1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 機構投資人交易頻率與主併公司購併宣告效果之關聯
The trading frequency of institutional investors and M&A announcement returns
作者 李佳諺
貢獻者 吳啟銘
李佳諺
關鍵詞 購併
機構投資人
M&A
Institutional investor
日期 2017
上傳時間 24-Jul-2017 12:00:58 (UTC+8)
摘要 全球產業以及經濟局勢瞬息萬變，不斷的出現各種破壞式創新的產品與商業模式，也因此企業積極的尋求購併擴張的機會，以達到永續經營和極大化股東財富的目的。而近年來機構投資人在台灣證券市場扮演著重要的腳色，因此本文將探討機構投資人的持股穩定度與購併宣告效果之關聯。\n本論文以機構投資人(外資、投信、自營商)對主併公司的持股比例穩定度為依據，分類為被長期與短期機構投資人持有之主併公司，並以台灣市場2003年起至2016年底，排除掉金融相關產業的購併案件為研究樣本，探討機構投資人是否對主併公司發揮監督效果，同時觀察長短期機構投資人是否對主併公司之公司特性以及購併交易案之交易特性有無偏好。\n本文研究結果指出，不論在三日、五日或是七日的事件窗口之下，長期機構投資人所持有之主併公司的累積異常報酬都顯著大於被短期機構投資人所持有之主併公司，顯示長期機構投資人確實對主併公司發揮了監督功能。而被長期機構投資人持有之成長型公司獲得的累積異常報酬顯著優於被短期機構投資人所持有之成長型公司。亦發現短期機構投資人偏好能夠明顯提升主併公司盈餘的購併案件。
This study investigates the relationship between institutional ownership stability and the announcement effect of merger and acquisition, instead of the proportion of institutional ownership, which is very common in last few years. This research is based on acquiring firm listed in Taiwan Stock Exchange which announced merger and acquisition between 2003 and 2016. We classify the sample into two groups according to the standard deviation of the proportion of institutional ownership. The first group is the acquiring firm owned by long-term institutional investor, which means the standard deviation of the acquiring firm in group one is relatively small. By contrast, the second group is the acquiring firms owned by short-term institutional investor. First, we found the long-term institutional investor demonstrated the ability to monitor the acquiring firm because the first group’s CAR is significantly higher than the second group. Second, the growth stock owned by long-term institutional investors also has a significantly higher CAR than the growth stock owned by short-term institutional investor. Third, we also found that the short-term institutional investors prefer the merger and acquisition cases which can increase the net income of the acquiring firm.
參考文獻 Almazan et al., 2005. Active Institutional Shareholders and Costs of Monitoring: Evidence from Executive Compensation. Financial Management, December, p. 5–34.\nAnup Agrawa et al., 1992. The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly. The Journal of Finance, 9, pp. 1605-1621.\nBadrinath, Kale et al., 1995. Of Shepherds, Sheep, and the Cross-autocorrelations in Equity Returns. The Review of Financial Studies, pp. 401-430.\nBhide, A., 1994. Efficient markets deficient governance: US securities regulations protect investors and enhance market liquidity, but do they alienate managers and shareholders?. Harvard Business Review, pp. 128-140.\nBoulton et al., 2014. DOES EQUITY-BASED COMPENSATION MAKE CEOS MORE ACQUISITIVE?. Journal of Financial Research, 2 September, pp. 267-294.\nBrickley et al., 1988. Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, January–March, pp. 267-291.\nBushee, 1998. The Influence of Institutional Investors on Myopic R&D Investment Behavior. The Accounting Review, pp. 305-333.\nBushee, 2001. Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value?. Contemporary Accounting Research, June, pp. 207-246.\nCai and Vijh, 2007. Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs. The Journal of Finance, 12 August, pp. 1891-1933.\nCallen and Fang, 2013. Institutional investor stability and crash risk: Monitoring versus short-termism?. Journal of Banking & Finance, August, p. 3047–3063.