English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 110944/141864 (78%)
Visitors : 48024391      Online Users : 1129
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/140508


    Title: Three essays of corporate finance
    Authors: 車倫周
    Cha, Yun Ju
    Contributors: 財管系
    Keywords: Business;Finance;Corporate finance
    Date: 2021-02
    Issue Date: 2022-06-29 14:23:14 (UTC+8)
    Abstract: My dissertation aims at understanding various aspects of corporate finance. It contains three chapters. The first chapter examine the profitability of insider trading by large non-family individual shareholders (LISs), the sources of their profits, and the informativeness of their trading in predicting firms’ future. We find that LISs earn higher abnormal profits from their purchase (sales) transactions than other insiders, particularly when their firms have poorer governance, lower litigation risk, and higher information asymmetry and when they engage in opportunistic trades. LISs’ trading profits are greater when they are older and better educated, reside in local areas, and have more experience. We further find that LIS’s net purchases are positively associated with firms’ future performance. In the second chapter, we examine whether trust of the acquirer (target) country’s citizens towards the target (acquirer) country’s citizens (Acquirer’ (Target’s) generalized trust)) affects the valuation effects of cross-border mergers and acquisitions (M&As). We find that acquirers with higher Acquirer’s (Target’s) generalized trust realize higher announcement returns and have better post-M&A long-term operating and stock performance than those with lower Acquirer’s (Target’s) generalized trust. These acquirers also lay off fewer employees after M&As. An increase in post-merger stock performance is particularly evident when M&A partners face difficulties in achieving the post-M&A integration, such as linguistic and cultural differences, and geographic distance. The third chapter examine the effect of large non-family individual shareholders (LISs) on firm value. We find that firms with LISs have higher firm value than those without LISs, particularly when LISs’ ownership is larger and when firms have poor governance. Further analyses show that firms with LISs have higher CEO incentive pay and CEO turnover-performance sensitivity but lower investment and stock return volatility. These results support that the LISs enhance firm value by performing active monitoring and thus reducing managerial agency problems.  
    Relation: Nanyang Technological University
    Data Type: book
    DOI 連結: https://doi.org/10.32657/10356/146496
    DOI: 10.32657/10356/146496
    Appears in Collections:[財務管理學系] 專書/專書篇章

    Files in This Item:

    File Description SizeFormat
    index.html0KbHTML2218View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback