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題名 美加證券市場對石油相關公司改名的反應
Stock Market Reaction to Oil Company Name Change : Evidence from U.S. and Canada
作者 楊世安
貢獻者 張元晨博士
楊世安
關鍵詞 事件研究法
公司改名
石油
Event study
Corporate name change
Oil
日期 2005
上傳時間 17-九月-2009 19:15:40 (UTC+8)
摘要 Does the stock prices of oil companies affected by the announcement of a corporate name changes? This paper investigates the North American oil firms undergo name changes from 2000 to 2005. We report a significantly positive abcdrmal return (12.5%) and abcdrmal trading volume on the event day for the overall 125 companies in our sample. During the period of crude oil price surges after 2004, we find a tendency of increasing number of firms add oil to their corporate names to signal their links with the oil markets. In the U.S., the CARs of firms add oil in their corporate names show positive effects on their stock prices. Their pre-event excess returns are not offset by post-event drift, especially in the oil hot period. Interestingly, we find that firms delete oil names in the oil hot period suffer a significant negative CAR in the post-event period. We provide evidence that major name changes are more beneficial than minor name changes in the North America oil companies, and name changes affect stock prices more positively for smaller companies than for big firms on event day. Between the U.S. and Canada, we show that there are the different CAR trends for each country. The information leakage period is longer in Canada than the U.S. It is seen that a firm with a resource unrelated activities adds an oil name, it would earn a permanent CAR.
The overall results in our study suggest that the announcement of corporate name changes of oil companies convey important information to the stock market regarding their corporate images and identifies. Investors appear to respond enthusiastically to the word “oil” in corporate names because of the relationship with a glamorously lucrative and potentially growing oil prices.
參考文獻 [1] Boehmer, Ekkehart, John Paul Broussard and Juha-Pekka Kallunki, 2002, Using SAS in Financial Research, (SAS Publishing, Cary, NC).
[2] Bosch, Jean-Claude, and Mark Hirschey, 1989, “The Valuation Effects of Corporate Name Changes”, Financial Management 18, 64-73.
[3] Brown, Stephen J., and Jerold B. Warner, 1985, “Using Daily Stock Returns: The Case of Event Studies”, Journal of Financial Economics 14, 3-31.
[4] Burton Malkiel, G., 1973, A Random Walk Down Wall Street, (W. W. Norton & Company, New York, NY).
[5] Cooper, Michael J., Ajay Khorana, Igor Osobov, Ajay Patel, and P. Raghavendra Rau, 2005, “Managerial Actions in Response to a Market Downturn Valuation Effects of Name Changes in the dot.com Decline”, Journal of Corporate Finance 11, 319-335.
[6] Cooper, Michael J., Huseyin Gulen, and P. Raghavendra Rau, 2005, “Changing Names with Style: Mutual Fund Name Changes and Their Effects on Fund Flows”, Journal of Finance 60, 2825-2858.
[7] Cooper, Michael J., Orlin Dimitrov, and P. Raghavendra Rau, 2001,”A Rose.com by Any Other Name”, Journal of Finance 56, 2371-2388.
[8] Harawa, Rex D., 1992, “Wall Street Journal Announcements of News of Corporate Name-change and the Response of Security Prices: An Application of Event Studies Synthetic-time Portfolio Performance Methodologies”, Unpublished Ph. D. Dissertation, State University of New York.
[9] Horsky, Dan, and Patrick Swyngedouw, 1987, “Does it pay to change your company’s name? A Stock market perspective”, Marketing Science 6, 320-335.
[10] Howe, John S., 1982, “A Rose by Any Other Name? A Note on Corporate Name Changes”, The Financial Reivew 17, 271-278.
[11] Josev, Thomas, Howard Chan, and Robert Faff, 2004, “What’s in a Name? Evidence on Corporate Name Changes form the Australian Capital Market”, Pacific Accounting Review 16, 57-75.
[12] Kadapakkam, Palani-Rajan, and Lalatendu Misra, 2004, “What’s in a Nickname? Price and Volume Impacts of a Pure Ticker Symbol Change”, working paper, University of Texas.
[13] Karbhari, Yusuf, Zulkarnain Muhamad Sori, and Shamsher Mohamad, 2004, “Share Price Reaction to Corporate Name Change Evidence from an Emerging Economy”, Corporate Ownership and Control 2, 38-49.
[14] Karpoff, Jonathan M., and Graeme Rankine, 1994, “In Search of a Signaling effect: The Wealth Effects of Corporate Name Changes” Journal of Banking and Finance 18, 1027-1045.
[15] Koku, Paul S., 1997, “Corporate Name Change Signaling in the Services Industry”, Journal of Services Marketing 11, 392-408.