\nCapron and Shen, 2007. Acquisitions of private vs. public firms: Private information, target selection, and acquirer returns. Strategic Management Journal, April, p. 891–911.\nCapron and Shen, 2007. Acquisitions of private vs. public firms: Private information, target selection, and acquirer returns. Strategic Management Journal, April, pp. 891-911.\nCarow, Heron, and Saxton, 2004. Do early birds get the returns? An empirical investigation of early-mover advantages in acquisitions. Strategic Management Journal, 23 April, pp. 563-585.\nChen, Harford and Li, 2007. Monitoring: Which institutions matter?. Journal of Financial Economics, November, pp. 279-305.\nCheung, K. Y., 2009. The Effects of Merger and Acquisition Announcements on the Security Prices of Bidding Firms and Target Firms in Asia. International Journal of Economics and Finance, August, pp. 274-283.\nChi et al., 2011. Performance and characteristics of acquiring firms in the Chinese stock markets. Emerging Markets Review, June, pp. 152-170.\nCole and Vu, 2007. Do Mergers Create or Destroy Value? Evidence from Unsuccessful Mergers. Working paper, University of DePaul, August. \nConn et al., 2005. The Impact on UK Acquirers of Domestic, Cross-border, Public and Private Acquisitions. Journal of Business Finance & Accounting, 8 June, pp. 815-870.\nDobrzynski, 1993. Relationship investing. Business Week, March, pp. 68-75.\nElkinawy and Offenberg, 2012. Accelerated Vesting in Takeovers: The Impact on Shareholder Wealth. Financial Management, 31 October, pp. 101-126.\nElyasiani et al., 2010. Institutional ownership stability and the cost of debt. Journal of Financial Markets, November, pp. 475-500.\nErickson and Wang, 1999. Earnings management by acquiring firms in stock for stock mergers. Journal of Accounting and Economics, April, p. 149–176.\nGasper et al., 2005. Shareholder investment horizons and the market for corporate control. Journal of Financial Economics, April, pp. 135-165.\nGerald R. Jensen et al., 1997. New Evidence on Size and Price-to-Book Effects in Stock Returns. Financial Analysts Journal, pp. 34-42.\nGrossman and Hart, 1980. Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation. The Bell Journal of Economics, pp. 42-64.\nHsu and Wang, 2014. The level and stability of institutional ownership and firm performance: Evidence from Taiwan. Emerging Markets Finance and Trade, March, pp. 159-173.\nHuang et al., 2016. Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance, October, p. 216–234.\nHumphery-Jennera and Powell, 2014. Firm size, sovereign governance, and value creation: Evidence from the acquirer size effect. Journal of Corporate Finance, June, p. 57–77.\nIvanova, M. R., 2017. Institutional investors as stewards of the corporation: Exploring the challenges to the monitoring hypothesis. Business Ethics: A European Review, 3 February, pp. 175-188.\nJarrell and Poulsen, 1989. The Returns to Acquiring Firms in Tender Offers: Evidence from Three Decades. Financial Management, Autumn, pp. 12-19.\nJay C. Hartzell et al., 2003. Institutional Investors and Executive Compensation. The Journal of Finance, 7 November, pp. 2351-2374.\nKahn and Winton, 1998. Ownership Structure, Speculation, and Shareholder Intervention. The Journal of Finance, February , pp. 99-129.\nKoeplin et al., 2000. The private company discount. Journal of Applied Corporate Finance, January, p. 94–101.