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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/124259


    Title: 季節性情緒失調和併購事件的相關性
    Relationship between Seasonal Affective Disorder and M&A events
    Authors: 黃韋綾
    Huang, Wei-Ling
    Contributors: 周冠男
    Chou, Robin K.
    黃韋綾
    Huang, Wei-Ling
    Keywords: 行為財務學
    季節性情緒失調
    併購事件
    Behavioral finance
    Seasonal Affective Disorder
    Mergers and acquisitions
    Date: 2019
    Issue Date: 2019-07-01 11:12:34 (UTC+8)
    Abstract: 本研究欲探討季節性情緒失調(Seasonal Affective Disorder,簡稱SAD)是否會影響投資人對於併購事件的反應。季節性情緒失調是一種好發於秋季和冬季的情緒失調,過去研究顯示SAD會導致投資人有風險趨避的傾向,進而造成股票報酬的季節性波動。由於併購事件的重大性及複雜性往往會讓投資人難以衡量並做出決策,因此假設投資人受到環境影響的情緒波動會對股市造成更顯著的影響。
    研究結果發現,併購事件中的收購公司及目標公司其股票報酬都會受到SAD效應影響,更確切地說,SAD變數和股票報酬呈現正相關,但只有在相對較長的事件期間下才會呈現顯著,實證結果意味著SAD對併購事件的影響可能會隨著事件期間拉長越來越顯著。
    This study investigates whether the effect of seasonal affective disorder (SAD) will have an impact on investors’ response to merger and acquisition (M&A) events. Seasonal affective disorder is a mood disorder characterized by recurring depression in fall and winter. Prior studies have shown that the tendency of risk aversion caused by SAD leads to seasonal variation in stock returns. Given the fact that M&A is such a substantial and complicated event that makes investors more difficult to measure and make decisions, it is assumed that environment induced mood influence on the stock market can be more evident.
    Empirical results suggest that the stock returns of both acquirers and targets involved in M&A events have been affected by the effect of SAD. More specifically, there is a positive relationship between the SAD variable and stock returns, but only appears significant in a relatively longer event window. The empirical results imply that the influence of SAD on the M&A transactions may be more evident as the window period extends.
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    Description: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    106363041
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106363041
    Data Type: thesis
    DOI: 10.6814/NCCU201900146
    Appears in Collections:[企業管理研究所(MBA學位學程)] 學位論文

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