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題名:現金增資採用公開申購除權後之機構法人與散戶處分效果之研究
書刊名:企業管理學報
作者:吳桂燕 引用關係江淑貞 引用關係蔡友詮
作者(外文):Wu, Kuei-yenChiang, Sue-janeTsai, Yu-chuan
出版日期:2011
卷期:88
頁次:頁69-90
主題關鍵詞:現金增資除權處分效果Seasoned equity offeringEx-rightDisposition effect
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:24
  • 點閱點閱:45
本研究嘗試從行為財務學論點,探討公司以公開申購辦理現金增資時,投資人在除權後是否存在處分效果。研究結果顯示現金增資在除權後存在處分效果,但增資新股上市後之處分效果顯著低於除權後至新股上市前,顯示投資人為免於後悔未賣出之心態,對於在利得情況下有提前實現獲利的處分效果現象。其次,散戶與法人的處分效果行為無顯著差異。各類投資人的處分效果與來自認購價與市價的價差比率有正相關,但不會因認購比率的高低而有差異。
The purpose of the research is to investigate the disposition effect of the investors when the SEO firms adopt fixed-price method from the view point of behavioral finance. The disposition effect exhibits after the ex-right date. However, the disposition effect after the new shares offered to the market is significantly lower than that after the period from the ex-right date to the date of new shares offered. Investors are eager to realize the gain and fear that they regret not selling the stocks. Besides, both the individual and the institutional investors exhibit the same disposition effect from the ex-right date to the date of new shares offered. In addition, the discount rate between subscription price and market price is positively related to the disposition effect, and the cash subscription ratio is unrelated to the disposition effect.
期刊論文
1.許光華、林秉瑋(20050200)。散戶投資人處分效果之研究--考量公司市場價值下之實證結果。管理學報,22(1),85-107。new window  延伸查詢new window
2.許保忠(20050600)。臺灣股市處分效果之研究。臺灣金融財務季刊,6(2),21-33。new window  延伸查詢new window
3.Barberis, Nicholas、Xiong, Wei(2009)。What drives the disposition effect? An analysis of a long-standing preference-based explanation。Journal of Finance,64,751-784。  new window
4.Lakonishok, J.、Smidt, S.(1986)。Volume for winners and losers: taxation and othermotives for stock trading。Journal of Finance,41(4),951-974。  new window
5.Weber, M.、Camerer, C. F.(1998)。The disposition effect in securities trading: An experimental analysis。Journal of Economic Behavior and Organization,33(2),167-184。  new window
6.Garvey, Ryan、Murphy, Anthony(2004)。Are Professional Traders too Slow to Realize Their Losses?。Financial Analysts Journal,60(4),35-43。  new window
7.Shu, Pei-Gi、Yeh, Yin-Hua、Chiu, Shean-Bii、Chen, Hsuan-Chi(2005)。Are Taiwanese individual Investors Reluctant to Realize their Losses?。Pacific-Basin Finance Journal,13(2),201-223。  new window
8.Kahneman, D.、Tversky, A.(1979)。Prospect theory: An analysis of decision under risk。Econometrica,47(2),263-291。  new window
9.李建興、沈中華、顏碧霞(20101000)。基金風險狀態與投資人之處分效果:追蹤門檻模型的應用。管理學報,27(5),459-477。new window  延伸查詢new window
10.Shapira, Z.、Venezia, I.(2001)。Patterns of Behavior of Professionally Managed and Independent Investors。Journal of Banking and Finance,25(8),1573-1587。  new window
11.Odean, Terrance(1998)。Are Investors Reluctant to Realize Their Losses?。The Journal of Finance,53(5),1775-1798。  new window
12.Shefrin, Hersh、Statman, Meir(1985)。The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence。The Journal of Finance,40(3),777-790。  new window
13.Thaler, Richard H.(1980)。Toward a positive theory of consumer choice。Journal of Economic behavior and Organization,1(1),39-60。  new window
14.Tversky, Amos、Kahneman, Daniel(1981)。The Framing of Decisions and the Psychology of Choice。Science,211(4481),453-458。  new window
15.許光華、許詩易、張輝鑫(20061200)。產業類別與公司規模對投資人處分效果之影響。財金論文叢刊,5,57-76。new window  延伸查詢new window
16.林泉源、吳瑞山、黃婉華(20060300)。臺灣股市機構投資人處分效果之實證研究。企業管理學報,68,87-132。new window  延伸查詢new window
17.郭迺鋒、康毓紋、陳美琇(2007)。國內共同基金投資人處分效果之行動研究--處分係數法之應用。貨幣觀測與信用評等,67,52-69。  延伸查詢new window
18.李建興、沈中華、顏碧霞(2010)。從眾贖回與非從眾贖回下基金投資人處分效果之探討: 分量廻歸最小平方虛擬變數法。管理與系統,17(1),1-26。new window  延伸查詢new window
19.Dhar, R.、Zhu, N.(2006)。Up Close and Personal。Investor Sophistication and the Disposition Effect,52,726-740。  new window
20.Ferris, S. P.、Haugen, R. A.、Makhija, A. K.(1988)。Predicting Contemporary Volume with History Volume a Differential Price Levels: Evidence Supporting the Disposition Effect。Journal of Finance,43,677-697。  new window
21.Fama, E. F.、French, K. R.(2005)。Financing Decisions: Who Issue Stock?。Journal of Financial Economics,76,549-582。  new window
22.Frazzini, A.(2006)。The Dispostion Effect and Underreaction to News。Journal of Finance,61,2017-2046。  new window
23.Grinblatt, M.、Keloharju, M.(2001)。What Market Investors Trade?。Journal of Finance,56,589-616。  new window
24.Kaustai, M.(2004)。Market-wide Impact of te Dispostion Effect: Evidence from IPO Trading Volume。Journal of Financial Markets,7,207-235。  new window
25.Szyszka, A.、Aielonka, P.(2005)。The Disposition Effect Demonstrated on IPO Trading Volume。Jounral of Behavioral Finance,129,1-13。  new window
學位論文
1.楊棋材(2002)。增資新股採詢價圈購之評價模式與實證(博士論文)。國立交通大學。new window  延伸查詢new window
2.夏清田(2001)。Investor Trading Behavior and Stock Returns in Taiwan Stock Exchange(碩士論文)。國立政治大學。  延伸查詢new window
3.沈宜正(2005)。臺灣機構投資人錯置效果與股市動能相關性之研究(碩士論文)。雲林科技大學。  延伸查詢new window
4.林秉瑋(2003)。臺灣股市散戶投資人處分效果之實證研究(碩士論文)。朝陽科技大學。  延伸查詢new window
5.黃劍鈺(2006)。台灣股市投資人處分效果之探討--考量資訊揭露、股票風險與投資人情緒之實證研究(碩士論文)。國立台灣科技大學。  延伸查詢new window
6.曾瑞弘(2003)。台灣股市投資人處分效果之研究。  延伸查詢new window
7.許祐瑞(2002)。台灣股市散戶與三大法人處分效果之研究(碩士論文)。國立高雄第一科技大學。  延伸查詢new window
8.李青娟(2000)。公司新股上市時配售方式之選擇與影響(碩士論文)。國立中正大學。  延伸查詢new window
9.沙勝毅(2000)。臺灣股票場散戶與外資投資心理比較。銘傳大學。  延伸查詢new window
10.黃婉華(2006)。臺灣股市自營商處分效果之實證研究。國立臺北大學。  延伸查詢new window
圖書
1.Shefrin, H.(2000)。Beyond Greed and Fear: Finance and the Psychology of Investing。Harvard Business School Press。  new window
 
 
 
 
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