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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/63649


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    题名: 現金增資閉鎖期之探討
    The Expiration of SEOs` Lockup
    作者: 何乃辰
    贡献者: 湛可南
    何乃辰
    关键词: 閉鎖期
    資訊不對稱
    現金增資
    日期: 2013
    上传时间: 2014-02-10 14:48:10 (UTC+8)
    摘要: 此研究中，我檢測了3,073個現金增資且具有閉鎖契約之樣本，在這些樣本中，閉鎖期大多為90天。我發現當閉鎖契約到期時，平均超額報酬在+1天與累積超額報酬於-1天到+1天時都顯著小於零，且超額報酬大多集中於科技公司。此外，當閉鎖契約到期時，只有閉鎖期大於90天之樣本，超額報酬顯著小於零。最後，我發現除了科技因子可作為資訊不對稱的衡量指標外，閉鎖因子也可作為額外的資訊不對稱衡量指標，與Karpoff、Lee與Masulis(2013)之研究相一致。
    參考文獻: 1. Arthurs, Jonathan D., Lowell W. Busenitz , Robert E. Hoskisson, and Richard A. Johnson, 2009. Signaling and initial public offerings: The use and impact of the lockup period. Journal of Business Venturing 24, 360-372.
    2. Bah, Rahim, and Pascal Dumontier, 2001. R&D intensity and corporate financial policy: Some international evidence. Journal of Business Finance and Accounting 28, 671-692.
    3. Bradley, Daniel J., Bradford D. Jordan, Ivan C. Roten, and Ha-Chin Yi, 2001. Venture capital and IPO lockup expiration: An empirical analysis. Journal of Financial Research 24, 465-492.
    4. Brau, James C., Val E. Lambson, and Grant McQueen, 2005. Lockups revisited. Journal of Financial and Quantitative Analysis 40, 519-530.
    5. Brav, Alon, and Paul A. Gompers, 2003. The role of lockups in initial public offerings. Review of Financial Studies 16, 1-29.
    6. Brown, Stephen J., and Jerold B. Warner, 1985. Using daily stock returns: The case of event studies. Journal of Financial Economics 14, 3-31.
    7. Chen, Hsuan-Chi, and Jay R. Ritter, 2000. The seven percent solution. Journal of Finance 55, 1105-1131.
    8. Courteau, Lucie, 1995. Under-diversification and retention commitments in IPOs. Journal of Financial and Quantitative Analysis 30, 487-517.
    9. Fama, Eugene F., and Kenneth R. French, 1998. Value versus growth : The international evidence. Journal of Finance 53, 1975-1999.
    10. Field, Laura C., and Gordon Hanka, 2001. The expiration of IPO share lockups. Journal of Finance 56, 471-500.
    11. Karpoff, Jonathan M., Gemma Lee, and Ronald W. Masulis,2013. Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings. Journal of Financial Economics,110, 607-626.
    12. Mackinlay, Craig A., 1997. Event studies in Economics and Finance. Journal of Economic Literature 35, 13-39.
    13. Ofek, Eli, and Matthew Richardson, 2000. The IPO lock-up period: Implications for market efficiency and downward sloping demand curves. Working Paper, New York University.
    描述: 碩士
    國立政治大學
    財務管理研究所
    100357034
    102
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0100357034
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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