Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/38403
|
| Title: | 證券市場與分析師對企業更名之反應:以澳洲市場為例
Stock Market and Analysts Reactions to Corporate Name Changes: Evidence from the Australian Capital Market |
| Authors: | 劉向晴
Liu, Hsiang Ching |
| Contributors: | 張元晨
Chang, Yuan Chen
劉向晴
Liu, Hsiang Ching |
| Keywords: | 事件研究法
企業更名
分析師
event study
corporate name changes
analysts |
| Date: | 2007 |
| Issue Date: | 2010-04-08 16:20:58 (UTC+8) |
| Abstract: | This paper investigates the impact of corporate name changes on both of stock performance and analysts’ reaction with the employment of event study. We first examine a sample of 387 listed Australian companies that renamed themselves during the time frame from January 2001 to December 2007. Separate analyses are conducted under three criterion dividing the overall sample into (1)”major” versus “minor” name changes; (2)name changes in “mining-related” versus “non-mining-related” sectors; and (3)name changes “with” versus “without” reasons mentioned. Generally, we find some evidence of significant negative association between corporate name changes and cumulative abnormal return. The result shows, unlike all other subgroups, name changes “with” reasons mentioned generate insignificant positive valuation effects. Separate analyses give two important implications. First, negative cumulative abnormal return in all subgroups is discovered except in the subgroup of name changes “with” reasons mentioned. The difference of abnormal returns within subgroups, in addition, appears to be significant only between name change with reasons mentioned or not. Our findings suggest that analysts react reluctantly to corporate name changes by showing tiny downward forecast revisions, which are far from significant. Instead, it seems analysts make forecast revisions based more on accounting data, which shows insignificant variations between pre- and post-event, than on signals of corporate name changes. |
| Reference: | Andrikopoulos P., A. Daynes and P. Pagas. 2007. The long-term market performance of UK companies following corporate name changes. Working paper.
Abdel-Khali A. R. and B. B. Ajinkya. 1982. Returns to informational advantages: The case of analysts` forecast revisions. The Accounting Review 57(4): 661-680.
Bosch, Jean-Claude, and Mark Hirschey. 1989. The valuation effects of corporate name changes. Financial Management 18: 64-73.
Conrad J. S., B. Cornell, W. R. Landsman and B. Rountree. 2004. How do analysts recommendations respond to major news? Finance: 14-04.
Cooper M. J., O. Dimitrov, and R. Rau. 2001. A rose.com by any other name. The journal of Finance LIV (6): 2371-2388.
Cooper M. J., A. Khorana, A. Patel, R. Rau, and Osobov I. 2004. Managerial actions in response to a market downturn: Valuation effects of name changes in the dot.com decline. Purdue University Working Paper.
Denis, D.K., J.J. McConnell, A.V. Ovtchinnikov, and Y. YU. 2003. S&P index additions and earnings expectations. The Journal of Finance 58 (5): 1821-1840.
Gleason C. A. and C. M. C. Lee. 2000. Characteristics of price informative analyst forecasts. Parker Center for investment research working papers.
Gleason C. A. and C. M. C. Lee. 2002. Analysts forecast revisions and market price formation. Working paper.
Huijgen, C., and A. Plantinga. 1999. Analysts’ earnings forecasts and international asset allocation. Unpublished working paper, University of Groningen.
Imhoff, E., and G. Lobo. 1984. Information content of analysts’ composite forecast revisions. Journal of Accounting Research 22 (2): 541-554.
Jegadeesh N. and W. Kim. Value of analyst recommendations: International evidence. 2006. Journal of Financial Markets 9(3): 272-309.
John S. Howe. 1982. A Rose by any other name? A note on corporate name changes. The Financial Review 17: 271-278.
Josev, T., A. Peker and R. Faff. 1999. The potential distorting effect of extreme observations in event studies: Australian corporate name changes as an illustrative case, Accounting, Accountability and Performance 5 (April):1-10.
Josev T., H. Chan, and R. Faff. 2004. What’s in a name? Evidence on corporate name changes from the Australian capital market. Pacific Accounting Review 16 (1): 57-75.
Karbhari Y., Z. M. Sori, and S. Mohamad. 2004. Shareholder Wealth Effects and corporate name change” Evidence from Malaysia. Corporate Ownership & Control 2(1): 38-49.
Karpoff, J. and G. Rankine. 1994, In search of a signaling effect: The wealth effects of corporate name changes. Journal of Banking and Finance 18: 1027-1045.
Kot H. W. and J. Zhang. 2008. Rrice reactions to corporate name changes. Working paper.
Stickel, S.E. 1991. Common stock returns surrounding earnings forecast revisions: More puzzling evidence. The Accounting Review 66: 402-416.
Tadelis, S. 1999. What’s in a name? Reputation as a tradable asset. American Economic Review 89: 548-563.
Womack, K. 1996. Do brokerage analysts` recommendations have investment value? Journal of Finance 51: 137-167. |
| Description: | 碩士
國立政治大學
財務管理研究所
93357021
96 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0093357021 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
