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題名 國際公司改名對股票市場和借款成本的影響
Two essays on the benefits and costs of corporate name changes: evidence from stock and loan markets
作者 林曉梅
Lin, Hsiao Mei
貢獻者 張元晨
Chang, Yuan Chen
林曉梅
Lin, Hsiao Mei
關鍵詞 公司改名
借款成本
石油價格
Corporate name change
Cost of bank loans
Oil price
日期 2010
上傳時間 9-九月-2013 11:28:48 (UTC+8)
摘要 本文包含兩篇文章，分別探討國際市場公司改名對企業股價與借款成本的影響。從本文的實證分析結果得知，國際市場公司改名對公司股票價格與其貸款成本有截然不同的影響。

Cooper, Dimitrov and Rau (2001)與Cooper et al. (2005)發現當網際網路興盛時，不論公司業務主體是否與網際網路有關，於公司名稱加入與網路有關文字之公司其股價報酬上升且維持一段時間；然而，當網際網路衰弱時，將公司名稱刪除網路字樣之公司，其股價出現顯著異常報酬，使得股東財富增加。鑒於近年來國際石油價格急遽上升，之後又逢美國次級房貸風暴因而暴跌，國際石油價格的波動走勢提供本文第一篇文章之研究動機。本文第一篇文章的研究目的在於探討當國際石油價格持續上升時，國際市場公司是否傾向變更其公司名稱，將其公司名稱加入「石油」或「原油」等相關之文字，透過公司名稱的變更提高企業價值；而當國際石油價格急速下降時，國際市場公司是否反而傾向將其公司名稱刪除「石油」或「原油」等相關之文字，以防止股價下跌。此外，由於美國與加拿大地理位置與文化相近，過去文獻常將兩者作比較。顧此，本文進一步探討美國公司與加拿大公司更名對企業股價的影響是否有顯著地差異。

本文發現當國際石油價格上漲時，美國公司傾向將其公司名稱加入「石油」或「原油」等相關之文字且其股價報酬上升，企業價值增加。然而，當美國次級房貸風暴時期，投資人深恐石油產業將受美國次級房貸危機影響，因此變更公司名稱之公司其股價下跌。另外，本文發現由於近年來加拿大為世界主要石油輸出國之一，投資人對石油產業公司的了解度較佳，因此美國與加拿大公司更名對企業股價有不同的影響。

過去文獻主要以股東角度探討公司更名議題，本文第二篇文章主要從銀行貸款者的角度來探討公司更名的影響。本文認為公司更名提高貸款者與借款者之間的資訊不對稱，增加銀行貸款者評估借款者未來還款能力的不確定性。為了要降低不確定性帶來的財務風險，銀行貸款者傾向提高借款利息或增加要求抵押擔保品。本文發現在公司更名後，公司須負擔較高的借款成本、較多的抵押品擔保與合約限制。此外，公司更名後，願意加入聯合貸款的銀行數目降低。

