| dc.contributor.advisor | 張元晨 | zh_TW |
| dc.contributor.advisor | Chang, Yuan Chen | en_US |
| dc.contributor.author (Authors) | 劉向晴 | zh_TW |
| dc.contributor.author (Authors) | Liu, Hsiang Ching | en_US |
| dc.creator (作者) | 劉向晴 | zh_TW |
| dc.creator (作者) | Liu, Hsiang Ching | en_US |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 8-Apr-2010 16:20:58 (UTC+8) | - |
| dc.date.available | 8-Apr-2010 16:20:58 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-Apr-2010 16:20:58 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0093357021 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/38403 | - |
| 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) | 93357021 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | This paper investigates the impact of corporate name changes on both of stock performance and analysts’ reaction with the employment of event study. We first examine a sample of 387 listed Australian companies that renamed themselves during the time frame from January 2001 to December 2007. Separate analyses are conducted under three criterion dividing the overall sample into (1)”major” versus “minor” name changes; (2)name changes in “mining-related” versus “non-mining-related” sectors; and (3)name changes “with” versus “without” reasons mentioned. Generally, we find some evidence of significant negative association between corporate name changes and cumulative abnormal return. The result shows, unlike all other subgroups, name changes “with” reasons mentioned generate insignificant positive valuation effects. Separate analyses give two important implications. First, negative cumulative abnormal return in all subgroups is discovered except in the subgroup of name changes “with” reasons mentioned. The difference of abnormal returns within subgroups, in addition, appears to be significant only between name change with reasons mentioned or not. Our findings suggest that analysts react reluctantly to corporate name changes by showing tiny downward forecast revisions, which are far from significant. Instead, it seems analysts make forecast revisions based more on accounting data, which shows insignificant variations between pre- and post-event, than on signals of corporate name changes. | en_US |
| dc.description.tableofcontents | ABSTRACT ICONTENTS IILISTS OF TABLES IIILISTS OF FIGURES IV1. INTRODUCTION 11.1. MOTIVATIONS OF THE STUDY 11.2. OBJECTIVES OF THE STUDY 31.3. CHAPTER OUTLINES 42. LITERATURE REVIEW 52.1. NAME CHANGES AND STOCK RETURNS 52.1.1. Neutral Market Reaction to Corporate Name Changes 52.1.2. Positive Market Reaction to Corporate Name Changes 62.1.3. Negative Market Reaction to Corporate Name Changes 72.2. ANALYSTS’ FORECAST BEHAVIOR 82.2.1. Analysts’ Reaction to Major Events 82.2.2. Analysts’ Forecast Revisions and Market Price Formation 92.2.3. Analysts’ Forecast Accuracy 103. DATA, HYPOTHESES AND METHODOLOGY 123.1. DATA DESCRIPTION 123.2. HYPOTHESES 163.3. METHODOLOGY 184. EMPIRICAL RESULTS 224.1. ABNORMAL RETURNS AND CORPORATE NAME CHANGES 224.2. ABNORMAL TRADING VOLUMES AND CORPORATE NAME CHANGES 284.3. ANALYSTS’ REACTION TO CORPORATE NAME CHANGES 284.4. ACCOUNTING DATA AND CORPORATE NAME CHANGES 315. SUMMARY AND CONCLUSION 335.1. SUMMARY OF THIS STUDY 335.2. SUGGESTIONS FOR FUTURE RESEARCH 36REFERENCES 38 | 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/#G0093357021 | en_US |
| dc.subject (關鍵詞) | 事件研究法 | zh_TW |
| dc.subject (關鍵詞) | 企業更名 | zh_TW |
| dc.subject (關鍵詞) | 分析師 | zh_TW |
| dc.subject (關鍵詞) | event study | en_US |
| dc.subject (關鍵詞) | corporate name changes | en_US |
| dc.subject (關鍵詞) | analysts | en_US |
| dc.title (題名) | 證券市場與分析師對企業更名之反應:以澳洲市場為例 | zh_TW |
| dc.title (題名) | Stock Market and Analysts Reactions to Corporate Name Changes: Evidence from the Australian Capital Market | en_US |
| dc.type (資料類型) | thesis | en |
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