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題名:Valuation and Motivation of Equity Carve-Outs
書刊名:財務金融學刊
作者:徐啟升鄭揚耀 引用關係李秀綾
作者(外文):Hsu, Chi-shengCheng, Lee-youngLee, Shiou-ling
出版日期:2012
卷期:20:2
頁次:頁83-119
主題關鍵詞:股權分割不對稱訊息假說分割利得假說價值錯估Equity carve-outsAsymmetric information hypothesisDivestiture gains hypothesisMispricing
原始連結:連回原系統網址new window
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  • 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)
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  • 共同引用共同引用:0
  • 點閱點閱:74
期刊論文
1.Ikenberry, D. L.、Ramnath, S.(2002)。Underreaction to self-selected news events: the case of stock splits。Review of Financial Studies,15(2),489-526。  new window
2.Peyer, U.、Vermaelen, T.(2009)。The nature and persistence of buyback anomalies。Review of Financial Studies,22(4),1693-1745。  new window
3.Barber, Brad M.、Lyon, John D.(1996)。Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics。Journal of Financial Economics,41(3),341-400。  new window
4.Loughran, T.、Ritter, Jay R.(1997)。The operating performance of firms conducting seasoned equity offering。Journal of Finance,52,1823-1850。  new window
5.Lyon, J. D.、Barber, B. M.、Tsai, C.-L.(1999)。Improved Methods for Tests of Long-run Abnormal Stock Return。Journal of Finance,54,165-201。  new window
6.Schipper, Katherine、Smith, Abbie(1986)。A Comparison of Equity Carve Outs and Seasoned Equity Offerings: Share Price Effects and Corporate Restructuring。Journal of Financial Economics,15(1/2),153-186。  new window
7.Lie, Erik(2005)。Operating Performance Following Open Market Share Repurchase Announcements。Journal of Accounting and Economics,39(3),411-436。  new window
8.Vijh, Anand M.(1999)。Long-term Returns from Equity Carveouts。Journal of Financial Economics,51(2),273-308。  new window
9.Chan, K.、Ikenberry, D. L.、Lee, I.(2007)。Do managers time the market? Evidence from open-market share repurchases。Journal of Banking & Finance,31(9),2673-2694。  new window
10.Kadiyala, P.、Rau, P. R.(2004)。Investor reaction to corporate event announcements: Under-reaction or over-reaction?。Journal of Business,77(2),357-386。  new window
11.Ikenberry, David L.、Lakonishok, Josef、Vermaelen, Theo(1995)。Market Underreaction to Open Market Share Repurchase。Journal of Financial Economics,39(2/3),181-208。  new window
12.John, Kose、Ofek, Eli(1995)。Asset sales and increase in focus。Journal of Financial Economics,37(1),105-126。  new window
13.Lang, Larry、Poulsen, Annette、Stulz, René(1995)。Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion。Journal of Financial Economics,37(1),3-37。  new window
14.Fama, Eugene F.、French, K. R.(1998)。Market Efficiency, Long-Term Returns, and Behavioral Finance。Journal of Financial Economics,49(3),283-306。  new window
15.Asquith, P.、Mullins, D. W.(1986)。Equity Issues and Offering Dilution。Journal of Financial Economics,15(1/2),61-89。  new window
16.Boehmer, E.、Musumeci, J.、Poulsen, A. B.(1991)。Event-study Methodology under Conditions of Event-Induced Variance。Journal of Financial Economics,30(2),253-272。  new window
17.Purnanandam, Amiyatosh K.、Swaminathan, Bhaskaran(2004)。Are IPOs really underpriced ?。Review of Financial Studies,17(3),811-848。  new window
18.Ahn, S.、Denis, D. J.(2004)。Internal capital markets and investment policy: Evidence from corporate spinoffs。Journal of Financial Economics,71(3),489-516。  new window
19.Grullon, Gustavo、Michaely, Roni(2004)。The Information Content of Share Repurchase Programs。Journal of Finance,59(2),651-680。  new window
20.Lie, Erik(2001)。Detecting Abnormal Operating Performance: Revisited。Financial Management,30(2),77-91。  new window
21.Spiess, D. Katherine、Affleck-Graves, John(1995)。Underperformance in long-run stock returns following seasoned equity offerings。Journal of Financial Economics,38(3),243-267。  new window
22.Barber, Brad M.、Lyon, John D.(1997)。Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics。Journal of Financial Economics,43(3),341-372。  new window
23.Loughran, Tim、Ritter, Jay R.(1995)。The New Issues Puzzle。The Journal of Finance,50(1),23-51。  new window
24.Yeh, Yin-Hua、Shu, Pei-Gi、Guo, Re-Ji(2008)。Ownership structure and IPO valuation--evidence from Taiwan。Financial Management,37(1),141-161。  new window
25.Teoh, Siew Hong、Welch, Ivo、Wong, Tak Jun(1998)。Earnings Management and the Long-run Market Performance of Initial Public Offerings。The Journal of Finance,53(6),1935-1974。  new window
26.Ritter, Jay R.(1991)。The Long-run Performance of Initial Public Offerings。Journal of Finance,46(1),3-27。  new window
27.Fama, Eugene F.、French, Kenneth R.(1993)。Common risk factors in the returns on stocks and bonds。Journal of Financial Economics,33(1),3-56。  new window
28.Lang, Larry H. P.、Stulz, René M.(1994)。Tobin's Q, Corporate Diversification, and Firm Performance。Journal of Political Economy,102(6),1248-1280。  new window
29.Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics,13(2),187-221。  new window