這些實證結果支持本文的推論。在股票市場上，公司變更公司名稱對企業價值有顯著地影響，管理階層藉由變更公司名稱影響投資人對其的看法(investor sentiment)，進而提高股票價值。然而，在借貸市場上，公司變更名稱提高公司與貸款者間之資訊不對稱，公司更名須償付較高的借款成本和較多的抵押品擔保。本文的實證結果說明金融機構對公司治理具有監督和管理的重要角色。
Two essays are comprised in this dissertation to examine the benefits and costs of corporate name changes. The empirical investigation on corporate name changes in stock market and loan market provide the entirely different insights on the effect of corporate name changes.
With the recent oil price in surge and then crash, I have the opportunity to examine whether firms have the incentives to changes their names when oil price surge. In the first essay, I examine the wealth effect of corporate name changes involving oil-related terms. Following Cooper, Dimitrov and Rau (2001) and Cooper et al. (2005), I argue that firms tend to change their name by adding the words “oil” or “petroleum” to names when oil price in surge, while deleting the words “oil” or “petroleum” to names when oil price in a crash. I also compare the effect of corporate name changes between U.S. and Canadian stock market. Consistent with the prediction, I provide the evidence that there exists valuation effect of corporate name changes involving oil-related terms in U.S. stock market when the recent oil price surge. When financial crisis exploded U.S. stock market reacts significant negatively to corporate name changes. This is perhaps because investors expect economic difficulty caused by the financial crisis, which in turn, would hurt the oil industry and high oil price is not expected to be sustainable. On the contrary, relative to U.S. market, Canadian stock market has little reaction on the corporate name changes regardless of the type of name changes or market condition. This opposite results can be attributed to the different economic structure between U.S. and Canadian market.
In the second essay, I focus on the effect of corporate name changes from the perspective of bank loan holders. I examine the cost of corporate name changes in the loan contracting. A corporate name changes creates information asymmetry and uncertainty about the future cash flow of a firms. To reduce the increase of credit risk, bank loan holders would attempt to enhance the efficient monitoring by tighter contracting terms and more concentrated lending structure. Consistent with this argument, the empirical results show that loan after name changes have significantly higher loan spread, higher probability of being secured, more general covenant restrictions and fewer lenders participate in a syndicated loan.
Following Wu (2010), I categorize corporate name changes into different types of name changes and examine whether there is different effect among different types of name changes. I find that firms experiencing radical name changes are more likely to bear more financing costs. Lastly, I provide the evidence that firms pay higher borrowing costs when investors experience a significantly positive reaction from stock market through cosmetic name changes, which illustrate the importance of banks playing the role of monitoring and controlling borrowers.
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Bharath, S.T., Dahiya, S., Saunders, A., Srinivasan, A., 2008, Lending Relationships and Loan Contract Terms, working paper.

Bosch, J.C., and M. Hirschey, 1989, The Valuation Effects of Corporate Name Changes, Financial Management 18, 64-73.

Bradley, M., Roberts, M.R., 2005, The structure and pricing of corporate debt covenants, working paper.

Cooper Michael J., Orlin Dimitrov, and P. Raghavendra Rau, 2001, A rose.com by any other name, Journal of Finance 56, 2371– 2388.

Cooper Michael J., Igor Osobov, Ajay Khorana, and Ajay Patel, 2005, Managerial actions in response to a downturn: Valuation effects of name changes in the dot.com decline, Journal of Corporate Finance 11, 319–335.

Cooper Michael J., Gulen Huseyin, 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.

Diamond, D.W., 1991, Debt maturity structure and liquidity risk, Quarterly Journal of Economics 106, 709–737.

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描述 博士
國立政治大學
財務管理研究所
96357506
99
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096357506
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.advisor Chang, Yuan Chenen_US
dc.contributor.author (作者) 林曉梅zh_TW
dc.contributor.author (作者) Lin, Hsiao Meien_US
dc.creator (作者) 林曉梅zh_TW
dc.creator (作者) Lin, Hsiao Meien_US
dc.date (日期) 2010en_US
dc.date.accessioned 9-九月-2013 11:28:48 (UTC+8)-
dc.date.available 9-九月-2013 11:28:48 (UTC+8)-
dc.date.issued (上傳時間) 9-九月-2013 11:28:48 (UTC+8)-
dc.identifier (其他 識別碼) G0096357506en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/60631-
dc.description (描述) 博士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) 96357506zh_TW
dc.description (描述) 99zh_TW
dc.description.abstract (摘要) 本文包含兩篇文章，分別探討國際市場公司改名對企業股價與借款成本的影響。從本文的實證分析結果得知，國際市場公司改名對公司股票價格與其貸款成本有截然不同的影響。

