以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：48

、訪客IP：3.137.189.14

姓名	杜克忠(Do Khac Trung)  查詢紙本館藏	畢業系所	財務金融學系
論文名稱	兩篇論文：公司理財相關研究 (Two Essays on Corporate Finance)
相關論文	★ 本國壽險業內部管理制度與經營績效之探討 ★ 企業購併宣告對股東財富效果之影響-以台灣金融業為例 ★ 金融科技對台灣金融業之影響-以線上貸款為例 ★ 銀行授信違約風險-財務比率評分之預警效果 ★ 所得稅制優化修正與兩稅合一廢除之影響 ★ 區塊鏈技術應用於金融科技公司企業資金電子調撥系統實作與驗證 ★ 房屋貸款者風險特性與個人星座關係之研析-以個案銀行分行房貸業務為例 ★ 金融科技浪潮下銀行分行經營績效之探討－以個案銀行為例 ★ 中國A股正式納入MSCI指數之異常報酬探討 ★ 企業信用管理政策之個案研究 ★ 生技公司與醫美診所聯合經營商業模式探討與財務分析－以某公開發行公司為例 ★ 公司併購之經營績效分析－以某併購案為例 ★ 結構型商品投資個案探討-股價(權)連結型/基金連結型 ★ 越南台商融資模式之研究 ★ 低利環境利差縮減下銀行分行經營效率之探討-以個案銀行為例 ★ 經濟供需模型評價死亡率債券
檔案	[Endnote RIS 格式]    [Bibtex 格式]    [相關文章]   [文章引用]   [完整記錄]   [館藏目錄]   [檢視]  [下載] 本電子論文使用權限為同意立即開放。 已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。 請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。
摘要(中)	本篇論文由兩個議題組成，分別為產品市場競爭及產品集中度，並進一步探討對公司績效表現的影響。 第一個議題主要探討產品市場競爭對公司槓桿調整的影響。目前的文獻提供了產品市場競爭有利及不利的實證結果，然而對公司槓桿調整的影響仍尚未釐清。本研究結果發現，產品市場的競爭壓力會加速公司槓桿調整的速度。對於偏離(高於或低於)目標槓桿的公司皆有一致性結果，此結果顯示競爭程度能有效降低槓桿調整的成本進而增加槓桿調整的速度。本文進一步探討競爭壓力對槓桿調整速度的因果關係，採用美國製造業大幅降低進口關稅的準自然實驗(quasi-natural experiment)進行驗證，結果發現在大幅降低進口稅後，公司顯著提高槓桿調整。此外，公司治理程度較差以及能力較低的經理人會加強兩者的正向關係。總結第一個子議題，本研究證實產品市場競爭的有利面，能有效降低經理人與股東之間的代理衝突。 第二個議題探討客戶集中度是否影響股票市場流動性。由於主要客戶為了確保供應鏈的穩定性，他們會有動機進行監督並影響供應商的治理品質，進而提高供應商的股票流動性。實證結果發現，顧客集中度程度較高的公司會有較低的價差。本文採用不同的模型設定，內生性檢驗及穩健性測試後，結果仍一致。此外，客戶集中度有利於提高公司的經濟價值，主要顧客的監督行為能有效降低公司裁決性支出，違約風險，提高雙方的公司價值。總結第二個子議題，主要客戶具有較強的動機監督供應商以維持合作廠商體質健全，進一步從穩定的供應鏈關係中獲得利潤。
摘要(英)	This dissertation consists of two standalone studies relating to product market competition, customer concentration and their effects on corporate performance. The first study examines the impact of competition in the product market on firms’ leverage adjustments. While recent research provides evidence of both the bright and dark sides of competition, its impact on firms’ leverage adjustments is an open empirical question. Results provide evidence that competitive pressures from the product market accelerate the leverage speed of adjustment (SOA) toward target capital structure. I obtain consistent results for both over- and under-levered firms, which implies that competition helps lower the leverage adjustment costs and hence increases the SOA, irrespective of whether firms are over- or under-levered relative to their target leverage. To establish the causal effect of competitive threats on the SOA, I exploit a quasi-natural experiment provided by large import tariff reductions in the U.S. manufacturing sector, and find a significant increase in firms’ leverage adjustments after large tariff cuts. The additional analyses reveal that the impact of product market threats on leverage adjustments is more pronounced for firms with poor governance quality and unskillful managers. Overall, this study highlights the “bright side” of product market competition and suggests that agency conflicts between managers and shareholders are attenuated by intensified competition. The second essay investigates the question of whether and how firm customer concentration impacts stock market liquidity. I hypothesize that to ensure supply-chain stability, principal customers increase incentives to monitor suppliers and exert influence on suppliers’ governance quality, thereby improving suppliers’ stock market liquidity. The empirical analyses document that firms with concentrated customer base are strongly and positively associated