[16] Lee, Peggy M., 2001, “What’s in a Name.com?: the Effects of ‘.com’ Name Changes on Stock Prices and Trading Activity”, Strategic Management Journal 22, 793-804.
[17] Morris, Linda J., and Mario G. C. Reyes, 1992, “Corporate Name Changes: the Association Between Functional Name Characteristics and Stock Performance”, Journal of Applied Business Research 8, 110-117.
[18] Rashes, Michael S., 2001, “Massively Confused Investors Making Conspicuously Ignorant Choices (MCI-MCIC)”, Journal of Finance 56, 1911-1927.
[19] Tadelis, Steven, 1999, “What’s in a Name? Reputation as a Tradeable Asset”, American Economic Review 89, 548-563.
描述 碩士
國立政治大學
財務管理研究所
93357003
94
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0093357003
資料類型 thesis
dc.contributor.advisor 張元晨博士zh_TW
dc.contributor.author (作者) 楊世安zh_TW
dc.creator (作者) 楊世安zh_TW
dc.date (日期) 2005en_US
dc.date.accessioned 17-九月-2009 19:15:40 (UTC+8)-
dc.date.available 17-九月-2009 19:15:40 (UTC+8)-
dc.date.issued (上傳時間) 17-九月-2009 19:15:40 (UTC+8)-
dc.identifier (其他 識別碼) G0093357003en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34051-
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) 93357003zh_TW
dc.description (描述) 94zh_TW
dc.description.abstract (摘要) Does the stock prices of oil companies affected by the announcement of a corporate name changes? This paper investigates the North American oil firms undergo name changes from 2000 to 2005. We report a significantly positive abcdrmal return (12.5%) and abcdrmal trading volume on the event day for the overall 125 companies in our sample. During the period of crude oil price surges after 2004, we find a tendency of increasing number of firms add oil to their corporate names to signal their links with the oil markets. In the U.S., the CARs of firms add oil in their corporate names show positive effects on their stock prices. Their pre-event excess returns are not offset by post-event drift, especially in the oil hot period. Interestingly, we find that firms delete oil names in the oil hot period suffer a significant negative CAR in the post-event period. We provide evidence that major name changes are more beneficial than minor name changes in the North America oil companies, and name changes affect stock prices more positively for smaller companies than for big firms on event day. Between the U.S. and Canada, we show that there are the different CAR trends for each country. The information leakage period is longer in Canada than the U.S. It is seen that a firm with a resource unrelated activities adds an oil name, it would earn a permanent CAR.
The overall results in our study suggest that the announcement of corporate name changes of oil companies convey important information to the stock market regarding their corporate images and identifies. Investors appear to respond enthusiastically to the word “oil” in corporate names because of the relationship with a glamorously lucrative and potentially growing oil prices.		zh_TW
dc.description.tableofcontents Abstract II
List of Figures V
List of Tables VI
1. Introduction 1
1.1 Motivations of the study 1
1.2 Objectives of the study 4
1.3 Chapter outlines 5
2. Literature Review 6
2.1 Corporate name changes in the United States 6
2.1.1 Name changes in all industry 6
2.1.2 Name changes in specific industry 9
2.2 Corporate name changes around the world 11
2.3 Ticker symbol confusion and mutual fund name changes 12
3. Data Description and Research Methodology 14
3.1 Data description 14
3.1.1 Sample Construction 14
3.1.2 Variable Construction 15
3.2 Hypotheses 16
3.3 Methodology 18
3.3.1 Abcdrmal return 18
3.3.2 Abcdrmal volume 20
4. Empirical Results of Corporate Name Changes 22
4.1 Sample Structure 22
4.2 Abcdrmal returns 24
4.2.1 Analysis of overall sample 25
4.2.2 Analysis of additions versus deletions name changes 27
4.2.3 Analysis of additions versus deletions name changes in different periods 29
4.2.4 Analysis of major versus minor name changes 31
4.2.5 Analysis of resource related versus unrelated name changes 33
4.2.6 Analysis of mixed type name changes 34
4.3 Abcdrmal volume 36
4.4 Cross sectional analysis 37
4.5 Analysis of longer pre-event period 40
5. Summary and Conclusions 43
5.1 Summary of this study 43
5.2 Suggestions for future research 44
Appendix 46
