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 教育連結對獨立董事之獲利影響
Education tie and independent directors’ trading profits
作者 沈佑霖
Shen, Yu-Lin
貢獻者 車倫周
Cha, Yun-Ju
沈佑霖
Shen, Yu-Lin
關鍵詞 教育連結
內線交易
獨立董事
Education tie
Insider trading
Independent directors
日期 2024
上傳時間 5-Aug-2024 13:41:22 (UTC+8)
摘要 本研究主要探討教育連結對獨立董事的交易利潤。當獨立董事與高階主管透過教育背景建立連結時，這些獨立董事往往能從股票購買交易中獲得明顯更高的報酬率。因為高階主管更願意與有教育連結的獨立董事分享公司特有的資訊。此外，在資訊不對稱程度較高、 高階主管權力較大、董事居住在公司附近的公司中，教育連結對報酬率的影響會進一步擴大。然而，在公司任職期間較長的獨立董事和同時擔任審計委員會成員的獨立董事則會降低教育連結對報酬率的影響，這隱含教育連結的影響力會被公司以及董事的狀態影響。本研究還發現在股票賣出的交易中，有教育連結的獨立董事也能從中獲得超額報酬。綜上所述，本研究結果表明，教育連結是幫助獨立董事從公司高階主管獲取公司特有資訊的關鍵。
My study pins down on education tie and analyzes the trading profits from independent directors with education ties. When independent directors and senior executives (CEOs) are connected through education ties, these independent directors tend to achieve markedly higher profits from stock purchase transactions since senior executives are more willing to share private information with connected independent directors. The influence of education tie on trading profits is further amplified in a firm with higher information asymmetry, with more powerful executives, and when directors reside near the firm. Conversely, the influence of education tie is reduced by independent directors with longer tenure in the firm and audit committee memberships. Moreover, I find that independent directors with education ties can also generate abnormal profits from sales transactions. Put together, my results suggest that education tie serve as a key to assisting independent directors to access private information from firms’ senior executives.
參考文獻 Aboody, D., & Lev, B. (2000). Information asymmetry, R&D, and insider gains. The journal of Finance, 55(6), 2747-2766. Adams, R. B., & Ferreira, D. (2007). A theory of friendly boards. The journal of finance, 62(1), 217-250. Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. The Review of Financial Studies, 18(4), 1403-1432. Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. The Review of Financial Studies, 18(4), 1403-1432. Agrawal, A., & Cooper, T. (2015). Insider trading before accounting scandals. Journal of Corporate Finance, 34, 169-190. Al Mamun, M., Balachandran, B., & Duong, H. N. (2020). Powerful CEOs and stock price crash risk. Journal of Corporate Finance, 62, 101582. Alam, Z. S., Chen, M. A., Ciccotello, C. S., & Ryan, H. E. (2014). Does the location of directors matter? Information acquisition and board decisions. Journal of Financial and Quantitative Analysis, 49(1), 131-164. Bakshy, E., Rosenn, I., Marlow, C., & Adamic, L. (2012, April). The role of social networks in information diffusion. In Proceedings of the 21st international conference on World Wide Web (pp. 519-528). Baldenius, T., Melumad, N., & Meng, X. (2014). Board composition and CEO power. Journal of financial Economics, 112(1), 53-68. Bekaert, G., & Wu, G. (2000). Asymmetric volatility and risk in equity markets. The review of financial studies, 13(1), 1-42. Ben Barka, H., & Legendre, F. (2017). Effect of the board of directors and the audit committee on firm performance: a panel data analysis. Journal of Management & Governance, 21, 737-755. Brent, W. H., & Addo, C. K. (2012). Minimizing information asymmetry: does firm's characteristics matter?. Academy of Banking Studies Journal, 11(1), 43. Cao, Y., Dhaliwal, D., Li, Z., & Yang, Y. G. (2015). Are all