初次公開發行對其競爭者及上下游產業之市場反應

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姓名

彭詩亞(Shih-ya Peng) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

初次公開發行對其競爭者及上下游產業之市場反應
(The Impact of Initial Public Offering announcements on firm's rivals, suppliers and customers)

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至系統瀏覽論文 ( 永不開放)

摘要(中)

許多文獻探討過初次公開發行對其發行公司本身的影響。而近期也有一些研究再討論初次公開發行宣告對其競爭者的影響。本文將探討範圍擴大，研究初次公開發行對競爭者以及其上下游的影響。我們發現其競爭著對於初次公開發行宣告的反應結果分為資訊效果以及競爭效果。而在競爭者存在不同效果下，其上下游產業也面臨不一樣的反應。在資訊效果下上下游產業具有正面反應。相反的，在競爭效果下，對於上下游則是產生負面的效果。另外，本文發現，在資訊效果下，初次公開發行公司的公司規模對於競爭者和上下游產業的財富效果具有正向的關係。我們也懷疑可能存在其他對於異常報酬更具解釋力的變數。

摘要(英)

Previous literatures examine the direct effect of the IPO on the firm foundation. Recently, some researches examine if the IPOs announcement has industry-wide effect. We broaden the investigation through the whole supply chain by examining the wealth effect of IPOs announcement on the rivals, customers and suppliers. This paper finds that when the rivals are under the information effect, the customers and suppliers will suffer positive effect. Otherwise, when the rivals are under the competition effect, the customers and suppliers will suffer negative effect. Moreover, the size of the IPO firm is significantly positively related with the CAR of the rivals, customers and suppliers. We conjecture that there are still some variables which would be more powerful in explaining the abnormal return of the rivals, customers and suppliers.

關鍵字(中)

★ 初次公開發行
★ 財富效果

關鍵字(英)

★ wealth effect
★ IPO

論文目次

Abstract II
1. Introduction 1
2. Hypothesis and related literature 2
2.1 Information Effect 2
2.2 Competition effect 4
3. Data and methodology 6
3.1 The IPOs sample 6
3.2 The rival sample, the customer sample and supplier sample 7
3.3 Methodology 8
4 Empirical Results 9
4.1 Abnormal returns to the overall sample 9
4.2 Empirical result of Information Effect 15
4.3 Empirical result of Competition Effect 19
5 Cross-sectional analysis 23
5.1 Measurement of independent variables 23
5.2 Cross-sectional results 25
6 Conclusion 30
Reference 31

參考文獻

Akhigbe, A, S.F. Borde and A. M. Whyte, 2003. Does an industry effect exist for initial public offerings? Financial Review 38, 531-551.
Chemmanur, T.J., P. Fulghieri, 1999. A theory of the going-public decision. Review of Financial Studies 12, 249-279.
Cotei, C., J. Farhat, and T. K. Mukherjee, 2004. Informational externalities of going public decisions: evidence from industrial sector. University of New Orleans, Department of Economics and Finance, Working Papers: 2004-12
Fee, C.E, S. Thomas, 2004. Source of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics74, 423-460.
Galbraith, J.K, 1993. American Capitalism: The Concept of Countervailing Power. Houghton-Mifflin, NY.
Lang, L.H.P., R.M. Stulz, 1992. Contagion and competitive intra-industry effects of bankruptcy announcement: An empirical analysis. Journal of Financial Economics 32, 45-60.
Lerner, J., 1994. Venture capitalists and the decision to go public. Journal of Financial Economics 35, 293-316.
Ritter, J.R., I. Welch, 2002. A review of IPO activity, pricing and allocations. Journal of Finance 57, 1795-1828.
Ritter, J., 1991. The long-run performance of initial public offerings. Journal of Finance 46, 3-27.
Subrahmanyam, A.,S. Timan, 1999. The Going-Public Decision and the Development of Financial Markets. Journal of Finance 54, 1045-82
Stoughton, N.M., K.P. Wong, and J.Zechner, 2001. IPO and product quality. Journal of Businesss 74, 375-408.
Shahrur, H., 2005. Industry structure and horizontal takeovers: Analysis of wealth effect on rivals, suppliers, and corporate customers. Journal of Financial Economics 76, 61-98.

指導教授

周冠男(Robin-K Chou)

審核日期

2007-7-6

推文