臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：管理階層金融教育背景與公司現金增資財富效果：台灣實證研究
作者：陳清彥
作者(外文)：CHEN,CHING-YEN
校院名稱：國立高雄科技大學
系所名稱：財務金融學院博士班
指導教授：蘇玄啟
學位類別：博士
出版日期：2020
主題關鍵詞：金融教育；現金增資；資訊不對稱；盈餘管理；價值高估；Financial education；Seasoned equity offerings；Information asymmetry；Earnings management；Overvaluation
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:1
本研究論文發展兩項互為競爭假說：資訊優勢假說與成長機會假說，以檢視「管理階層金融教育背景（FIN）」如何影響上市公司「現金增資發行股票（SEO）」宣告之財富效果。以「臺灣證券交易所（TWSE）」上市公司為研究樣本，本論文獲得以下重要研究結論：第一，台灣上市公司「更多受過金融教育的管理階層（MFEM）」對於SEO宣告的短期財富效果具有顯著負面影響；相對地，高階經理人未有MFEM對於SEO宣告的短期財富效果並無顯著影響。第二，對於資訊不對稱環境較高（較低）的發行公司，FIN對SEO財富效果的負面影響更為顯著（不顯著）。第三，對於更多（較少）盈餘管理環境的公司，FIN與SEO財富效果之間的負相關性更為顯著。第四，本文亦發現，三個直接證據證明MFEM的SEO公司被嚴重高估。首先，鑑於MFEM的私人資訊，特別是在資訊不對稱性更高且盈餘管理更多的公司，SEO股權被高估。其次，擁有MFEM的SEO公司長期財富效果較差。最後，MFEM傾向於在SEO之前減少其持股，並發現在SEO表現不佳（表現良好）之前就知道出售（購買）股權。上述四大結論指向本文支持資訊優勢假說：MFEM不僅擁有更多知識在獲取有助於準確評估股權的優質資訊，而且還傾向於透過利用私人資訊出售高估的股權。
This paper tests whether and how managerial financial education explains the valuation effects of seasoned equity offerings (SEOs). Using a sample of SEO announcements by the firms listed on the Taiwan Stock Exchange (TWSE) from 2007−2018, our results show that investors react more negatively to SEO announcements by firms with more financially educated managers (MFEMs). Such a negative effect is more pronounced for firms with a higher information asymmetry and more earnings management. Further evidence indicates that SEO-announcing firms with MFEMs are substantially overvalued and thus experience a significantly long-run post-SEO underperformance. MFEMs are found to reduce their ownership prior to SEOs. Our overall results support the opportunism-based information advantage hypothesis, suggesting that MFEMs not only have greater knowledge in accessing superior information that helps to evaluate equity precisely but also tend to take advantage of private information by selling overvalued equity.
1.Aier, J. K., Comprix, J., Gunlock, M. T., & Lee, D. (2005). The financial expertise of CFOs and accounting restatements. Accounting Horizons, 19(3), 123-135.
2.Ambarish, R., John, K., & Williams, J. (1987). Efficient signalling with dividends and investments. Journal of Finance, 42(2), 321-343.
3.Amihud, Y. (2002). Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets, 5(1), 31-56.
4.Andre, P., Kooli, M., & L’her, J. F. (2004). The long-run performance of mergers and acquisitions: Evidence from the Canadian stock market. Financial Management, 33(4).
5.Asquith, P., & Mullins, D. W. (1986). Equity issues and offering dilution. Journal of Financial Economics, 15(1), 61-89.
6.Barber, B. M., & Lyon, J. D. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43(3), 341-372.
7.Barclay, M. J., & Litzenberger, R. H. (1988). Announcement effects of new equity issues and the use of intraday price data. Journal of Financial Economics, 21(1), 71-99.
8.Bayer, P. J., Bernheim, B. D., & Scholz, J. K. (2009). The effects of financial education in the workplace: Evidence from a survey of employers. Economic Inquiry, 47(4), 605-624.
9.Bayless, M., & Chaplinsky, S. (1996). Is there a window of opportunity for seasoned equity issuance?. Journal of Finance, 51(1), 253-278.
10.Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics, 118(4), 1169-1208.