independent directors equally informed? Evidence based on their trading returns and social networks. Management Science, 61(4), 795-813. Carhart M (1997) On persistence in mutual fund performance. J. Finance 52(l):57-82. Chintrakarn, P., Jiraporn, N., & Jiraporn, P. (2013). The effect of entrenched boards on corporate risk-taking: testing the quiet life hypothesis. Applied Economics Letters, 20(11), 1067-1070. Clements, C. E., Jessup, R. K., Neill, J. D., & Wertheim, P. (2018). The relationship between director tenure and director quality. International Journal of Disclosure and Governance, 15, 142-161. Cohen, L., Frazzini, A., & Malloy, C. (2008). The small world of investing: Board connections and mutual fund returns. Journal of Political Economy, 116(5), 951-979. Cohen, L., Frazzini, A., & Malloy, C. (2010). Sell‐side school ties. The Journal of Finance, 65(4), 1409-1437. Cooney Jr, J. W., Madureira, L., Singh, A. K., & Yang, K. (2015). Social ties and IPO outcomes. Journal of Corporate Finance, 33, 129-146.. Dai, L., Fu, R., Kang, J. K., & Lee, I. (2016). Corporate governance and the profitability of insider trading. Journal of Corporate Finance, 40, 235-253. Fama E, French Κ (1993) Common risk factors in the returns on stocks and bonds. J. Financial Econom. 33(l):3-56. Fama, E. F., & French, K. R. (1995). Size and book‐to‐market factors in earnings and returns. The journal of finance, 50(1), 131-155. Fischer, Claude S., Robert Jackson, C. Ann Stueve, Kathleen Gerson, and Lynne M. Jones. "Networks and places." (1977). Fishman, M. J., & Hagerty, K. M. (1992). Insider trading and the efficiency of stock prices. The RAND Journal of Economics, 106-122. Fracassi, C., & Tate, G. (2012). External networking and internal firm governance. The Journal of finance, 67(1), 153-194. Fuchs, F., Füss, R., Jenkinson, T., & Morkoetter, S. (2021). Winning a deal in private equity: Do educational ties matter?. Journal of Corporate Finance, 66, 101740. Guan, Y., Su, L. N., Wu, D., & Yang, Z. (2016). Do school ties between auditors and client executives influence audit outcomes?. Journal of accounting and economics, 61(2-3), 506-525. Hambrick, D. C., Misangyi, V. F., & Park, C. A. (2015). The quad model for identifying a corporate director’s potential for effective monitoring: Toward a new theory of board sufficiency. Academy of Management Review, 40(3), 323-344. Han, S., Nanda, V. K., & Silveri, S. (2016). CEO power and firm performance under pressure. Financial Management, 45(2), 369-400. Hermalin, B. E., & Weisbach, M. S. (1998). Endogenously chosen boards of directors and their monitoring of the CEO. American economic review, 96-118. Hillman, A. J., Shropshire, C., Certo, S. T., Dalton, D. R., & Dalton, C. M. (2011). What I like about you: A multilevel study of shareholder discontent with director monitoring. Organization Science, 22(3), 675-687. Hong, H., Kubik, J. D., & Stein, J. C. (2004). Social interaction and stock‐market participation. The journal of finance, 59(1), 137-163. Horton, J., & Serafeim, G. (2009). Security analyst networks, performance and career outcomes. Performance and Career Outcomes (December 11, 2009). Horváth, R., & Spirollari, P. (2012). Do the board of directors’ characteristics influence firm’s performance? The US evidence. Prague economic papers, 4(2), 470-486. Hwang, B. H., & Kim, S. (2009). It pays to have friends. Journal of financial economics, 