Cooper, Dimitrov and Rau (2001)與Cooper et al. (2005)發現當網際網路興盛時，不論公司業務主體是否與網際網路有關，於公司名稱加入與網路有關文字之公司其股價報酬上升且維持一段時間；然而，當網際網路衰弱時，將公司名稱刪除網路字樣之公司，其股價出現顯著異常報酬，使得股東財富增加。鑒於近年來國際石油價格急遽上升，之後又逢美國次級房貸風暴因而暴跌，國際石油價格的波動走勢提供本文第一篇文章之研究動機。本文第一篇文章的研究目的在於探討當國際石油價格持續上升時，國際市場公司是否傾向變更其公司名稱，將其公司名稱加入「石油」或「原油」等相關之文字，透過公司名稱的變更提高企業價值；而當國際石油價格急速下降時，國際市場公司是否反而傾向將其公司名稱刪除「石油」或「原油」等相關之文字，以防止股價下跌。此外，由於美國與加拿大地理位置與文化相近，過去文獻常將兩者作比較。顧此，本文進一步探討美國公司與加拿大公司更名對企業股價的影響是否有顯著地差異。

本文發現當國際石油價格上漲時，美國公司傾向將其公司名稱加入「石油」或「原油」等相關之文字且其股價報酬上升，企業價值增加。然而，當美國次級房貸風暴時期，投資人深恐石油產業將受美國次級房貸危機影響，因此變更公司名稱之公司其股價下跌。另外，本文發現由於近年來加拿大為世界主要石油輸出國之一，投資人對石油產業公司的了解度較佳，因此美國與加拿大公司更名對企業股價有不同的影響。

過去文獻主要以股東角度探討公司更名議題，本文第二篇文章主要從銀行貸款者的角度來探討公司更名的影響。本文認為公司更名提高貸款者與借款者之間的資訊不對稱，增加銀行貸款者評估借款者未來還款能力的不確定性。為了要降低不確定性帶來的財務風險，銀行貸款者傾向提高借款利息或增加要求抵押擔保品。本文發現在公司更名後，公司須負擔較高的借款成本、較多的抵押品擔保與合約限制。此外，公司更名後，願意加入聯合貸款的銀行數目降低。

這些實證結果支持本文的推論。在股票市場上，公司變更公司名稱對企業價值有顯著地影響，管理階層藉由變更公司名稱影響投資人對其的看法(investor sentiment)，進而提高股票價值。然而，在借貸市場上，公司變更名稱提高公司與貸款者間之資訊不對稱，公司更名須償付較高的借款成本和較多的抵押品擔保。本文的實證結果說明金融機構對公司治理具有監督和管理的重要角色。		zh_TW
dc.description.abstract (摘要) Two essays are comprised in this dissertation to examine the benefits and costs of corporate name changes. The empirical investigation on corporate name changes in stock market and loan market provide the entirely different insights on the effect of corporate name changes.
With the recent oil price in surge and then crash, I have the opportunity to examine whether firms have the incentives to changes their names when oil price surge. In the first essay, I examine the wealth effect of corporate name changes involving oil-related terms. Following Cooper, Dimitrov and Rau (2001) and Cooper et al. (2005), I argue that firms tend to change their name by adding the words “oil” or “petroleum” to names when oil price in surge, while deleting the words “oil” or “petroleum” to names when oil price in a crash. I also compare the effect of corporate name changes between U.S. and Canadian stock market. Consistent with the prediction, I provide the evidence that there exists valuation effect of corporate name changes involving oil-related terms in U.S. stock market when the recent oil price surge. When financial crisis exploded U.S. stock market reacts significant negatively to corporate name changes. This is perhaps because investors expect economic difficulty caused by the financial crisis, which in turn, would hurt the oil industry and high oil price is not expected to be sustainable. On the contrary, relative to U.S. market, Canadian stock market has little reaction on the corporate name changes regardless of the type of name changes or market condition. This opposite results can be attributed to the different economic structure between U.S. and Canadian market.
In the second essay, I focus on the effect of corporate name changes from the perspective of bank loan holders. I examine the cost of corporate name changes in the loan contracting. A corporate name changes creates information asymmetry and uncertainty about the future cash flow of a firms. To reduce the increase of credit risk, bank loan holders would attempt to enhance the efficient monitoring by tighter contracting terms and more concentrated lending structure. Consistent with this argument, the empirical results show that loan after name changes have significantly higher loan spread, higher probability of being secured, more general covenant restrictions and fewer lenders participate in a syndicated loan.
Following Wu (2010), I categorize corporate name changes into different types of name changes and examine whether there is different effect among different types of name changes. I find that firms experiencing radical name changes are more likely to bear more financing costs. Lastly, I provide the evidence that firms pay higher borrowing costs when investors experience a significantly positive reaction from stock market through cosmetic name changes, which illustrate the importance of banks playing the role of monitoring and controlling borrowers.		en_US
dc.description.tableofcontents List of Figures………………………………………………………………………...iii
List of Tables………………………………………………………………………….iv
Acknowledgements ………………………………………………………………… vi
Abstract………………………………………………………………………………vii