\nLoderer and Martin, 1990. Corporate Acquisitions by Listed Firms: The Experience of a Comprehensive Sample. Financial Management, Winter, pp. 17-33.\nLoughran and Vijh, 1997. Do Long-Term Shareholders Benefit From Corporate Acquisitions?. The Journal of Finance, December, p. 1765–1790.\nLskavyan and Spatareanu, 2011. Shareholder protection, ownership concentration and FDI. Journal of Economics and Business, January–February, pp. 69-85.\nMarco Pagnozzi and Antonio Rosato, 2016. Entry by takeover: Auctions vs. bilateral negotiations. International Journal of Industrial Organization, 1, pp. 68-84.\nMARTIN, 1996. The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership. The Journal of Finance, September, p. 1227–1246.\nMatthew Rhodes–Kropf et al., 2005. Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, pp. 561-603.\nMcConnell et al., 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics, October, pp. 595-612.\nMehrani et al., 2017. Institutional Ownership Type and Earnings Quality: Evidence from Iran. Emerging Markets Finance and Trade, 2 August, pp. 54-73.\nMoeller et al., 2004. Firm size and the gains from acquisitions. Journal of Financial Economics, August, pp. 201-228.\nMoeller, S.B. et al., 2005. Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave. The Journal of Finance, 2 March, pp. 757-782.\nMonks and Minow, 1995. Corporate Governance. Blackwell. Cambridge, MA.. \nParrino, Sias et al., 2003. Voting with their feet: institutional ownership changes around forced CEO turnover. Journal of Financial Economics, April, pp. 3-46.\nPeterson, 1989. Event Studies: A Review of Issues and Methodology. Quarterly Journal of Business and Economics, January, pp. 36-66.\nPuspa Muniandy et al., 2016. Institutional investors in Australia: Do they play a homogenous monitoring role?. Pacific-Basin Finance Journal, December , pp. 266-288.\nSwitzer and Wang, 2017. Institutional investment horizon, the information environment, and firm credit risk. Journal of Financial Stability, April, pp. 57-71.\nSzewczyk , Tsetsekos et al., 1992. Institutional Ownership and the Liquidity of Common Stock Offerings. Financial Review, pp. 211-225.\nTravols, 1987. Corporate Takeover Bids, Methods of Payment, and Bidding Firms` Stock Returns. The Journal of Finance, September, pp. 943-963.\nVasilescu and Millo, 2016. Do industrial and geographic diversifications have different effects on earnings management? Evidence from UK mergers and acquisitions. International Review of Financial Analysis, July, p. 33–45.\nVinay T. Datara et al., 1998. Liquidity and stock returns: An alternative test. Journal of Financial Markets, pp. 203-219.\n丁憲浩, 2008. 關於公司理財的討論：首次公開發行與企業併購. 國立成功大學企業管理學系碩博士班. \n何秉珊, 2009. 從機構投資人持股變動檢驗主併公司併購後績效表現之相關性. 國立中正大學財務金融所碩士論文. \n呂佳玲,林基煌, 2008. 家族企業公司治理、併購策略與績效之探討. 亞太經濟管理評論, pp. P107 - 134.\n李麗虹, 2011. 機構投資人持股變化與主併公司績效之研究. 國立臺灣大學財務金融學研究所碩士論文. \n洪宏達, 2003. 購併活動對主併公司經營績效之影響—以臺灣上市公司為例. 國立中山大學財務管理學系研究所碩士論文. \n洪麗惠, 1995. 購併宣告對股東財富的影響：Jensen閒餘現金流量與Tobin`sQ兩假說之驗證. 私立東吳大學管理科學研究所碩士論文. \n孫梅瑞, 2000. 國內上市公司從事公司購併活動對經營績效影響之研究. 國立政治大學企業管理學系碩士論文. \n惠珉, 2014. 機構投資人交易與主併公司購併宣告效果之關聯. 國立政治大學財務管理研究所碩士論文. \n黃惠蓉, 2016. 股價淨值比率應用於投資策略之研究：以台灣上市（櫃）公司為例. 私立南華大學財務金融學系財務管理碩士班. \n鄭至宏, 1995. 從內部化理論與代理理論探討臺灣企業併購活動之股價效果. 私立輔仁大學管理科學研究所碩士論文. \n蕭惠元, 1996. 購併活動對股價行為與會計資訊之影響--以上市公司為例. 私立東吳大學會計學系碩士論文. \n謝東益, 2016. 機構投資人持股穩定度與企業併購決策與績效. 國立暨南國際大學財務金融學系碩士論文. \n蘇倬漢, 2010. 台灣地區上市公司購併宣告對股東財富影響之研究. 國立中山大學企業管理學系研究所碩士論文.