References 47		zh_TW
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dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0093357003en_US
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 公司改名zh_TW
dc.subject (關鍵詞) 石油zh_TW
dc.subject (關鍵詞) Event studyen_US
dc.subject (關鍵詞) Corporate name changeen_US
dc.subject (關鍵詞) Oilen_US
dc.title (題名) 美加證券市場對石油相關公司改名的反應zh_TW
dc.title (題名) Stock Market Reaction to Oil Company Name Change : Evidence from U.S. and Canadaen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) [1] Boehmer, Ekkehart, John Paul Broussard and Juha-Pekka Kallunki, 2002, Using SAS in Financial Research, (SAS Publishing, Cary, NC).zh_TW
dc.relation.reference (參考文獻) [2] Bosch, Jean-Claude, and Mark Hirschey, 1989, “The Valuation Effects of Corporate Name Changes”, Financial Management 18, 64-73.zh_TW
dc.relation.reference (參考文獻) [3] Brown, Stephen J., and Jerold B. Warner, 1985, “Using Daily Stock Returns: The Case of Event Studies”, Journal of Financial Economics 14, 3-31.zh_TW
dc.relation.reference (參考文獻) [4] Burton Malkiel, G., 1973, A Random Walk Down Wall Street, (W. W. Norton & Company, New York, NY).zh_TW
dc.relation.reference (參考文獻) [5] Cooper, Michael J., Ajay Khorana, Igor Osobov, Ajay Patel, and P. Raghavendra Rau, 2005, “Managerial Actions in Response to a Market Downturn Valuation Effects of Name Changes in the dot.com Decline”, Journal of Corporate Finance 11, 319-335.zh_TW
dc.relation.reference (參考文獻) [6] Cooper, Michael J., Huseyin Gulen, and P. Raghavendra Rau, 2005, “Changing Names with Style: Mutual Fund Name Changes and Their Effects on Fund Flows”, Journal of Finance 60, 2825-2858.zh_TW
dc.relation.reference (參考文獻) [7] Cooper, Michael J., Orlin Dimitrov, and P. Raghavendra Rau, 2001,”A Rose.com by Any Other Name”, Journal of Finance 56, 2371-2388.zh_TW
dc.relation.reference (參考文獻) [8] Harawa, Rex D., 1992, “Wall Street Journal Announcements of News of Corporate Name-change and the Response of Security Prices: An Application of Event Studies Synthetic-time Portfolio Performance Methodologies”, Unpublished Ph. D. Dissertation, State University of New York.zh_TW
dc.relation.reference (參考文獻) [9] Horsky, Dan, and Patrick Swyngedouw, 1987, “Does it pay to change your company’s name? A Stock market perspective”, Marketing Science 6, 320-335.zh_TW
dc.relation.reference (參考文獻) [10] Howe, John S., 1982, “A Rose by Any Other Name? A Note on Corporate Name Changes”, The Financial Reivew 17, 271-278.zh_TW
dc.relation.reference (參考文獻) [11] Josev, Thomas, Howard Chan, and Robert Faff, 2004, “What’s in a Name? Evidence on Corporate Name Changes form the Australian Capital Market”, Pacific Accounting Review 16, 57-75.zh_TW
dc.relation.reference (參考文獻) [12] Kadapakkam, Palani-Rajan, and Lalatendu Misra, 2004, “What’s in a Nickname? Price and Volume Impacts of a Pure Ticker Symbol Change”, working paper, University of Texas.zh_TW
dc.relation.reference (參考文獻) [13] Karbhari, Yusuf, Zulkarnain Muhamad Sori, and Shamsher Mohamad, 2004, “Share Price Reaction to Corporate Name Change Evidence from an Emerging Economy”, Corporate Ownership and Control 2, 38-49.zh_TW
dc.relation.reference (參考文獻) [14] Karpoff, Jonathan M., and Graeme Rankine, 1994, “In Search of a Signaling effect: The Wealth Effects of Corporate Name Changes” Journal of Banking and Finance 18, 1027-1045.zh_TW
dc.relation.reference (參考文獻) [15] Koku, Paul S., 1997, “Corporate Name Change Signaling in the Services Industry”, Journal of Services Marketing 11, 392-408.zh_TW
dc.relation.reference (參考文獻) [16] Lee, Peggy M., 2001, “What’s in a Name.com?: the Effects of ‘.com’ Name Changes on Stock Prices and Trading Activity”, Strategic Management Journal 22, 793-804.zh_TW
dc.relation.reference (參考文獻) [17] Morris, Linda J., and Mario G. C. Reyes, 1992, “Corporate Name Changes: the Association Between Functional Name Characteristics and Stock Performance”, Journal of Applied Business Research 8, 110-117.zh_TW
dc.relation.reference (參考文獻) [18] Rashes, Michael S., 2001, “Massively Confused Investors Making Conspicuously Ignorant Choices (MCI-MCIC)”, Journal of Finance 56, 1911-1927.zh_TW
dc.relation.reference (參考文獻) [19] Tadelis, Steven, 1999, “What’s in a Name? Reputation as a Tradeable Asset”, American Economic Review 89, 548-563.zh_TW