93(1), 138-158. Jagolinzer, A. D., Larcker, D. F., & Taylor, D. J. (2011). Corporate governance and the information content of insider trades. Journal of Accounting Research, 49(5), 1249-1274. Kalmijn, M., & Flap, H. (2001). Assortative meeting and mating: Unintended consequences of organized settings for partner choices. Social forces, 79(4), 1289-1312. Kanagaretnam, K., Lobo, G. J., & Whalen, D. J. (2007). Does good corporate governance reduce information asymmetry around quarterly earnings announcements?. Journal of Accounting and Public policy, 26(4), 497-522. Lakonishok, J., & Lee, I. (2001). Are insider trades informative?. The Review of Financial Studies, 14(1), 79-111. Lazarsfeld, P. F., & Merton, R. K. (1954). Friendship as a social process: A substantive and methodological analysis. Freedom and control in modern society, 18(1), 18-66. Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. The business lawyer, 59-77. McMullen, D. A. (1996). Audit committee performance: An investigation of the consequences associated with audit committees. Auditing, 15(1), 87. McPherson, M., Smith-Lovin, L., & Cook, J. M. (2001). Birds of a feather: Homophily in social networks. Annual review of sociology, 27(1), 415-444. Pan, Y., Wang, T. Y., & Weisbach, M. S. (2016). CEO investment cycles. The Review of Financial Studies, 29(11), 2955-2999. Peni, E. (2014). CEO and Chairperson characteristics and firm performance. Journal of Management & Governance, 18, 185-205. Piotroski, J. D., & Roulstone, D. T. (2005). Do insider trades reflect both contrarian beliefs and superior knowledge about future cash flow realizations?. Journal of Accounting and Economics, 39(1), 55-81. Podolny, J. M. (1994). Market uncertainty and the social character of economic exchange. Administrative science quarterly, 458-483. Richardson, H. M. (1940). Community of values as a factor in friendships of college and adult women. The Journal of Social Psychology, 11(2), 303-312. Rogers, E. M., & Bhowmik, D. K. (1970). Homophily-heterophily: Relational concepts for communication research. Public opinion quarterly, 34(4), 523-538. Samaha, K., Khlif, H., & Hussainey, K. (2015). The impact of board and audit committee characteristics on voluntary disclosure: A meta-analysis. Journal of International Accounting, Auditing and Taxation, 24, 13-28. Shue K (2013) Executive networks and firm policies: Evidence from the random assignment of MBA peers. Rev. Financial Stud. 26(6): 1401–1442 Subrahmanyam, A. (2008). Social networks and corporate governance. European Financial Management, 14(4), 633-662. Szymanski, D. M., Bharadwaj, S. G., & Varadarajan, P. R. (1993). An analysis of the market share-profitability relationship. Journal of marketing, 57(3), 1-18. Velte, P. (2017). The link between audit committees, corporate governance quality and firm performance: A literature review. Corporate Ownership & Control, 14(1), 15-31. Wang, G., Holmes Jr, R. M., Oh, I. S., & Zhu, W. (2016). Do CEOs matter to firm strategic actions and firm performance? A meta‐analytic investigation based on upper echelons theory. Personnel Psychology, 69(4), 775-862. Watanabe, M. (2008). Price volatility and investor behavior in an overlapping generations model with information asymmetry. The Journal of Finance, 63(1), 229-272. Wu, W. (2019). Information asymmetry and insider trading. Fama-Miller Working Paper, Chicago Booth Research Paper, (13-67).
