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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/34051


    Title: 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
    Authors: 楊世安
    Contributors: 張元晨博士
    楊世安
    Keywords: 事件研究法
    公司改名
    石油
    Event study
    Corporate name change
    Oil
    Date: 2005
    Issue Date: 2009-09-17 19:15:40 (UTC+8)
    Abstract: 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.
    Reference: [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.
    Description: 碩士
    國立政治大學
    財務管理研究所
    93357003
    94
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0093357003
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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