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| 研究生： |
劉向晴 Liu, Hsiang Ching |
|---|---|
| 論文名稱： |
證券市場與分析師對企業更名之反應:以澳洲市場為例 Stock Market and Analysts Reactions to Corporate Name Changes: Evidence from the Australian Capital Market |
| 指導教授： |
張元晨
Chang, Yuan Chen |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2008 |
| 畢業學年度： | 96 |
| 語文別： | 英文 |
| 論文頁數： | 58 |
| 中文關鍵詞： | 事件研究法 、企業更名 、分析師 |
| 外文關鍵詞： | event study, corporate name changes, analysts |
| 相關次數： | 點閱：267 下載：58 |
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This paper investigates the impact of corporate name changes on both of stock performance and analysts’ reaction with the employment of event study. We first examine a sample of 387 listed Australian companies that renamed themselves during the time frame from January 2001 to December 2007. Separate analyses are conducted under three criterion dividing the overall sample into (1)”major” versus “minor” name changes; (2)name changes in “mining-related” versus “non-mining-related” sectors; and (3)name changes “with” versus “without” reasons mentioned. Generally, we find some evidence of significant negative association between corporate name changes and cumulative abnormal return. The result shows, unlike all other subgroups, name changes “with” reasons mentioned generate insignificant positive valuation effects. Separate analyses give two important implications. First, negative cumulative abnormal return in all subgroups is discovered except in the subgroup of name changes “with” reasons mentioned. The difference of abnormal returns within subgroups, in addition, appears to be significant only between name change with reasons mentioned or not. Our findings suggest that analysts react reluctantly to corporate name changes by showing tiny downward forecast revisions, which are far from significant. Instead, it seems analysts make forecast revisions based more on accounting data, which shows insignificant variations between pre- and post-event, than on signals of corporate name changes.
ABSTRACT I
CONTENTS II
LISTS OF TABLES III
LISTS OF FIGURES IV
1. INTRODUCTION 1
1.1. MOTIVATIONS OF THE STUDY 1
1.2. OBJECTIVES OF THE STUDY 3
1.3. CHAPTER OUTLINES 4
2. LITERATURE REVIEW 5
2.1. NAME CHANGES AND STOCK RETURNS 5
2.1.1. Neutral Market Reaction to Corporate Name Changes 5
2.1.2. Positive Market Reaction to Corporate Name Changes 6
2.1.3. Negative Market Reaction to Corporate Name Changes 7
2.2. ANALYSTS’ FORECAST BEHAVIOR 8
2.2.1. Analysts’ Reaction to Major Events 8
2.2.2. Analysts’ Forecast Revisions and Market Price Formation 9
2.2.3. Analysts’ Forecast Accuracy 10
3. DATA, HYPOTHESES AND METHODOLOGY 12
3.1. DATA DESCRIPTION 12
3.2. HYPOTHESES 16
3.3. METHODOLOGY 18
4. EMPIRICAL RESULTS 22
4.1. ABNORMAL RETURNS AND CORPORATE NAME CHANGES 22
4.2. ABNORMAL TRADING VOLUMES AND CORPORATE NAME CHANGES 28
4.3. ANALYSTS’ REACTION TO CORPORATE NAME CHANGES 28
4.4. ACCOUNTING DATA AND CORPORATE NAME CHANGES 31
5. SUMMARY AND CONCLUSION 33
5.1. SUMMARY OF THIS STUDY 33
5.2. SUGGESTIONS FOR FUTURE RESEARCH 36
REFERENCES 38
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