政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/38403
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 110934/141854 (78%)
造访人次 : 47821425      在线人数 : 742
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/38403


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/38403


    题名: 證券市場與分析師對企業更名之反應:以澳洲市場為例
    Stock Market and Analysts Reactions to Corporate Name Changes: Evidence from the Australian Capital Market
    作者: 劉向晴
    Liu, Hsiang Ching
    贡献者: 張元晨
    Chang, Yuan Chen
    劉向晴
    Liu, Hsiang Ching
    关键词: 事件研究法
    企業更名
    分析師
    event study
    corporate name changes
    analysts
    日期: 2007
    上传时间: 2010-04-08 16:20:58 (UTC+8)
    摘要: This paper investigates the impact of corporate name changes on both of stock performance and analysts’ reaction with the employment of event study. We first examine a sample of 387 listed Australian companies that renamed themselves during the time frame from January 2001 to December 2007. Separate analyses are conducted under three criterion dividing the overall sample into (1)”major” versus “minor” name changes; (2)name changes in “mining-related” versus “non-mining-related” sectors; and (3)name changes “with” versus “without” reasons mentioned. Generally, we find some evidence of significant negative association between corporate name changes and cumulative abnormal return. The result shows, unlike all other subgroups, name changes “with” reasons mentioned generate insignificant positive valuation effects. Separate analyses give two important implications. First, negative cumulative abnormal return in all subgroups is discovered except in the subgroup of name changes “with” reasons mentioned. The difference of abnormal returns within subgroups, in addition, appears to be significant only between name change with reasons mentioned or not. Our findings suggest that analysts react reluctantly to corporate name changes by showing tiny downward forecast revisions, which are far from significant. Instead, it seems analysts make forecast revisions based more on accounting data, which shows insignificant variations between pre- and post-event, than on signals of corporate name changes.
    參考文獻: Andrikopoulos P., A. Daynes and P. Pagas. 2007. The long-term market performance of UK companies following corporate name changes. Working paper.
    Abdel-Khali A. R. and B. B. Ajinkya. 1982. Returns to informational advantages: The case of analysts` forecast revisions. The Accounting Review 57(4): 661-680.
    Bosch, Jean-Claude, and Mark Hirschey. 1989. The valuation effects of corporate name changes. Financial Management 18: 64-73.
    Conrad J. S., B. Cornell, W. R. Landsman and B. Rountree. 2004. How do analysts recommendations respond to major news? Finance: 14-04.
    Cooper M. J., O. Dimitrov, and R. Rau. 2001. A rose.com by any other name. The journal of Finance LIV (6): 2371-2388.
    Cooper M. J., A. Khorana, A. Patel, R. Rau, and Osobov I. 2004. Managerial actions in response to a market downturn: Valuation effects of name changes in the dot.com decline. Purdue University Working Paper.
    Denis, D.K., J.J. McConnell, A.V. Ovtchinnikov, and Y. YU. 2003. S&P index additions and earnings expectations. The Journal of Finance 58 (5): 1821-1840.
    Gleason C. A. and C. M. C. Lee. 2000. Characteristics of price informative analyst forecasts. Parker Center for investment research working papers.
    Gleason C. A. and C. M. C. Lee. 2002. Analysts forecast revisions and market price formation. Working paper.
    Huijgen, C., and A. Plantinga. 1999. Analysts’ earnings forecasts and international asset allocation. Unpublished working paper, University of Groningen.
    Imhoff, E., and G. Lobo. 1984. Information content of analysts’ composite forecast revisions. Journal of Accounting Research 22 (2): 541-554.
    Jegadeesh N. and W. Kim. Value of analyst recommendations: International evidence. 2006. Journal of Financial Markets 9(3): 272-309.
    John S. Howe. 1982. A Rose by any other name? A note on corporate name changes. The Financial Review 17: 271-278.
    Josev, T., A. Peker and R. Faff. 1999. The potential distorting effect of extreme observations in event studies: Australian corporate name changes as an illustrative case, Accounting, Accountability and Performance 5 (April):1-10.
    Josev T., H. Chan, and R. Faff. 2004. What’s in a name? Evidence on corporate name changes from the Australian capital market. Pacific Accounting Review 16 (1): 57-75.
    Karbhari Y., Z. M. Sori, and S. Mohamad. 2004. Shareholder Wealth Effects and corporate name change” Evidence from Malaysia. Corporate Ownership & Control 2(1): 38-49.
    Karpoff, J. and G. Rankine. 1994, In search of a signaling effect: The wealth effects of corporate name changes. Journal of Banking and Finance 18: 1027-1045.
    Kot H. W. and J. Zhang. 2008. Rrice reactions to corporate name changes. Working paper.
    Stickel, S.E. 1991. Common stock returns surrounding earnings forecast revisions: More puzzling evidence. The Accounting Review 66: 402-416.
    Tadelis, S. 1999. What’s in a name? Reputation as a tradable asset. American Economic Review 89: 548-563.
    Womack, K. 1996. Do brokerage analysts` recommendations have investment value? Journal of Finance 51: 137-167.
    描述: 碩士
    國立政治大學
    財務管理研究所
    93357021
    96
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0093357021
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    35702101.pdf121KbAdobe PDF2736检视/开启
    35702102.pdf142KbAdobe PDF2742检视/开启
    35702103.pdf211KbAdobe PDF2854检视/开启
    35702104.pdf150KbAdobe PDF2777检视/开启
    35702105.pdf159KbAdobe PDF2883检视/开启
    35702106.pdf179KbAdobe PDF2815检视/开启
    35702107.pdf166KbAdobe PDF2805检视/开启
    35702108.pdf152KbAdobe PDF2768检视/开启
    35702109.pdf146KbAdobe PDF2841检视/开启
    35702110.pdf512KbAdobe PDF2802检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    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 ©   - 回馈