描述 碩士
國立政治大學
財務管理學系
111357002
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357002
資料類型 thesis
dc.contributor.advisor 車倫周zh_TW
dc.contributor.advisor Cha, Yun-Juen_US
dc.contributor.author (Authors) 沈佑霖zh_TW
dc.contributor.author (Authors) Shen, Yu-Linen_US
dc.creator (作者) 沈佑霖zh_TW
dc.creator (作者) Shen, Yu-Linen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 13:41:22 (UTC+8)-
dc.date.available 5-Aug-2024 13:41:22 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 13:41:22 (UTC+8)-
dc.identifier (Other Identifiers) G0111357002en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152716-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 111357002zh_TW
dc.description.abstract (摘要) 本研究主要探討教育連結對獨立董事的交易利潤。當獨立董事與高階主管透過教育背景建立連結時，這些獨立董事往往能從股票購買交易中獲得明顯更高的報酬率。因為高階主管更願意與有教育連結的獨立董事分享公司特有的資訊。此外，在資訊不對稱程度較高、 高階主管權力較大、董事居住在公司附近的公司中，教育連結對報酬率的影響會進一步擴大。然而，在公司任職期間較長的獨立董事和同時擔任審計委員會成員的獨立董事則會降低教育連結對報酬率的影響，這隱含教育連結的影響力會被公司以及董事的狀態影響。本研究還發現在股票賣出的交易中，有教育連結的獨立董事也能從中獲得超額報酬。綜上所述，本研究結果表明，教育連結是幫助獨立董事從公司高階主管獲取公司特有資訊的關鍵。zh_TW
dc.description.abstract (摘要) My study pins down on education tie and analyzes the trading profits from independent directors with education ties. When independent directors and senior executives (CEOs) are connected through education ties, these independent directors tend to achieve markedly higher profits from stock purchase transactions since senior executives are more willing to share private information with connected independent directors. The influence of education tie on trading profits is further amplified in a firm with higher information asymmetry, with more powerful executives, and when directors reside near the firm. Conversely, the influence of education tie is reduced by independent directors with longer tenure in the firm and audit committee memberships. Moreover, I find that independent directors with education ties can also generate abnormal profits from sales transactions. Put together, my results suggest that education tie serve as a key to assisting independent directors to access private information from firms’ senior executives.en_US
dc.description.tableofcontents 1. Introduction 1 2. Literature Review 5 3. Hypothesis Development 7 4. Research Design 9 4.1 Data and variable definition 9 4.2 Summary statistics 10 5. Empirical Results 12 5.1 Empirical model specification 12 5.2 Main results 13 5.3 Results of information asymmetry on education tie 14 5.4 Results of powerful CEO on education tie 15 5.5 Results of director characteristics on education tie 16 5.6 Trading profits on education tie for sales transaction 17 6. Conclusion 18 Reference 20 Appendix. Variables description 25zh_TW
dc.format.extent 1187695 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357002en_US
dc.subject (關鍵詞) 教育連結zh_TW
dc.subject (關鍵詞) 內線交易zh_TW
dc.subject (關鍵詞) 獨立董事zh_TW
dc.subject (關鍵詞) Education tieen_US
dc.subject (關鍵詞) Insider tradingen_US
dc.subject (關鍵詞) Independent directorsen_US
dc.title (題名) 教育連結對獨立董事之獲利影響zh_TW
dc.title (題名) Education tie and independent directors’ trading profitsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aboody, D., & Lev, B. (2000). Information asymmetry, R&D, and insider gains. The journal of Finance, 55(6), 2747-2766. Adams, R. B., & Ferreira, D. (2007). A theory of friendly boards. The journal of finance, 62(1), 217-250. Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. The Review of Financial Studies, 18(4), 1403-1432. Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. The Review of Financial Studies, 18(4), 1403-1432. Agrawal, A., & Cooper, T. (2015). Insider trading before accounting scandals. Journal of Corporate Finance, 34, 169-190. Al Mamun, M., Balachandran, B., & Duong, H. N. (2020). Powerful CEOs and stock price crash risk. Journal of Corporate Finance, 62, 101582. Alam, Z. S., Chen, M. A., Ciccotello, C. S., & Ryan, H. E. (2014). Does the location of directors matter? Information acquisition and board decisions. Journal of Financial and Quantitative Analysis, 49(1), 131-164. Bakshy, E., Rosenn, I., Marlow, C., & Adamic, L. (2012, April). The role of social networks in information diffusion. In Proceedings of the 21st international conference on World Wide Web (pp. 519-528). Baldenius, T., Melumad, N., & Meng, X. (2014). Board composition and CEO power. Journal of financial Economics, 112(1), 53-68. Bekaert, G., & Wu, G. (2000). Asymmetric volatility and risk in equity markets. The review of financial studies, 13(1), 1-42. Ben Barka, H., & Legendre, F. (2017). Effect of the board of directors and the audit committee on firm performance: a panel data analysis. Journal of Management & Governance, 21, 737-755. Brent, W. H., & Addo, C. K. (2012). Minimizing information asymmetry: does firm's characteristics matter?. Academy of Banking Studies Journal, 11(1), 43. Cao, Y., Dhaliwal, D., Li, Z., & Yang, Y. G. (2015). Are all independent directors equally informed? Evidence based on their trading returns and social networks. Management Science, 61(4), 795-813. Carhart M (1997) On persistence in mutual fund performance. J. Finance 52(l):57-82. Chintrakarn, P., Jiraporn, N., & Jiraporn, P. (2013). The effect of entrenched boards on corporate risk-taking: testing the quiet life hypothesis. Applied Economics Letters, 20(11), 1067-1070. Clements, C. E., Jessup, R. K., Neill, J. D., & Wertheim, P. (2018). The relationship between director tenure and director quality. International Journal of Disclosure and Governance, 15, 142-161. Cohen, L., Frazzini, A., & Malloy, C. (2008). The small world of investing: Board connections and mutual fund returns. Journal of Political Economy, 116(5), 951-979. Cohen, L., Frazzini, A., & Malloy, C. (2010). Sell‐side school ties. The Journal of Finance, 65(4), 1409-1437. Cooney Jr, J. W., Madureira, L., Singh, A. K., & Yang, K. (2015). Social ties and IPO outcomes. Journal of Corporate Finance, 33, 129-146.. Dai, L., Fu, R., Kang, J. K., & Lee, I. (2016). Corporate governance and the profitability of insider trading. Journal of Corporate Finance, 40, 235-253. Fama E, French Κ (1993) Common risk factors in the returns on stocks and bonds. J. Financial Econom. 33(l):3-56. Fama, E. F., & French, K. R. (1995). Size and book‐to‐market factors in earnings and returns. The journal of finance, 50(1), 131-155. Fischer, Claude S., Robert Jackson, C. Ann Stueve, Kathleen Gerson, and Lynne M. Jones. "Networks and places." (1977). Fishman, M. J., & Hagerty, K. M. (1992). Insider trading and the efficiency of stock prices. The RAND Journal of Economics, 106-122. Fracassi, C., & Tate, G. (2012). External networking and internal firm governance. The Journal of finance, 67(1), 153-194. Fuchs, F., Füss, R., Jenkinson, T., & Morkoetter, S. (2021). Winning a deal in private equity: Do educational ties matter?. Journal of Corporate Finance, 66, 101740. Guan, Y., Su, L. N., Wu, D., & Yang, Z. (2016). Do school ties between auditors and client executives influence audit outcomes?. Journal of accounting and economics, 61(2-3), 506-525. Hambrick, D. C., Misangyi, V. F., & Park, C. A. (2015). The quad model for identifying a corporate director’s potential for effective monitoring: Toward a new theory of board sufficiency. Academy of Management Review, 40(3), 323-344. Han, S., Nanda, V. K., & Silveri, S. (2016). CEO power and firm performance under pressure. Financial Management, 45(2), 369-400. Hermalin, B. E., & Weisbach, M. S. (1998). Endogenously chosen boards of directors and their monitoring of the CEO. American economic review, 96-118. Hillman, A. J., Shropshire, C., Certo, S. T., Dalton, D. R., & Dalton, C. M. (2011). What I like about you: A multilevel study of shareholder discontent with director monitoring. Organization Science, 22(3), 675-687. Hong, H., Kubik, J. D., & Stein, J. C. (2004). Social interaction and