with narrower spreads. The main results are robust to a variety of model specifications and endogeneity concerns, and alternative proxies for stock liquidity. Further tests show that the increase in liquidity is mainly driven by supplier governance quality and customer bargaining power. In addition, I find evidence of economic benefits associated with the favorable effect of customer concentration along the supply chain. Customers’ monitoring efforts help reduce discretionary expenses, decrease default risk, and enhance firm value of both customers and suppliers. Overall, the findings from this chapter suggest that principal customers have strong incentives to monitor suppliers to keep their suppliers healthy, thereby gaining benefit from stable supply chain.
關鍵字(中)	★ 產品市場競爭 ★ 產品集中度	關鍵字(英)	★ Product Market Threats ★ Tariff Reduction ★ Leverage Adjustments ★ Customer Concentration ★ Stock Liquidity ★ Bargaining Power
論文目次	摘要 i Abstract ii Acknowledgments iv Table of Contents v List of Figures vii List of Tables viii Chapter 1: Product Market Threats and Corporate Leverage Adjustments 1 1.1. Introduction 2 1.2. Relevant literature and hypotheses development 9 1.3. Data, summary statistics, and research design 12 1.3.1. Sample 12 1.3.2. Partial adjustment model of capital structure 14 1.3.3. Summary statistics 18 1.4. Empirical results 19 1.4.1. Product market threats and leverage adjustments 19 1.4.2. Alternative measures of product market threats 20 1.4.3. Evidence from natural experiment 21 1.4.4. Over-Levered and Under-Levered Categories 24 1.5. Subsample analysis 25 1.5.1. Disciplinary mechanism in mitigating agency conflicts and information asymmetry 25 1.5.2. Managerial ability 26 1.6. Conclusion 27 References 29 Appendix 1.A: Variable definitions 42 Appendix 1.B: Estimation of target leverage ratio 44 Appendix 1.C: Alternative measures of leverage 45 Appendix 1.D: Industries affected by large import tariff reductions 46 Chapter 2: Customer Concentration and Stock Liquidity 47 2.1. Introduction 48 2.2. Data and summary statistics 54 2.2.1. Data and sample selection 54 2.2.2. Variable construction 55 2.2.3. Sample description 57 2.3. Customer concentration and stock liquidity: Empirical results 58 2.3.1. Baseline regression analysis 58 2.3.2. Endogeneity 59 2.3.3. Alternative measures of liquidity 63 2.4. Additional analyses 63 2.4.1. Supplier governance quality 64 2.4.2. Customer bargaining power 66 2.4.3. Customer bargaining power: Evidence from import tariff reductions 67 2.4.4. Economics consequences 69 2.5. Conclusion 71 Reference 72 Appendix 2.A: Sample Selection Process 92 Appendix 2.B: Variable Definitions 93
參考文獻	Aghion, P., Bloom, N., Blundell, R., Griffith, R. and Howitt, P., 2005. Competition and innovation: An inverted-U relationship. The quarterly journal of economics 120, 701-728 Alchian, A.A., 1950. Uncertainty, evolution, and economic theory. Journal of Political Economy 58, 211-221 Ali, A., Klasa, S. and Yeung, E., 2009. The limitations of industry concentration measures constructed with Compustat data: Implications for finance research. The Review of Financial Studies 22, 3839-3871 Atawnah, N., Balachandran, B., Duong, H.N. and Podolski, E.J., 2018. Does exposure to foreign competition affect stock liquidity? Evidence from industry-level import data. Journal of Financial Markets 39, 44-67 Bebchuk, L., Cohen, A. and