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題名 Long-Run Stock Performance and Its Determinants for Asset Buyers
作者 陳聖賢
Chen, Sheng-Syan
Liu, Yong-Chin
Chen, I-Ju
貢獻者 財管系
關鍵詞 fit hypothesis; free cash flow; earnings management; corporate governance; antitakeover provisions
日期 2014-07
上傳時間 15-六月-2018 12:08:23 (UTC+8)
摘要 This paper examines the long-term stock performance of asset purchasers and the determinants of cross-sectional differences in performance. Our findings show that buyers’stocks, on average, underperform following purchases. Buy-and-hold abnormal returns of buyers acquiring related assets are significantly higher than those acquiring unrelated assets, consistent with the focus hypothesis. Asset buyers with superior prior stock performance experience poorer long-run performance than buyers with inferior prior stock performance, consistent with the prior performance hypothesis. Asset buyers that manage earnings upward, experience poorer long-term abnormal stock performance than acquirers with downward earnings management, consistent with the earnings management hypothesis. The long-term return evidence is to some degree consistent with the governance hypothesis but we find little support for the free cash flow hypothesis.
關聯 Journal of Business Finance and Accounting, Vol.41, No.5&6, pp.685-716
資料類型 article
DOI https://doi.org/10.1111/jbfa.12065
dc.contributor 財管系zh_TW
dc.creator (作者) 陳聖賢zh_TW
dc.creator (作者) Chen, Sheng-Syanen_US
dc.creator (作者) Liu, Yong-Chinen_US
dc.creator (作者) Chen, I-Juen_US
dc.date (日期) 2014-07
dc.date.accessioned 15-六月-2018 12:08:23 (UTC+8)-
dc.date.available 15-六月-2018 12:08:23 (UTC+8)-
dc.date.issued (上傳時間) 15-六月-2018 12:08:23 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/117780-
dc.description.abstract (摘要) This paper examines the long-term stock performance of asset purchasers and the determinants of cross-sectional differences in performance. Our findings show that buyers’stocks, on average, underperform following purchases. Buy-and-hold abnormal returns of buyers acquiring related assets are significantly higher than those acquiring unrelated assets, consistent with the focus hypothesis. Asset buyers with superior prior stock performance experience poorer long-run performance than buyers with inferior prior stock performance, consistent with the prior performance hypothesis. Asset buyers that manage earnings upward, experience poorer long-term abnormal stock performance than acquirers with downward earnings management, consistent with the earnings management hypothesis. The long-term return evidence is to some degree consistent with the governance hypothesis but we find little support for the free cash flow hypothesis.en_US
dc.format.extent 226054 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Journal of Business Finance and Accounting, Vol.41, No.5&6, pp.685-716zh_TW
dc.subject (關鍵詞) fit hypothesis; free cash flow; earnings management; corporate governance; antitakeover provisionsen_US
dc.title (題名) Long-Run Stock Performance and Its Determinants for Asset Buyersen_US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1111/jbfa.12065
dc.doi.uri (DOI) https://doi.org/10.1111/jbfa.12065