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Title:	董監事責任保險和併購表現：以台灣上市櫃公司為例 Directors’ and Officers’ Liability Insurance and Acquisition Performance: Evidence from Publicly Traded Firms in Taiwan
Authors:	鄔函靜 Wu, Han-Ching
Contributors:	鄭士卿 Jeng, Shih-Ching 鄔函靜 Wu, Han-Ching
Keywords:	董監事責任保險併購 D&O Insurance Acquisition
Date:	2019
Issue Date:	2019-08-07 16:15:25 (UTC+8)
Abstract:	We link the idea of directors’ and officers’ liability insurance (D&O insurance) with mergers and acquisitions (M&As) and examine how the purchase of directors’ and officers’ liability insurance may affect acquisition performance of firms in Taiwan. Using publicly-traded firms data in Taiwan from 2009 to 2016, we investigate both short-term and long-term buy and hold returns as well as announcement-period stock returns. We find that acquirers whose managers are protected by D&O insurance or carry higher policy limits experience higher announcement abnormal stock returns than do acquirers without D&O insurance or lower policy limits. We also find that acquirers with D&O insurance or higher coverage experience higher one-year buy and hold abnormal returns but lower three-year buy and hold abnormal returns. Our results show that examining long-term performance of the firm, specifically three-year performance, provides different perspectives to the current D&O insurance literatures.
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Description:	碩士國立政治大學風險管理與保險學系 106358004
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0106358004
Data Type:	thesis
DOI:	10.6814/NCCU201900391
Appears in Collections:	[Department of Risk Management and Insurance] Theses

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