11.Bessembinder, H., & Zhang, F. (2013). Firm characteristics and long-run stock returns after corporate events. Journal of Financial Economics, 109(1), 83-102.
12.Bharath, S. T., Pasquariello, P., & Wu, G. (2009). Does asymmetric information drive capital structure decisions?. Review of Financial Studies, 22(8), 3211-3243.
13.Bloom, N., Lemos, R., Sadun, R., & Van Reenen, J. (2017). Healthy business? Managerial education and management in healthcare (No. w23880). National Bureau of Economic Research.
14.Booth, L., & Chang, B. (2011). Information asymmetry, dividend status, and SEO announcement‐day returns. Journal of Financial Research, 34(1), 155-177.
15.Carhart, M. M. (1997). On persistence in mutual fund performance. Journal of Finance, 52(1), 57-82.
16.Carlson, M., Fisher, A., & Giammarino, R. (2006). Corporate investment and asset price dynamics: Implications for SEO event studies and long‐run performance. Journal of Finance, 61(3), 1009-1034.
17.Chen, A., Li, W. L., & Chen, R. C. (2001). The announcement effect of seasoned equity offerings with respect to the growth potential and insider trading. Journal of Financial Studies, 9(1), 1.
18.Chen, S. (2015). Seasoned equity offerings or capital deductions? The reaction of stock prices: Evidence from Taiwan. Emerging Markets Finance and Trade, Published online, 1-17.
19.Cheng, C. A., & McNamara, R. (2000). The valuation accuracy of the price-earnings and price-book benchmark valuation methods. Review of Quantitative Finance and Accounting, 15(4), 349-370.
20.Ching, K. M., Firth, M., & Rui, O. M. (2006). The information content of insider trading around seasoned equity offerings. Pacific-Basin Finance Journal, 14(1), 91-117.
21.Choe, H., Masulis, R. W., & Nanda, V. K. (1993). Common stock offerings across the business cycle: Theory and evidence. Journal of Empirical Finance, 1(1), 3-31.
22.Chou, Y. Y., & Chan, M. L. (2018). The impact of CEO characteristics on real earnings management: Evidence from the US banking industry. Journal of Applied Finance & Banking, 8(2), 17-44.
23.Clarke, J., Dunbar, C., & Kahle, K. (2001). Long-run performance and insider trading in completed and canceled seasoned equity offerings. Journal of Financial and Quantitative Analysis, 36(04), 415-430.
24.Clarke, J., Dunbar, C., & Kahle, K. (2004). The long‐run performance of secondary equity issues: A test of the windows of opportunity hypothesis. Journal of Business, 77(3), 575-603.
25.Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics, 50(1), 2-19.
26.D’Mello, R., & Ferris, S. P. (2000). The information effects of analyst activity at the announcement of new equity issues. Financial Management, 78-95.
27.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2010). Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics, 95(3), 275-295.
28.Demiralp, I., D'Mello, R., Schlingemann, F. P., & Subramaniam, V. (2011). Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings. Journal of Corporate Finance, 17(5), 1340-1359.
29.Denis, D. J. (1994). Investment opportunities and the market reaction to equity offerings. Journal of Financial and Quantitative Analysis, 29(2), 159-177.
30.Dierkens, N. (1991). Information asymmetry and equity issues. Journal of Financial and Quantitative Analysis, 26(2), 181-199.
31.Elliott, W. B., Prevost, A. K., & Rao, R. P. (2009). The announcement impact of seasoned equity offerings on bondholder wealth. Journal of Banking & Finance, 33(8), 1472-1480.
32.Fahlenbrach, R., & Stulz, R. M. (2009). Managerial ownership dynamics and firm value. Journal of Financial Economics, 92(3), 342-361.
33.Fama, E.F. & French, K.R. (2015). A five-factor asset pricing model, Journal of Financial Economics, 116 (01), 1-22.
34.Foerster, S. R., & Karolyi, G. A. (2000). The long-run performance of global equity offerings. Journal of Financial and Quantitative Analysis, 35(04), 499-528.
35.Gombola, M. J., Lee, H. W., & Liu, F. Y. (1999). Further evidence on insider selling prior to seasoned equity offering announcements: The role of growth opportunities. Journal of Business Finance & Accounting, 26(5‐6), 621-649.
