This study investigates the impact of negative tone in risk factor disclosures included in SPACs’ proxy statements on investor decision-making and the post-merger information environment. Using SPAC merger cases from 2016 to 2024 as the sample, this research employs textual analysis to quantify negative tone in risk factor disclosures of proxy statements and examines its impact with pre-merger investor redemption rates and post-merger information asymmetry.
The empirical results show that the proportion of negative tone in risk factor disclosures has no significant association with SPAC investor redemption rates, indicating that investors are more likely to rely on factors such as sponsor background and SPAC structural characteristics when making redemption decisions. However, the proportion of uncertainty words and litigious words shows a significant negative correlation with post-merger information asymmetry, suggesting that such negative tone helps reduce information asymmetry among market participants. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2025-07-23T16:16:57Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2025-07-23T16:16:57Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 口試委員會審定書 i
誌謝 ii 摘要 iii ABSTRACT iv 目 次 v 圖 次 vii 表 次 viii 第一章 緒論 1 第一節 研究背景及動機 1 第二節 研究目的 3 第三節 研究架構 4 第二章 文獻回顧 5 第一節 SPAC制度背景 5 第二節 風險因子揭露之研究 8 第三節 情感分析與會計及金融文獻之應用 10 第四節 資訊不對稱與買賣價差之研究 12 第五節 假說發展 14 第三章 研究方法 16 第一節 樣本選取 16 第二節 變數衡量及模型設計 18 第四章 實證結果 22 第一節 敘述性統計 22 第二節 負面語調比例對贖回率之影響 27 第三節 負面語調比例對合併後資訊不對稱之影響 29 第四節 穩健性測試 31 第五節 額外測試 35 第五章 結論 39 第一節 研究發現與貢獻 39 第二節 研究限制與未來研究建議 40 參考文獻 41 | - |
| dc.language.iso | zh_TW | - |
| dc.subject | 風險因子揭露 | zh_TW |
| dc.subject | 文本分析 | zh_TW |
| dc.subject | 資訊不對稱 | zh_TW |
| dc.subject | 贖回率 | zh_TW |
| dc.subject | 負面語調 | zh_TW |
| dc.subject | 風險因子揭露 | zh_TW |
| dc.subject | 特殊目的收購公司 | zh_TW |
| dc.subject | 文本分析 | zh_TW |
| dc.subject | 資訊不對稱 | zh_TW |
| dc.subject | 贖回率 | zh_TW |
| dc.subject | 負面語調 | zh_TW |
| dc.subject | 特殊目的收購公司 | zh_TW |
| dc.subject | Sentiment Analysis | en |
| dc.subject | SPAC | en |
| dc.subject | Special Purpose Acquisition Companies | en |
| dc.subject | Risk Factor Disclosures | en |
| dc.subject | Negative Tone | en |
| dc.subject | Redemption | en |
| dc.subject | Information Asymmetry | en |
| dc.subject | Sentiment Analysis | en |
| dc.subject | SPAC | en |
| dc.subject | Special Purpose Acquisition Companies | en |
| dc.subject | Risk Factor Disclosures | en |
| dc.subject | Negative Tone | en |
| dc.subject | Redemption | en |
| dc.subject | Information Asymmetry | en |
| dc.title | SPAC風險因子揭露之負面語調比例對贖回率及合併後資訊不對稱之影響 | zh_TW |
| dc.title | The Impact of Negative Tone in Risk Factor Disclosures on Redemption and Post-Merger Information Asymmetry | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 113-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 廖芝嫻;黃馨儀 | zh_TW |
| dc.contributor.oralexamcommittee | Chih-Hsien Liao;Hsin-Yi Huang | en |
| dc.subject.keyword | 特殊目的收購公司,風險因子揭露,負面語調,贖回率,資訊不對稱,文本分析, | zh_TW |
| dc.subject.keyword | SPAC,Special Purpose Acquisition Companies,Risk Factor Disclosures,Negative Tone,Redemption,Information Asymmetry,Sentiment Analysis, | en |
| dc.relation.page | 44 | - |
| dc.identifier.doi | 10.6342/NTU202502053 | - |
| dc.rights.note | 同意授權(全球公開) | - |
| dc.date.accepted | 2025-07-21 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 會計學系 | - |
| dc.date.embargo-lift | 2025-07-24 | - |
| 顯示於系所單位： | 會計學系 | |
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|---|---|---|---|
| ntu-113-2.pdf | 2.44 MB | Adobe PDF | 檢視/開啟 |
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