stock‐market participation. The journal of finance, 59(1), 137-163. Horton, J., & Serafeim, G. (2009). Security analyst networks, performance and career outcomes. Performance and Career Outcomes (December 11, 2009). Horváth, R., & Spirollari, P. (2012). Do the board of directors’ characteristics influence firm’s performance? The US evidence. Prague economic papers, 4(2), 470-486. Hwang, B. H., & Kim, S. (2009). It pays to have friends. Journal of financial economics, 93(1), 138-158. Jagolinzer, A. D., Larcker, D. F., & Taylor, D. J. (2011). Corporate governance and the information content of insider trades. Journal of Accounting Research, 49(5), 1249-1274. Kalmijn, M., & Flap, H. (2001). Assortative meeting and mating: Unintended consequences of organized settings for partner choices. Social forces, 79(4), 1289-1312. Kanagaretnam, K., Lobo, G. J., & Whalen, D. J. (2007). Does good corporate governance reduce information asymmetry around quarterly earnings announcements?. Journal of Accounting and Public policy, 26(4), 497-522. Lakonishok, J., & Lee, I. (2001). Are insider trades informative?. The Review of Financial Studies, 14(1), 79-111. Lazarsfeld, P. F., & Merton, R. K. (1954). Friendship as a social process: A substantive and methodological analysis. Freedom and control in modern society, 18(1), 18-66. Lipton, M., & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. The business lawyer, 59-77. McMullen, D. A. (1996). Audit committee performance: An investigation of the consequences associated with audit committees. Auditing, 15(1), 87. McPherson, M., Smith-Lovin, L., & Cook, J. M. (2001). Birds of a feather: Homophily in social networks. Annual review of sociology, 27(1), 415-444. Pan, Y., Wang, T. Y., & Weisbach, M. S. (2016). CEO investment cycles. The Review of Financial Studies, 29(11), 2955-2999. Peni, E. (2014). CEO and Chairperson characteristics and firm performance. Journal of Management & Governance, 18, 185-205. Piotroski, J. D., & Roulstone, D. T. (2005). Do insider trades reflect both contrarian beliefs and superior knowledge about future cash flow realizations?. Journal of Accounting and Economics, 39(1), 55-81. Podolny, J. M. (1994). Market uncertainty and the social character of economic exchange. Administrative science quarterly, 458-483. Richardson, H. M. (1940). Community of values as a factor in friendships of college and adult women. The Journal of Social Psychology, 11(2), 303-312. Rogers, E. M., & Bhowmik, D. K. (1970). Homophily-heterophily: Relational concepts for communication research. Public opinion quarterly, 34(4), 523-538. Samaha, K., Khlif, H., & Hussainey, K. (2015). The impact of board and audit committee characteristics on voluntary disclosure: A meta-analysis. Journal of International Accounting, Auditing and Taxation, 24, 13-28. Shue K (2013) Executive networks and firm policies: Evidence from the random assignment of MBA peers. Rev. Financial Stud. 26(6): 1401–1442 Subrahmanyam, A. (2008). Social networks and corporate governance. European Financial Management, 14(4), 633-662. Szymanski, D. M., Bharadwaj, S. G., & Varadarajan, P. R. (1993). An analysis of the market share-profitability relationship. Journal of marketing, 57(3), 1-18. Velte, P. (2017). The link between audit committees, corporate governance quality and firm performance: A literature review. Corporate Ownership & Control, 14(1), 15-31. Wang, G., Holmes Jr, R. M., Oh, I. S., & Zhu, W. (2016). Do CEOs matter to firm strategic actions and firm performance? A meta‐analytic investigation based on upper echelons theory. Personnel Psychology, 69(4), 775-862. Watanabe, M. (2008). Price volatility and investor behavior in an overlapping generations model with information asymmetry. The Journal of Finance, 63(1), 229-272. Wu, W. (2019). Information asymmetry and insider trading. Fama-Miller Working Paper, Chicago Booth Research Paper, (13-67).zh_TW