政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/115956

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113648/144635 (79%)
Visitors : 51617423 Online Users : 499

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/115956

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/115956

Title:	The Impact of Share Pledging Regulations on Stock Trading and Firm Valuation
Authors:	周冠男 Wang, Yu-Chun Chou, Robin K.
Contributors:	財管系
Keywords:	Institutional investment;Investor protection regulation;Ownership structure;Share pledges
Date:	2018-04
Issue Date:	2018-02-09 11:46:08 (UTC+8)
Abstract:	Previous research suggests that insiders’ shareholding pledges are associated with agency problems. However, the ways investors evaluate and react to such behaviors are less clear. By investigating stock market reactions to three regulatory changes related to share pledging in Taiwan, this study shows that firms whose directors make share pledges experience significantly higher stock returns around these events, compared with those without such directors. Institutional investors increase their shareholdings of pledging (i.e., less compliant) firms after the passage of the 2011 amendment to the Company Act, indicating that reduced agency problems increase institutions’ willingness to hold shares of less compliant firms. The results for stock trading and firm valuation also are more significant for firms with controlling shareholders, which are more likely to be expropriated. These results are consistent with the alignment hypothesis, in which firms that are less compliant with the rules benefit more from legislative changes. They also offer important implications, by showing how adjusting legal regulations can help improve investor protections.
Relation:	Journal of Banking and Finance, Volume 89, Pages 1-13
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.jbankfin.2018.01.016
DOI:	10.1016/j.jbankfin.2018.01.016
Appears in Collections:	[財務管理學系] 期刊論文

Files in This Item:

File	Description	Size	Format
89113.pdf		542Kb	Adobe PDF2	614	View/Open

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.

Loading...