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題名:Who Actually Benefits from Proxy Contests?
書刊名:財務金融學刊
作者:楊聲勇Goh, Jeremy陳玉芬駱美琪
作者(外文):Yang, Sheng-yungChen, Yu-fenLo, Mei-chi
出版日期:2016
卷期:24:3
頁次:頁69-89
主題關鍵詞:公司治理委託書收購宣告效果分析師盈餘預測修正Corporate governanceProxy contestsAnouncement effectsAnalysts’ earnings forecast revision
原始連結:連回原系統網址new window
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本文旨在探討不同公司治理結構下,委託書收購對股東財富之影響。研究結果證實,若公 司治理制度愈民主,其股東愈能在委託書收購時獲得異常報酬。同時我們也發現,分析師亦傾 向針對具民主公司治理機制的公司,在委託書收購時進行較佳的盈餘預測修正。
This paper examines how proxy contests affect shareholder wealth as taking account of the firm’s pre-existing corporate governance structure. The results indicate that only firms with the most democratic corporate governance structures benefit shareholders as a result of proxy contests. For firms with democratic corporate governance mechanisms, analysts tend to make greater-than-usual revisions in their one-year earnings forecast during proxy contests.
期刊論文
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