36.Gopalan, R., & Jayaraman, S. (2012). Private control benefits and earnings management: Evidence from insider controlled firms. Journal of Accounting Research, 50(1), 117-157.
37.Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2), 187-243.
38.Graham, J. R., Harvey, C. R., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1-3), 3-73.
39.Hadlock, C. J., Ryngaert, M., & Thomas, S. (2001). Corporate structure and equity offerings: are there benefits to diversification?. Journal of Business, 74(4), 613-635.
40.Hall, P. (1992). On the removal of skewness by transformation. Journal of the Royal Statistical Society. Series B (Methodological), 221-228.
41.Heron, R. A., & Lie, E. (2004). A comparison of the motivations for and the information content of different types of equity offerings. Journal of Business, 77(3), 605-632.
42.Helwege, J., Pirinsky, C., & Stulz, R. M. (2007). Why do firms become widely held? An analysis of the dynamics of corporate ownership. Journal of Finance, 62(3), 995-1028.
43.Holderness, C. G. (2018). Equity issuances and agency costs: the telling story of shareholder approval around the world. Journal of Financial Economics, 129(3), 415-439.
44.Huang, C. W., Ho, P. H., Lin, C. Y., & Yen, J. F. (2014). Firm age, idiosyncratic risk, and long-run SEO underperformance. International Review of Economics & Finance, 34, 246-266.
45.Huselid, M. A., Jackson, S. E., & Schuler, R. S. (1997). Technical and strategic human resources management effectiveness as determinants of firm performance. Academy of Management Journal, 40(1), 171-188.
46.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329.
47.Jensen, M. C. (2005). Agency costs of overvalued equity. Financial Management, 34(1), 5-19.
48.Jiang, Y., Stohs, M. H., & Xie, X. (2013). Do firms time seasoned equity offerings? Evidence from SEOs issued shortly after IPOs. SSRN Working Pape, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1117281.
49.Jiang, F., Zhu, B., & Huang, J. (2013). CEO's financial experience and earnings management. Journal of Multinational Financial Management, 23(3), 134-145.
50.Jung, K., Kim, Y. C., & Stulz, R. (1996). Timing, investment opportunities, managerial discretion, and the security issue decision. Journal of Financial Economics, 42(2), 159-186.
51.Kahle, K. M. (2000). Insider trading and the long-run performance of new security issues. Journal of Corporate Finance, 6(1), 25-53.
52.Kim, Y., Li, S., Pan, C., & Zuo, L. (2013). The role of accounting conservatism in the equity market: Evidence from seasoned equity offerings. Accounting Review, 88(4), 1327-1356.
53.Kim, Y., & Park, M. S. (2005). Pricing of seasoned equity offers and earnings management. Journal of Financial and Quantitative Analysis, 40(2), 435-463.
54.King, T., Srivastav, A., & Williams, J. (2016). What's in an education? Implications of CEO education for bank performance. Journal of Corporate Finance, 37, 287-308.
55.Korajczyk, R. A., Lucas, D. J., & McDonald, R. L. (1991). The effect of information releases on the pricing and timing of equity issues. Review of Financial Studies, 4(4), 685-708.
56.La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471-517.
57.La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. Journal of Finance, 57(3), 1147-1170.
58.Lee, G., & Masulis, R. W. (2009). Seasoned equity offerings: Quality of accounting information and expected flotation costs. Journal of Financial Economics, 92(3), 443-469.
59.Lee, I. (1997). Do firms knowingly sell overvalued equity?. Journal of Finance, 52(4), 1439-1466.
60.Leland, H. E., & Pyle, D. H. (1977). Informational asymmetries, financial structure, and financial intermediation. Journal of Finance, 32(2), 371-387.
61.Lin, Y. M., You, S. J., & Lin, F. J. (2008). The Effects of pre‐issue information releases on seasoned equity offerings. Journal of Business Finance & Accounting, 35(9‐10), 1138-1163.
62.Loughran, T., & Ritter, J. R. (1995). The new issues puzzle. Journal of Finance, 50(1), 23-51.
63.Loughran, T., & Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. Journal of Finance, 52(5), 1823-1850.
64.Lucas, D. J., & McDonald, R. L. (1990). Equity issues and stock price dynamics. Journal of Finance, 45(4), 1019-1043.
