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：投資人對現金增資股票的過度反應行為--魅力性觀點
書刊名：管理與系統
作者：王朝仕 引用關係
作者(外文)：Wang, Chao-shi
出版日期：2011
卷期：18:4
頁次：頁633-662
主題關鍵詞：現金增資股票；價值高估；魅力性觀點；過度反應；績效；Seasoned equity offerings；SEOs；Overvalued；Charisma perspective；Overreaction；Performance
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(7) 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:4
  • 共同引用共同引用:112
  • 點閱點閱:150
由於公司選擇發行現金增資股票(SEOs)的融資方式，可能令投資人產生價值高估之疑慮。本研究援引魅力性觀點，考量價值因素與投資人參與申購市場熱度，期望進一步檢測是否即使能在申購市場受到投資人特別偏好者，其初期亦會產生績效下滑現象，藉此則可佐證投資人確實存在過度反應行爲。實證結果發現，不論SEOs魅力性的水準，初期績效皆明顯較差。就長期績效而言，特別是在控制發行公司負債程度後，高度與低度魅力性SEOs績效則會產生更大規模的差異。據此，支持投資人對於公司發行SEOs傳遞的價值高估訊號頗爲敏感，而過度反應亦係該市場普遍存在的現象。
Owing to the financing way of seasonal equity offerings (SEOs), it may bring the doubt of overvalued to investors. This paper cites the charisma perspective that considers value factors and the demand of subscription, and to confirm whether the initial performance of SEOs is worse or not even it was investors' preference. The results showed that SEOs' initial performance had downside trend obviously regardless of charisma level. In the long-term, there had been more significantly difference between high and low charisma SEOs especially after controlling the debt degree. These findings may be explained by overreaction and investors were very sensitive to the signal of overvalued in SEOs market.
期刊論文
1.Barclay, M. J.、Litzenberger, R. H.(1988)。Announcement effects of new equity issues and the use of intra-day price data。Journal of Financial Economics，21(1)，71-99。  new window
2.Patel, A.、Emery, D. R.、Lee, Y. W.(1993)。Firm performance and security type in seasoned offerings: An empirical examination of alternative signaling models。Journal of Financial Research，16(3)，181-192。  new window
3.陳振遠、王朝仕(200806)。熱發行與新上市公司股票績效。臺灣金融財務季刊，9(2)，31-66。new window  延伸查詢new window
4.Brennan, Michael J.、Franks, Julian(1997)。Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK。Journal of Financial Economics，45(3)，391-413。  new window
5.Kaustia, M.、Knüpfer, S.(2008)。Do investors overweight personal experience? Evidence from IPO subscriptions。Journal of Finance，63(6)，2679-2702。  new window
6.John, K.、Lang, L. H. P.(1991)。Insider Trading around Dividend Announcements: Theory and Evidence。Journal of Finance，46(4)，1361-1389。  new window
7.Kothari, S. P.、Warner, Jerold B.(1997)。Measuring long-horizon security price performance。Journal of Financial Economics，43(3)，301-339。  new window
8.Coakley, Jerry、Hadass, Leon、Wood, Andrew(2008)。Hot IPOs can damage your long-run wealth!。Applied Financial Economics，18(14)，1111-1120。  new window
9.王朝仕、陳振遠(2008)。申購積極性對新上市公司股票績效的影響。管理學報，25(2)，245-267。new window  延伸查詢new window
10.洪振虔、吳欽杉、陳安琳(20020400)。非理性投資行為對新上市股票價格績效之影響。管理評論，21(2)，53-79。new window  延伸查詢new window
11.Levis, M.(1993)。The Long-Run Performance of Initial Public Offerings: The UK Experience 1980-1988。Financial Management，22(1)，28-41。  new window
12.Stoughton, N. M.、Zechner, J.(1998)。IPO-Mechanisms, Monitoring and Ownership Structure。Journal of Financial Economics，49(1)，45-77。  new window
13.Kahneman, D.、Tversky, A.(1979)。Prospect theory: An analysis of decision under risk。Econometrica，47(2)，263-291。  new window
