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| 研究生： |
何乃辰 |
|---|---|
| 論文名稱： |
現金增資閉鎖期之探討 The Expiration of SEOs' Lockup |
| 指導教授： | 湛可南 |
| 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： | 2014 |
| 畢業學年度： | 102 |
| 語文別： | 英文 |
| 論文頁數： | 33 |
| 中文關鍵詞： | 閉鎖期 、資訊不對稱 、現金增資 |
| 相關次數： | 點閱：129 下載：0 |
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此研究中，我檢測了3,073個現金增資且具有閉鎖契約之樣本，在這些樣本中，閉鎖期大多為90天。我發現當閉鎖契約到期時，平均超額報酬在+1天與累積超額報酬於-1天到+1天時都顯著小於零，且超額報酬大多集中於科技公司。此外，當閉鎖契約到期時，只有閉鎖期大於90天之樣本，超額報酬顯著小於零。最後，我發現除了科技因子可作為資訊不對稱的衡量指標外，閉鎖因子也可作為額外的資訊不對稱衡量指標，與Karpoff、Lee與Masulis(2013)之研究相一致。
Abstract 2
List of Tables 3
1. Introduction 4
1.1 Motivation and Objective 4
1.2 Outline 6
2. Literature Review 7
2.1 Lockup Agreement 7
2.2 Information Asymmetry 10
3. Data and Empirical Method 12
3.1 Data Description 12
3.2 Controlling Variables 13
3.3 Research Methodology 15
3.3.1 Cumulative Abnormal Return 15
3.3.2 Multiple Regression Analysis 16
4. Empirical evidence 18
5. Conclusion 31
References 33
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11. Karpoff, Jonathan M., Gemma Lee, and Ronald W. Masulis,2013. Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings. Journal of Financial Economics,110, 607-626.
12. Mackinlay, Craig A., 1997. Event studies in Economics and Finance. Journal of Economic Literature 35, 13-39.
13. Ofek, Eli, and Matthew Richardson, 2000. The IPO lock-up period: Implications for market efficiency and downward sloping demand curves. Working Paper, New York University.
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