Chapter Ⅰ. Introduction……………………………………………………………. 1
Chapter Ⅱ.The Wealth Effects of Oil-related Name Changes on Stock Prices: Evidence from the U.S. and Canadian Stock Markets
1. Introduction………………………………………………………..... 7
2. Literature review and hypotheses of corporate name changes…….. 10
3. Data and Methodology…………………………………………….. 14
3.1 Data description ……………………………………………….. 14
3.2 Methodology…………………………………………………... 18
4. Empirical results…………………………………………………… 20
4.1 Wealth effects of corporate name changes involving oil-related terms…………………………………………………………… 20
4.1.1 Addition versus deletion of oil-related terms…………….. 23
4.1.2 Major versus minor name changes……………………….. 25
4.1.3 Oil-related sectors versus oil-unrelated sectors…………... 26
4.2 Cross-sectional Regression Analysis…………………………... 27
4.2.1 The Cross-sectional Regression Analysis of CAR………...27
4.2.2 The Cross-sectional Regression Analysis of Buy-and-Hold Return (BHR)…………………………………………….. 29
5. Conclusions………………………………………………………... 30
Chapter Ⅲ. The Cost to Firms of Changing the Names: Evidence from the Bank Loan Market
1. Introduction ……………………………………………………….. 50
2. The effect of name change and loan contracting literature……..…. 54
3. Data………………………………………………………………... 59
3.1 Sample description…………………………………………….. 59
3.2 Univariate analysis…………………………………………….. 60
4. Multivariate analysis………………………………………………. 62
4.1 The effect of corporate name changes on the cost of loan contracting .…………………………………………………………62
4.1.1 The effect on the cost of loan contract among different types of corporate name changes………………………………66
4.1.2 Wealth effect versus information effect of name change... 68
4.1.3 The effect of positive CAR corporate name change on the cost of loan contract……………………………………...70
4.2 Effect of corporate name change on non-price loan contract terms and loan structure……………………………………………... 71
4.2.1 Loan maturity…………………………………………… 72
4.2.2 Loan collateralization…………………………………... 73
4.2.3 Covenants restriction…………………………………… 74
4.2.4 Number of lenders……………………………………… 76
5. Robustness Checks………………………………………………….77
5.1 Unobservable firm characteristics…………………………77
5.2 Unobservable macroeconomic or industry shock…………77
5.3 Endogeneity of loan maturity …..…………………………78
5.4 Robustness to outliers ……………………………………..79
5.5 Empirical analysis at deal level …………………………80
6. Conclusions………………………………………………………... 81
Chapter Ⅳ. Conclusion and Future Studies .....……………………………………105
Appendix A …………………………………………………………………………109
References ………………………………………………………………………….112		zh_TW
dc.format.extent 587085 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096357506en_US
dc.subject (關鍵詞) 公司改名zh_TW
dc.subject (關鍵詞) 借款成本zh_TW
dc.subject (關鍵詞) 石油價格zh_TW
dc.subject (關鍵詞) Corporate name changeen_US
dc.subject (關鍵詞) Cost of bank loansen_US
dc.subject (關鍵詞) Oil priceen_US
dc.title (題名) 國際公司改名對股票市場和借款成本的影響zh_TW
dc.title (題名) Two essays on the benefits and costs of corporate name changes: evidence from stock and loan marketsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Almazan, A., Banerji, S., Motta, A.D., 2008, Attracting Attention: Cheap Managerial Talk and Costly Market Monitoring, Journal of Finance 63, 1399-1436.

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