30.Allien, Jeffrey W.、McConnell, John J.(1998)。Equity carve-outs and managerial discretion。Journal of Finance,53,163-186。  new window
31.Bouwman, Christa H. S.、Fuller, Kathleen、Nain, Amrita S.(2009)。Market valuation and acquisition quality: Empirical evidence。Review of Financial Studies,22,633-679。  new window
32.Byun, Jinho、Rozeff, Michael S.(2003)。Long-run performance after stock splits: 1927 to 1996。Journal of Financial,58,1063-1086。  new window
33.Clarke, Jonathan、Dunbar, Craig、Kahle, Kathleen M.(2001)。Long-run performance and insider trading in completed and canceled seasoned equity offerings。Journal of Financial and Quantitative Analysis,36,415-430。  new window
34.Datta, Sudip、Iskandar-Datta, Mai、Raman, Kartik(2005)。Executive compensation structure and corporate equity financing decisions。Journal of Business,78,1859-1890。  new window
35.Desai, Hemang、Jain, Prem C.(1997)。Long-run common stock returns following stock splits and reverse splits。Journal of Business,70,409-433。  new window
36.Desai, Hemang、Jain, Prem C.(1999)。Firm performance and focus: long-run stock market performance following spinoffs。Journal of Financial Economic,54,75-101。  new window
37.Field, Laura C.、Lowry, Michelle(2009)。Institutional versus individual investment in IPO: The importance of firm fundamentals。Journal of Financial and Quantitative Analysis,44,489-516。  new window
38.Gilson, Stuart C., et al.(2001)。Analyst specialization and conglomerate stock breakups。Journal of Accounting Research,39,565-582。  new window
39.Gleason, Kimberly、Madura, Jeff、Pennathur, Anita K.(2006)。Valuation and performance of reacquisitions following equity carve-outs。The Financial Review,41,229-246。  new window
40.Heron, Randall、Lie, Erik(2002)。Operating performance and method of payment in takeovers。Journal of Financial and Quantitative Analysis,37,137-155。  new window
41.Hulburt, Heather M.、Miles, James A.、Woolridge, J. R.(2002)。Value creation from equity carve-outs。Financial Management,31,83-100。  new window
42.Hung, Chen-Chien(2008)。Noise trading, return volatility and price performance of IPOs。NTU Management Review,19,269-298。  new window
43.Ikenberry, David L.、Rankine, Graeme、Stice, Earl K.(1996)。What do stock splits really signal。Journal of Financial and Quantitative Analysis,31,357-75。  new window
44.Ikenberry, David L.、Lakonishok, Josef、Vermaelen, Theo(2000)。Open market stock repurchases: The Canadian experience。Journal of Finance,55,2373-2397。  new window
45.Kim, Seoyoung、Klein, April、Rosenfeld, James(2008)。Return performance surrounding reverse stock splits: Can investors profit?。Financial Management,37(2),173-192。  new window
46.Klasa, Sandy、Stegemoller, Mike(2007)。Takeover activity as a response to time-varying changes in investment opportunity sets: Evidence from takeover sequences。Financial Management,36,19-34。  new window
47.Klein, April、Rosenfeld, James、Beranek, William(1991)。The two stages of an equity carve-out and the price response of parent and subsidiary stock。Managerial and Decision Economic,12,449-460。  new window
48.Loh, Charmen、Bezjak, Jennifer R.、Toms, Harrison(1995)。Voluntary corporate divestitures as antitakeover mechanisms。Financial Review,30,41-60。  new window
49.Madura, Jeff、Nixon, Terry D.(2002)。The long-term performance of parent and units following equity carve-outs。Applied Financial Economics,12,171- 181。  new window
50.Maksimovic, Vojislav、Phillips, Gordon M.(2001)。The market for corporate assets: Who engages in mergers and asset sales, and rre there any gains?。Journal of Finance,56,2020-2065。  new window
51.Megginson, William L.、Weiss, Kathleen A.(1991)。venture capital certification in initial public offerings。Journal of Finance,46,879-904。  new window
52.Michaely, Roni、Shaw, Wayne H.(1995)。The choice of going public: Spinoffs versus carve-outs。Financial Management,3,5-21。  new window
53.Nanda, Vikram(1991)。On the good news in equity carve-outs。Journal of Finance,1717-1737。  new window
54.Perotti, Enrico C.、Roeestto, Silvia(2007)。Unlocking value: equity carve outs as strategic real optiond。Journal of Corporate Finance,13,771-792。  new window
55.Powers, Eric A.(2003)。Deciphering the motives for equity carve-outs。Journal of Financial Research,26,31-50。  new window
56.Slovin, Myron B.、Sushka, Marie E.、Ferraro, Steven R.(1995)。A comparison of the information conveyed by equity carve-outs, spin-off, and asset sell-offs。Journal of Financial Economics,37,89-104。  new window
57.Vijh, Anand M.(2002)。The positive announcement-period returns of equity carveouts: Asymmetric information or divestiture gains。Journal of Business,75,153-190。  new window
研究報告
1.Chemmanur, Thomas、Yan, An(2009)。Product market advertising, IPO valuation, and long-run stock returns。  new window
2.Purnanandam, Amiyatosh K.、Swaminathan, Bhaskaran(2006)。Do stock prices underreact to SEO announcements? Evidence from SEO valuation。  new window
 
 
 
 
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