描述 碩士
國立政治大學
財務管理研究所
104357021
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104357021
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.author (Authors) 李佳諺zh_TW
dc.creator (作者) 李佳諺zh_TW
dc.date (日期) 2017en_US
dc.date.accessioned 24-Jul-2017 12:00:58 (UTC+8)-
dc.date.available 24-Jul-2017 12:00:58 (UTC+8)-
dc.date.issued (上傳時間) 24-Jul-2017 12:00:58 (UTC+8)-
dc.identifier (Other Identifiers) G0104357021en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=128162-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 104357021zh_TW
dc.description.abstract (摘要) 全球產業以及經濟局勢瞬息萬變，不斷的出現各種破壞式創新的產品與商業模式，也因此企業積極的尋求購併擴張的機會，以達到永續經營和極大化股東財富的目的。而近年來機構投資人在台灣證券市場扮演著重要的腳色，因此本文將探討機構投資人的持股穩定度與購併宣告效果之關聯。\n本論文以機構投資人(外資、投信、自營商)對主併公司的持股比例穩定度為依據，分類為被長期與短期機構投資人持有之主併公司，並以台灣市場2003年起至2016年底，排除掉金融相關產業的購併案件為研究樣本，探討機構投資人是否對主併公司發揮監督效果，同時觀察長短期機構投資人是否對主併公司之公司特性以及購併交易案之交易特性有無偏好。\n本文研究結果指出，不論在三日、五日或是七日的事件窗口之下，長期機構投資人所持有之主併公司的累積異常報酬都顯著大於被短期機構投資人所持有之主併公司，顯示長期機構投資人確實對主併公司發揮了監督功能。而被長期機構投資人持有之成長型公司獲得的累積異常報酬顯著優於被短期機構投資人所持有之成長型公司。亦發現短期機構投資人偏好能夠明顯提升主併公司盈餘的購併案件。zh_TW
dc.description.abstract (摘要) This study investigates the relationship between institutional ownership stability and the announcement effect of merger and acquisition, instead of the proportion of institutional ownership, which is very common in last few years. This research is based on acquiring firm listed in Taiwan Stock Exchange which announced merger and acquisition between 2003 and 2016. We classify the sample into two groups according to the standard deviation of the proportion of institutional ownership. The first group is the acquiring firm owned by long-term institutional investor, which means the standard deviation of the acquiring firm in group one is relatively small. By contrast, the second group is the acquiring firms owned by short-term institutional investor. First, we found the long-term institutional investor demonstrated the ability to monitor the acquiring firm because the first group’s CAR is significantly higher than the second group. Second, the growth stock owned by long-term institutional investors also has a significantly higher CAR than the growth stock owned by short-term institutional investor. Third, we also found that the short-term institutional investors prefer the merger and acquisition cases which can increase the net income of the acquiring firm.en_US
dc.description.tableofcontents 壹、 緒論 1\n一、 研究背景及動機 1\n二、 研究目的及貢獻 4\n三、 研究架構 5\n貳、 文獻回顧與假說推論 6\n一、 企業購併決策 6\n二、 機構投資人 8\n參、 研究設計 12\n一、 資料來源 12\n二、 樣本選取標準 12\n三、 事件研究法 14\n四、 複迴歸分析 16\n五、 變數定義 17\n肆、 實證結果分析 22\n一、 累積異常報酬率檢定 22\n二、 長短線機構投資人持有之主併公司特性 23\n三、 長短線機構投資人偏好之交易特性 26\n四、 複迴歸結果分析 29\n伍、 結論與建議 34\n一、 研究結論 34\n二、 研究限制 35\n三、 後續研究建議 35\n參考資料 36zh_TW
dc.format.extent 1016801 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357021en_US
dc.subject (關鍵詞) 購併zh_TW
dc.subject (關鍵詞) 機構投資人zh_TW
dc.subject (關鍵詞) M&Aen_US
dc.subject (關鍵詞) Institutional investoren_US
dc.title (題名) 機構投資人交易頻率與主併公司購併宣告效果之關聯zh_TW
dc.title (題名) The trading frequency of institutional investors and M&A announcement returnsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Almazan et al., 2005. Active Institutional Shareholders and Costs of Monitoring: Evidence from Executive Compensation. Financial Management, December, p. 5–34.\nAnup Agrawa et al., 1992. The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly. The Journal of Finance, 9, pp. 1605-1621.\nBadrinath, Kale et al., 1995. Of Shepherds, Sheep, and the Cross-autocorrelations in Equity Returns. The Review of Financial Studies, pp. 401-430.\nBhide, A., 1994. Efficient markets deficient governance: US securities regulations protect investors and enhance market liquidity, but do they alienate managers and shareholders?. Harvard Business Review, pp. 128-140.