65.Lyandres, E., Sun, L., & Zhang, L. (2008). The new issues puzzle: Testing the investment-based explanation. Review of Financial Studies, 21(6), 2825-2855.
66.Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. Journal of Finance, 60(6), 2661-2700.
67.Masulis, R. W., & Korwar, A. N. (1986). Seasoned equity offerings: An empirical investigation. Journal of Financial Economics, 15(1), 91-118.
68.Matsunaga, S. & Yeung, E. (2008), Evidence on the impact of a CEO’s financial experience on the quality of the firm’s financial reports and disclosures, Working Paper, University of Oregon, and University of Georgia.
69.McLaughlin, R., Safieddine, A., & Vasudevan, G. K. (1996). The operating performance of seasoned equity issuers: Free cash flow and post-issue performance. Financial Management, 41-53.
70.McLaughlin, R., Safieddine, A., & Vasudevan, G. K. (1998). The information content of corporate offerings of seasoned securities: An empirical analysis. Financial Management, 31-45.
71.Mikkelson, W. H., & Partch, M. M. (1986). Valuation effects of security offerings and the issuance process. Journal of Financial Economics, 15(1), 31-60.
72.Miller, D., & Xu, X. (2016). A fleeting glory: Self-serving behavior among celebrated MBA CEOs. Journal of Management Inquiry, 25(3), 286-300.
73.Miller, D., & Xu, X. (2019). MBA CEOs, short-term management and performance. Journal of Business Ethics, 154(2), 285-300.
74.Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
75.Nguyen, T. Q., Nguyen, N., Nguyen, T., & Duong, C. (2018). CEO characteristics and earnings management: Evidence from mergers and acquisitions. Working Paper, Available at SSRN 3102630.
76.Rangan, S. (1998). Earnings management and the performance of seasoned equity offerings. Journal of Financial Economics, 50(1), 101-122.
77.Raymar, S. (1993). The financing and investment of A levered firm under asymmetric information. Journal of Financial Research, 16(4), 321-336.
78.Ritter, J. R. (2003). Investment banking and securities issuance. Handbook of the Economics of Finance, 1, 255-306.
79.Shroff, N., Sun, A. X., White, H. D., & Zhang, W. (2013). Voluntary disclosure and information asymmetry: Evidence from the 2005 securities offering reform. Journal of Accounting Research, 51(5), 1299-1345.
80.Shu, P. G., & Chiang, S. J. (2014). Firm size, timing, and earnings management of seasoned equity offerings. International Review of Economics & Finance, 29, 177-194.
81.Spiess, D. K., & Affleck-Graves, J. (1995). Underperformance in long-run stock returns following seasoned equity offerings. Journal of Financial Economics, 38(3), 243-267.
82.Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the underperformance of seasoned equity offerings. Journal of Financial Economics, 50(1), 63-99.
83.Titman, S., Wei, K. J., & Xie, F. (2004). Capital investments and stock returns. Journal of Financial and Quantitative Analysis, 39(4), 677-700.
84.Veld, C., Verwijmeren, P., & Zabolotnyuk, Y. (2015). Wealth effects of seasoned equity offerings: A meta analysis. Working Paper, Available at SSRN 2697375.
85.Wang, K., Chen, Y. H., & Huang, S. W. (2008). Agency theory and flotation methods in seasoned equity offerings: The case in Taiwan. Review of Pacific Basin Financial Markets and Policies, 11(04), 555-567.
86.Wright, P. M., McMahan, G. C., & McWilliams, A. (1994). Human resources and sustained competitive advantage: a resource-based perspective. International Journal of Human Resource Management, 5(2), 301-326.
87.Yoon, H., Zo, H., & Ciganek, A. P. (2011). Does XBRL adoption reduce information asymmetry?. Journal of Business Research, 64(2), 157-163.
88.Young, W. J., Kao, C. W., & Li, C. A. (2014). The Performance of Issuing Equity: The Case of Private Placements of Equity and Seasoned Equity Offerings in Taiwan. Review of Securities and Futures Markets, 26(1), 67-111.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：413（臺灣：408，外國：5） ／ 本年度總使用人次：2272939 ／ 訪客人次（自102年09月）：68073938
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上