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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/36934
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/36934


    Title: 美國公司改名與分析師盈餘預測之關連性分析
    Authors: 林修平
    Contributors: 張元晨
    林修平
    Keywords: 美國證券交易所
    分析師
    公司更名
    Date: 2007
    Issue Date: 2009-09-18 20:12:22 (UTC+8)
    Abstract: 本研究針對1998年到2007年在美國三大證券交易所,紐約證券交易所、那斯達克證券交易所與美國證券交易所之中具有更名事件的上市公司進行股價變化的研究,並且試圖將公司更名前後的股價變化程度與國際法人券商評估系統( I/B/E/S)分析師對於更名公司每股盈餘預測值的變化進行連結。
    本研究從LexisNexis Academic資料庫的Wall Street Journal發布公司更名事件之中篩選適用樣本共291筆,並採取事件研究法針對股價前後變化進行研究,並將291筆樣本資料經過三原則的區分產生三組成對樣本。經本研究的實證發現:在指定的7個事件期間之內,僅只有公司更名前的15天到前1天股價累積平均超額報酬平均值不具有任何顯著性;公司更名生效日當天,在顯著水準=10%之下具有正向顯著性;在其他的事件期間之內具有負向顯著性。在本研究建構的三組成對樣本的實證結果之中,僅有大幅度更名公司在公司更名生效日當天的股價累積平均超額報酬平均值要顯著的高過小幅度更名公司,顯著水準=10%。
    另外,從I/B/E/S分析師每股盈餘預測變化值得方向來看,I/B/E/S分析師每股盈餘預測值沒有顯著性差異,進而推論更名公司於更名後的股價下跌的原因應是不能歸咎於I/B/E/S分析師對於每股盈餘預測值的變動狀況。
    Reference: 1. Bosch, Jean-Claude, and Mark Hirschey (1989) “The valuation effects of corporate name changes.” Financial Management 18:pp. 64-73.
    2. Michael J. Cooper, Orlin Dimitrov and P. Raghvendra Rau(2001) “A rose.com by any other name” Journal of Finance – Vol. LVI, No. 6 Dec 2001. pp 2381-2388
    3. Diane K. Denis, John J. McConnell, Alexei V. Ovtchinnikov, and Yun Yu (2003) “S&P 500 Index Additions and Earnings Expectation”, Journal of Finance – Vol. LVIII, No. 5 Oct 2003. pp 1821-1840
    4. Robert B. Durand, Shern-Wei Koh, Hock Guan Ng(2003) ”From gold to silicon”, Journal of Multinational Financial Management - Vol. 13 pp 273-286
    5. Alex Head, Gary Smith and Julia Wilson “ Would a stock any other ticker smell as sweet?”
    6. John S. Howe(1982) ” A Rose by any other name? A note on corporate name changes.” The Financial Review 17: 271-278.
    7. Imhoff, E., and G. Lobo (1984) “Information content of analysts’ composite forecast revisions” Journal of Accounting Research 22
    8. Thomas Josev, Howard Chan and Robert Faff(2004) “ What’s in a name :Evidence on corporate name changes from the Australian capital market.”, Pacific Accounting Review – Vol. 16, No,1 June 2004
    9. Paul Sergius Koru(1997) ”Corporate name change signaling in the services industry”, Journal of Services Marketing - Vol.11 No.6 1997, pp. 392 – 408
    10. Peggy M. Lee(2001) ”What’s in a name .com?: The effects of ‘com’ name changes on stock prices and trading activity”, Strategic Management Journal 22: pp 793-804
    11. Dawn Lerman and Ellen Garbarino (2002) “ Recall and recognition of brand names : A comparison of word and non-word name types.”, Psychology & Marketing - Vol. 19(7-8), July/August 2002, pp 621-639
    12. A. Craig Mackinlay (1997) “ Event studies in economics and finance”, Journal of Economic Literature – Vol,XXXV, pp. 13- 39
    13. Laurent Muzellec and Mary Lambkin “ Does Diageo make your Guinness taste better?”
    14. P. Raghavendra Rau, Ajay Patel, Igor Osobov, Michael J. Cooper(2003) ” The game of name :Valuation effects of name changes in a market downturn”
    15. Mani Subramani and Eric Walden(2000) ”The game of the name : a comparison of capital market reaction to dotcom V.S. traditional name changes”
    Description: 碩士
    國立政治大學
    財務管理研究所
    95357032
    96
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0095357032
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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