\nBoulton et al., 2014. DOES EQUITY-BASED COMPENSATION MAKE CEOS MORE ACQUISITIVE?. Journal of Financial Research, 2 September, pp. 267-294.\nBrickley et al., 1988. Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, January–March, pp. 267-291.\nBushee, 1998. The Influence of Institutional Investors on Myopic R&D Investment Behavior. The Accounting Review, pp. 305-333.\nBushee, 2001. Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value?. Contemporary Accounting Research, June, pp. 207-246.\nCai and Vijh, 2007. Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs. The Journal of Finance, 12 August, pp. 1891-1933.\nCallen and Fang, 2013. Institutional investor stability and crash risk: Monitoring versus short-termism?. Journal of Banking & Finance, August, p. 3047–3063.\nCapron and Shen, 2007. Acquisitions of private vs. public firms: Private information, target selection, and acquirer returns. Strategic Management Journal, April, p. 891–911.\nCapron and Shen, 2007. Acquisitions of private vs. public firms: Private information, target selection, and acquirer returns. Strategic Management Journal, April, pp. 891-911.\nCarow, Heron, and Saxton, 2004. Do early birds get the returns? An empirical investigation of early-mover advantages in acquisitions. Strategic Management Journal, 23 April, pp. 563-585.\nChen, Harford and Li, 2007. Monitoring: Which institutions matter?. Journal of Financial Economics, November, pp. 279-305.\nCheung, K. Y., 2009. The Effects of Merger and Acquisition Announcements on the Security Prices of Bidding Firms and Target Firms in Asia. International Journal of Economics and Finance, August, pp. 274-283.\nChi et al., 2011. Performance and characteristics of acquiring firms in the Chinese stock markets. Emerging Markets Review, June, pp. 152-170.\nCole and Vu, 2007. Do Mergers Create or Destroy Value? Evidence from Unsuccessful Mergers. Working paper, University of DePaul, August. \nConn et al., 2005. The Impact on UK Acquirers of Domestic, Cross-border, Public and Private Acquisitions. Journal of Business Finance & Accounting, 8 June, pp. 815-870.\nDobrzynski, 1993. Relationship investing. Business Week, March, pp. 68-75.\nElkinawy and Offenberg, 2012. Accelerated Vesting in Takeovers: The Impact on Shareholder Wealth. Financial Management, 31 October, pp. 101-126.\nElyasiani et al., 2010. Institutional ownership stability and the cost of debt. Journal of Financial Markets, November, pp. 475-500.\nErickson and Wang, 1999. Earnings management by acquiring firms in stock for stock mergers. Journal of Accounting and Economics, April, p. 149–176.\nGasper et al., 2005. Shareholder investment horizons and the market for corporate control. Journal of Financial Economics, April, pp. 135-165.\nGerald R. Jensen et al., 1997. New Evidence on Size and Price-to-Book Effects in Stock Returns. Financial Analysts Journal, pp. 34-42.\nGrossman and Hart, 1980. Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation. The Bell Journal of Economics, pp. 42-64.\nHsu and Wang, 2014. The level and stability of institutional ownership and firm performance: Evidence from Taiwan. Emerging Markets Finance and Trade, March, pp. 159-173.\nHuang et al., 2016. Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance, October, p. 216–234.\nHumphery-Jennera and Powell, 2014. Firm size, sovereign governance, and value creation: Evidence from the acquirer size effect. Journal of Corporate Finance, June, p. 57–77.\nIvanova, M. R., 2017. Institutional investors as stewards of the corporation: Exploring the challenges to the monitoring hypothesis. Business Ethics: A European Review, 3 February, pp. 175-188.\nJarrell and Poulsen, 1989. The Returns to Acquiring Firms in Tender Offers: Evidence from Three Decades. Financial Management, Autumn, pp. 12-19.