14.Daniel, Kent D.、Hirshleifer, David、Subrahmanyam, Avanidhar(2001)。Overconfidence, arbitrage, and equilibrium asset pricing。Journal of Finance，56(3)，921-965。  new window
15.Eckbo, B. Epsen(1986)。Valuation Effects of Corporate Debt Offerings。Journal of Financial Economics，15，119-151。  new window
16.Dann, L. Y.、Mikkelson, W. H.(1984)。Convertible debt issuance, capital structure change and financing related information: Some new evidence。Journal of Financial Economics，13(2)，157-186。  new window
17.Asquith, P.、Mullins, D. W.(1986)。Equity Issues and Offering Dilution。Journal of Financial Economics，15(1/2)，61-89。  new window
18.顧廣平(20030400)。臺灣新上市股票短期與長期績效之再探討。證券市場發展，15(1)=57，1-39。new window  延伸查詢new window
19.Aggarwal, Reena、Rivoli, Pietra(1990)。Fads in the initial public offering market?。Financial Management，19(4)，45-57。  new window
20.Banz, Rolf W.(1981)。The Relationship Between Return and Market Value of Common Stocks。Journal of Financial Economics，9(1)，3-18。  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.夏侯欣榮(20000500)。臺灣增資新股（SEO）上市後長期績效之整體研究。管理評論，19(2)，1-33。new window  延伸查詢new window
25.Barberis, Nicholas、Shleifer, Andrei、Vishny, Robert W.(1998)。A model of investor sentiment。Journal of Financial Economics，49(3)，307-343。  new window
26.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
27.王朝仕(20100100)。以新上市公司股票魅力性觀點探討投資人的非理性行為。管理評論，29(1)，51-74+103-106。new window  延伸查詢new window
28.Marin, Jose M.、Olivier, Jacques P.(2008)。The Dog That Did Not Bark: Insider Trading and Crashes。Journal of Finance，63(5)，2429-2476。  new window
29.陳振遠、李文智、陳魁元、王朝仕(20041200)。臺灣地區票券金融公司經營效率與最適規模之研究。管理學報，21(6)，777-799。new window  延伸查詢new window
30.Charnes, Abraham、Cooper, William W.、Rhodes, Edwardo(1978)。Measuring the efficiency of decision making units。European Journal of Operational Research，2(6)，429-444。  new window
31.Baker, Malcolm P.、Wurgler, Jeffrey(2002)。Market Timing and Capital Structure。The Journal of Finance，57(1)，1-32。  new window
32.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
33.Fama, Eugene F.、French, Kenneth R.(1992)。The Cross-Section of Expected Stock Returns。The Journal of Finance，47(2)，427-465。  new window
34.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
35.Ross, S. A.(1977)。The determination of financial structure: The incentive signalling approach。Bell Journal of Economics and Management Science，8，177-183。  new window
36.顧廣平(2005)。單因子、三因子或四因子模型？。證券市場發展季刊，17(2)，101-146。new window  延伸查詢new window
37.Dierkens, N(1991)。Information Asymmetry and Equity Issues。Journal of Financial and Quantitative Analysis，29(2)，181-199.。  new window
38.Kalay, A.、Shimrat, A.(1987)。Firm Value and Seasoned Equity Issues Redistribution or Native Information。Journal of Financial Economics，19，109-126.。  new window
圖書
1.Ross, S. A.、Westerfield, R. W.、Jaffe, F. J.、Jordan, B. D.(2009)。Corporate Finance: Core Principles and Applications。McGraw-Hill。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關書籍
 
無相關著作
 
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：637（臺灣：631，外國：6） ／ 本年度總使用人次：1520404 ／ 訪客人次（自102年09月）：67332662
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