政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/63649
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113822/144841 (79%)
造访人次 : 51782625      在线人数 : 592
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/63649


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/63649


    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

    文件中的档案:

    没有与此文件相关的档案.



    在政大典藏中所有的数据项都受到原著作权保护.


    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.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