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題名 現金增資閉鎖期之探討
The Expiration of SEOs` Lockup
作者 何乃辰
貢獻者 湛可南
何乃辰
關鍵詞 閉鎖期
資訊不對稱
現金增資
日期 2013
上傳時間 10-二月-2014 14:48:10 (UTC+8)
摘要 此研究中，我檢測了3,073個現金增資且具有閉鎖契約之樣本，在這些樣本中，閉鎖期大多為90天。我發現當閉鎖契約到期時，平均超額報酬在+1天與累積超額報酬於-1天到+1天時都顯著小於零，且超額報酬大多集中於科技公司。此外，當閉鎖契約到期時，只有閉鎖期大於90天之樣本，超額報酬顯著小於零。最後，我發現除了科技因子可作為資訊不對稱的衡量指標外，閉鎖因子也可作為額外的資訊不對稱衡量指標，與Karpoff、Lee與Masulis(2013)之研究相一致。
參考文獻 1. Arthurs, Jonathan D., Lowell W. Busenitz , Robert E. Hoskisson, and Richard A. Johnson, 2009. Signaling and initial public offerings: The use and impact of the lockup period. Journal of Business Venturing 24, 360-372.
2. Bah, Rahim, and Pascal Dumontier, 2001. R&D intensity and corporate financial policy: Some international evidence. Journal of Business Finance and Accounting 28, 671-692.
3. Bradley, Daniel J., Bradford D. Jordan, Ivan C. Roten, and Ha-Chin Yi, 2001. Venture capital and IPO lockup expiration: An empirical analysis. Journal of Financial Research 24, 465-492.
4. Brau, James C., Val E. Lambson, and Grant McQueen, 2005. Lockups revisited. Journal of Financial and Quantitative Analysis 40, 519-530.
5. Brav, Alon, and Paul A. Gompers, 2003. The role of lockups in initial public offerings. Review of Financial Studies 16, 1-29.
6. Brown, Stephen J., and Jerold B. Warner, 1985. Using daily stock returns: The case of event studies. Journal of Financial Economics 14, 3-31.
7. Chen, Hsuan-Chi, and Jay R. Ritter, 2000. The seven percent solution. Journal of Finance 55, 1105-1131.
8. Courteau, Lucie, 1995. Under-diversification and retention commitments in IPOs. Journal of Financial and Quantitative Analysis 30, 487-517.
9. Fama, Eugene F., and Kenneth R. French, 1998. Value versus growth : The international evidence. Journal of Finance 53, 1975-1999.
10. Field, Laura C., and Gordon Hanka, 2001. The expiration of IPO share lockups. Journal of Finance 56, 471-500.
11. Karpoff, Jonathan M., Gemma Lee, and Ronald W. Masulis,2013. Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings. Journal of Financial Economics,110, 607-626.
12. Mackinlay, Craig A., 1997. Event studies in Economics and Finance. Journal of Economic Literature 35, 13-39.
13. Ofek, Eli, and Matthew Richardson, 2000. The IPO lock-up period: Implications for market efficiency and downward sloping demand curves. Working Paper, New York University.
描述 碩士
國立政治大學
財務管理研究所
100357034
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100357034
資料類型 thesis
dc.contributor.advisor 湛可南zh_TW
dc.contributor.author (作者) 何乃辰zh_TW
dc.creator (作者) 何乃辰zh_TW
dc.date (日期) 2013en_US
dc.date.accessioned 10-二月-2014 14:48:10 (UTC+8)-
dc.date.available 10-二月-2014 14:48:10 (UTC+8)-
dc.date.issued (上傳時間) 10-二月-2014 14:48:10 (UTC+8)-
dc.identifier (其他 識別碼) G0100357034en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/63649-
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) 100357034zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 此研究中，我檢測了3,073個現金增資且具有閉鎖契約之樣本，在這些樣本中，閉鎖期大多為90天。我發現當閉鎖契約到期時，平均超額報酬在+1天與累積超額報酬於-1天到+1天時都顯著小於零，且超額報酬大多集中於科技公司。此外，當閉鎖契約到期時，只有閉鎖期大於90天之樣本，超額報酬顯著小於零。最後，我發現除了科技因子可作為資訊不對稱的衡量指標外，閉鎖因子也可作為額外的資訊不對稱衡量指標，與Karpoff、Lee與Masulis(2013)之研究相一致。zh_TW
dc.description.tableofcontents Abstract 2
List of Tables 3
1. Introduction 4
1.1 Motivation and Objective 4
1.2 Outline 6
2. Literature Review 7
2.1 Lockup Agreement 7
2.2 Information Asymmetry 10
3. Data and Empirical Method 12
3.1 Data Description 12
3.2 Controlling Variables 13
3.3 Research Methodology 15
3.3.1 Cumulative Abnormal Return 15
3.3.2 Multiple Regression Analysis 16
4. Empirical evidence 18
5. Conclusion 31
References 33		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100357034en_US
dc.subject (關鍵詞) 閉鎖期zh_TW
dc.subject (關鍵詞) 資訊不對稱zh_TW
dc.subject (關鍵詞) 現金增資zh_TW
dc.title (題名) 現金增資閉鎖期之探討zh_TW
dc.title (題名) The Expiration of SEOs` Lockupen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. Arthurs, Jonathan D., Lowell W. Busenitz , Robert E. Hoskisson, and Richard A. Johnson, 2009. Signaling and initial public offerings: The use and impact of the lockup period. Journal of Business Venturing 24, 360-372.
2. Bah, Rahim, and Pascal Dumontier, 2001. R&D intensity and corporate financial policy: Some international evidence. Journal of Business Finance and Accounting 28, 671-692.
3. Bradley, Daniel J., Bradford D. Jordan, Ivan C. Roten, and Ha-Chin Yi, 2001. Venture capital and IPO lockup expiration: An empirical analysis. Journal of Financial Research 24, 465-492.
4. Brau, James C., Val E. Lambson, and Grant McQueen, 2005. Lockups revisited. Journal of Financial and Quantitative Analysis 40, 519-530.
5. Brav, Alon, and Paul A. Gompers, 2003. The role of lockups in initial public offerings. Review of Financial Studies 16, 1-29.
6. Brown, Stephen J., and Jerold B. Warner, 1985. Using daily stock returns: The case of event studies. Journal of Financial Economics 14, 3-31.
7. Chen, Hsuan-Chi, and Jay R. Ritter, 2000. The seven percent solution. Journal of Finance 55, 1105-1131.
8. Courteau, Lucie, 1995. Under-diversification and retention commitments in IPOs. Journal of Financial and Quantitative Analysis 30, 487-517.
9. Fama, Eugene F., and Kenneth R. French, 1998. Value versus growth : The international evidence. Journal of Finance 53, 1975-1999.
10. Field, Laura C., and Gordon Hanka, 2001. The expiration of IPO share lockups. Journal of Finance 56, 471-500.
11. Karpoff, Jonathan M., Gemma Lee, and Ronald W. Masulis,2013. Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings. Journal of Financial Economics,110, 607-626.
12. Mackinlay, Craig A., 1997. Event studies in Economics and Finance. Journal of Economic Literature 35, 13-39.
13. Ofek, Eli, and Matthew Richardson, 2000. The IPO lock-up period: Implications for market efficiency and downward sloping demand curves. Working Paper, New York University.		zh_TW