\nJay C. Hartzell et al., 2003. Institutional Investors and Executive Compensation. The Journal of Finance, 7 November, pp. 2351-2374.\nKahn and Winton, 1998. Ownership Structure, Speculation, and Shareholder Intervention. The Journal of Finance, February , pp. 99-129.\nKoeplin et al., 2000. The private company discount. Journal of Applied Corporate Finance, January, p. 94–101.\nLoderer and Martin, 1990. Corporate Acquisitions by Listed Firms: The Experience of a Comprehensive Sample. Financial Management, Winter, pp. 17-33.\nLoughran and Vijh, 1997. Do Long-Term Shareholders Benefit From Corporate Acquisitions?. The Journal of Finance, December, p. 1765–1790.\nLskavyan and Spatareanu, 2011. Shareholder protection, ownership concentration and FDI. Journal of Economics and Business, January–February, pp. 69-85.\nMarco Pagnozzi and Antonio Rosato, 2016. Entry by takeover: Auctions vs. bilateral negotiations. International Journal of Industrial Organization, 1, pp. 68-84.\nMARTIN, 1996. The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership. The Journal of Finance, September, p. 1227–1246.\nMatthew Rhodes–Kropf et al., 2005. Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, pp. 561-603.\nMcConnell et al., 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics, October, pp. 595-612.\nMehrani et al., 2017. Institutional Ownership Type and Earnings Quality: Evidence from Iran. Emerging Markets Finance and Trade, 2 August, pp. 54-73.\nMoeller et al., 2004. Firm size and the gains from acquisitions. Journal of Financial Economics, August, pp. 201-228.\nMoeller, S.B. et al., 2005. Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave. The Journal of Finance, 2 March, pp. 757-782.\nMonks and Minow, 1995. Corporate Governance. Blackwell. Cambridge, MA.. \nParrino, Sias et al., 2003. Voting with their feet: institutional ownership changes around forced CEO turnover. Journal of Financial Economics, April, pp. 3-46.\nPeterson, 1989. Event Studies: A Review of Issues and Methodology. Quarterly Journal of Business and Economics, January, pp. 36-66.\nPuspa Muniandy et al., 2016. Institutional investors in Australia: Do they play a homogenous monitoring role?. Pacific-Basin Finance Journal, December , pp. 266-288.\nSwitzer and Wang, 2017. Institutional investment horizon, the information environment, and firm credit risk. Journal of Financial Stability, April, pp. 57-71.\nSzewczyk , Tsetsekos et al., 1992. Institutional Ownership and the Liquidity of Common Stock Offerings. Financial Review, pp. 211-225.\nTravols, 1987. Corporate Takeover Bids, Methods of Payment, and Bidding Firms` Stock Returns. The Journal of Finance, September, pp. 943-963.\nVasilescu and Millo, 2016. Do industrial and geographic diversifications have different effects on earnings management? Evidence from UK mergers and acquisitions. International Review of Financial Analysis, July, p. 33–45.\nVinay T. Datara et al., 1998. Liquidity and stock returns: An alternative test. Journal of Financial Markets, pp. 203-219.\n丁憲浩, 2008. 關於公司理財的討論：首次公開發行與企業併購. 國立成功大學企業管理學系碩博士班. \n何秉珊, 2009. 從機構投資人持股變動檢驗主併公司併購後績效表現之相關性. 國立中正大學財務金融所碩士論文. \n呂佳玲,林基煌, 2008. 家族企業公司治理、併購策略與績效之探討. 亞太經濟管理評論, pp. P107 - 134.\n李麗虹, 2011. 機構投資人持股變化與主併公司績效之研究. 國立臺灣大學財務金融學研究所碩士論文. \n洪宏達, 2003. 購併活動對主併公司經營績效之影響—以臺灣上市公司為例. 國立中山大學財務管理學系研究所碩士論文. \n洪麗惠, 1995. 購併宣告對股東財富的影響：Jensen閒餘現金流量與Tobin`sQ兩假說之驗證. 私立東吳大學管理科學研究所碩士論文. \n孫梅瑞, 2000. 國內上市公司從事公司購併活動對經營績效影響之研究. 國立政治大學企業管理學系碩士論文. \n惠珉, 2014. 機構投資人交易與主併公司購併宣告效果之關聯. 國立政治大學財務管理研究所碩士論文. \n黃惠蓉, 2016. 股價淨值比率應用於投資策略之研究：以台灣上市（櫃）公司為例. 私立南華大學財務金融學系財務管理碩士班. \n鄭至宏, 1995. 從內部化理論與代理理論探討臺灣企業併購活動之股價效果. 私立輔仁大學管理科學研究所碩士論文. \n蕭惠元, 1996. 購併活動對股價行為與會計資訊之影響--以上市公司為例. 私立東吳大學會計學系碩士論文. \n謝東益, 2016. 機構投資人持股穩定度與企業併購決策與績效. 國立暨南國際大學財務金融學系碩士論文. \n蘇倬漢, 2010. 台灣地區上市公司購併宣告對股東財富影響之研究. 國立中山大學企業管理學系研究所碩士論文.zh_TW