政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34051

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34051

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文笔数/总笔数 : 113451/144438 (79%)
造访人次 : 51286036 在线人数 : 881

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

主页 ‧ 登入 ‧ 上传 ‧ 说明 ‧ 关于政大典藏 ‧ 管理

到手机版

政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 > Item 140.119/34051

请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/34051

题名:	美加證券市場對石油相關公司改名的反應 Stock Market Reaction to Oil Company Name Change : Evidence from U.S. and Canada
作者:	楊世安
贡献者:	張元晨博士楊世安
关键词:	事件研究法公司改名石油 Event study Corporate name change Oil
日期:	2005
上传时间:	2009-09-17 19:15:40 (UTC+8)
摘要:	Does the stock prices of oil companies affected by the announcement of a corporate name changes? This paper investigates the North American oil firms undergo name changes from 2000 to 2005. We report a significantly positive abcdrmal return (12.5%) and abcdrmal trading volume on the event day for the overall 125 companies in our sample. During the period of crude oil price surges after 2004, we find a tendency of increasing number of firms add oil to their corporate names to signal their links with the oil markets. In the U.S., the CARs of firms add oil in their corporate names show positive effects on their stock prices. Their pre-event excess returns are not offset by post-event drift, especially in the oil hot period. Interestingly, we find that firms delete oil names in the oil hot period suffer a significant negative CAR in the post-event period. We provide evidence that major name changes are more beneficial than minor name changes in the North America oil companies, and name changes affect stock prices more positively for smaller companies than for big firms on event day. Between the U.S. and Canada, we show that there are the different CAR trends for each country. The information leakage period is longer in Canada than the U.S. It is seen that a firm with a resource unrelated activities adds an oil name, it would earn a permanent CAR. The overall results in our study suggest that the announcement of corporate name changes of oil companies convey important information to the stock market regarding their corporate images and identifies. Investors appear to respond enthusiastically to the word “oil” in corporate names because of the relationship with a glamorously lucrative and potentially growing oil prices.
參考文獻:	[1] Boehmer, Ekkehart, John Paul Broussard and Juha-Pekka Kallunki, 2002, Using SAS in Financial Research, (SAS Publishing, Cary, NC). [2] Bosch, Jean-Claude, and Mark Hirschey, 1989, “The Valuation Effects of Corporate Name Changes”, Financial Management 18, 64-73. [3] Brown, Stephen J., and Jerold B. Warner, 1985, “Using Daily Stock Returns: The Case of Event Studies”, Journal of Financial Economics 14, 3-31. [4] Burton Malkiel, G., 1973, A Random Walk Down Wall Street, (W. W. Norton & Company, New York, NY). [5] Cooper, Michael J., Ajay Khorana, Igor Osobov, Ajay Patel, and P. Raghavendra Rau, 2005, “Managerial Actions in Response to a Market Downturn Valuation Effects of Name Changes in the dot.com Decline”, Journal of Corporate Finance 11, 319-335. [6] Cooper, Michael J., Huseyin Gulen, and P. Raghavendra Rau, 2005, “Changing Names with Style: Mutual Fund Name Changes and Their Effects on Fund Flows”, Journal of Finance 60, 2825-2858. [7] Cooper, Michael J., Orlin Dimitrov, and P. Raghavendra Rau, 2001,”A Rose.com by Any Other Name”, Journal of Finance 56, 2371-2388. [8] Harawa, Rex D., 1992, “Wall Street Journal Announcements of News of Corporate Name-change and the Response of Security Prices: An Application of Event Studies Synthetic-time Portfolio Performance Methodologies”, Unpublished Ph. D. Dissertation, State University of New York. [9] Horsky, Dan, and Patrick Swyngedouw, 1987, “Does it pay to change your company’s name? A Stock market perspective”, Marketing Science 6, 320-335. [10] Howe, John S., 1982, “A Rose by Any Other Name? A Note on Corporate Name Changes”, The Financial Reivew 17, 271-278. [11] Josev, Thomas, Howard Chan, and Robert Faff, 2004, “What’s in a Name? Evidence on Corporate Name Changes form the Australian Capital Market”, Pacific Accounting Review 16, 57-75. [12] Kadapakkam, Palani-Rajan, and Lalatendu Misra, 2004, “What’s in a Nickname? Price and Volume Impacts of a Pure Ticker Symbol Change”, working paper, University of Texas. [13] Karbhari, Yusuf, Zulkarnain Muhamad Sori, and Shamsher Mohamad, 2004, “Share Price Reaction to Corporate Name Change Evidence from an Emerging Economy”, Corporate Ownership and Control 2, 38-49. [14] Karpoff, Jonathan M., and Graeme Rankine, 1994, “In Search of a Signaling effect: The Wealth Effects of Corporate Name Changes” Journal of Banking and Finance 18, 1027-1045. [15] Koku, Paul S., 1997, “Corporate Name Change Signaling in the Services Industry”, Journal of Services Marketing 11, 392-408. [16] Lee, Peggy M., 2001, “What’s in a Name.com?: the Effects of ‘.com’ Name Changes on Stock Prices and Trading Activity”, Strategic Management Journal 22, 793-804. [17] Morris, Linda J., and Mario G. C. Reyes, 1992, “Corporate Name Changes: the Association Between Functional Name Characteristics and Stock Performance”, Journal of Applied Business Research 8, 110-117. [18] Rashes, Michael S., 2001, “Massively Confused Investors Making Conspicuously Ignorant Choices (MCI-MCIC)”, Journal of Finance 56, 1911-1927. [19] Tadelis, Steven, 1999, “What’s in a Name? Reputation as a Tradeable Asset”, American Economic Review 89, 548-563.
描述:	碩士國立政治大學財務管理研究所 93357003 94
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0093357003
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
35700301.pdf		40Kb	Adobe PDF2	744	检视/开启
35700302.pdf		49Kb	Adobe PDF2	693	检视/开启
35700303.pdf		15Kb	Adobe PDF2	677	检视/开启
35700304.pdf		19Kb	Adobe PDF2	672	检视/开启
35700305.pdf		37Kb	Adobe PDF2	871	检视/开启
35700306.pdf		33Kb	Adobe PDF2	943	检视/开启
35700307.pdf		69Kb	Adobe PDF2	3349	检视/开启
35700308.pdf		123Kb	Adobe PDF2	798	检视/开启
35700309.pdf		19Kb	Adobe PDF2	744	检视/开启
35700310.pdf		14Kb	Adobe PDF2	625	检视/开启
35700311.pdf		18Kb	Adobe PDF2	871	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