Ferrell, A., 2009. What matters in corporate governance? The Review of Financial Studies 22, 783-827 Blundell, R. and Bond, S., 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87, 115-143 Boubaker, S., Saffar, W. and Sassi, S., 2018. Product market competition and debt choice. Journal of Corporate Finance 49, 204-224 Brisker, E.R. and Wang, W., 2017. CEO′s inside debt and dynamics of capital structure. Financial Management 46, 655-685 Byoun, S., 2008. How and when do firms adjust their capital structures toward targets? The Journal of Finance 63, 3069-3096 Chang, Y.-K., Chen, Y.-L., Chou, R.K. and Huang, T.-H., 2015. Corporate governance, product market competition and dynamic capital structure. International Review of Economics & Finance 38, 44-55 Chang, Y.-K., Chou, R.K. and Huang, T.-H., 2014. Corporate governance and the dynamics of capital structure: New evidence. Journal of Banking & Finance 48, 374-385 Chhaochharia, V., Grinstein, Y., Grullon, G. and Michaely, R., 2016. Product market competition and internal governance: Evidence from the Sarbanes–Oxley Act. Management Science 63, 1405-1424 Chow, G.C., 1960. Tests of equality between sets of coefficients in two linear regressions. Econometrica: Journal of the Econometric Society, 591-605 Çolak, G., Gungoraydinoglu, A. and Öztekin, Ö., 2018. Global leverage adjustments, uncertainty, and country institutional strength. Journal of Financial Intermediation 35, 41-56 Cook, D.O. and Tang, T., 2010. Macroeconomic conditions and capital structure adjustment speed. Journal of Corporate Finance 16, 73-87 Custódio, C., Ferreira, M.A. and Matos, P., 2013. Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics 108, 471-492 Dang, V.A., Kim, M. and Shin, Y., 2015. In search of robust methods for dynamic panel data models in empirical corporate finance. Journal of Banking & Finance 53, 84-98 Dasgupta, S., Li, X. and Wang, A.Y., 2017. Product market competition shocks, firm performance, and forced CEO turnover. The Review of Financial Studies 31, 4187-4231 Demerjian, P., Lev, B. and McVay, S., 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 58, 1229-1248 Elsas, R. and Florysiak, D., 2011. Heterogeneity in the speed of adjustment toward target leverage. International Review of Finance 11, 181-211 Elsas, R. and Florysiak, D., 2015. Dynamic capital structure adjustment and the impact of fractional dependent variables. Journal of Financial and Quantitative analysis 50, 1105-1133 Fama, E.F. and French, K.R., 1997. Industry costs of equity. Journal of Financial Economics 43, 153-193 Fama, E.F. and French, K.R., 2002. Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies 15, 1-33 Faulkender, M., Flannery, M.J., Hankins, K.W. and Smith, J.M., 2012. Cash flows and leverage adjustments. Journal of Financial Economics 103, 632-646 Fischer, E.O., Heinkel, R. and Zechner, J., 1989. Dynamic capital structure choice: Theory and tests. The Journal of Finance 44, 19-40 Flannery, M.J. and Hankins, K.W., 2013. Estimating dynamic panel models in corporate finance. Journal of Corporate Finance 19, 1-19 Flannery, M.J. and Rangan, K.P., 2006. Partial adjustment toward target capital structures. Journal of Financial Economics 79, 469-506 Fresard, L., 2010. Financial strength and product market behavior: The real effects of corporate cash holdings. The Journal of Finance 65, 1097-1122 Frésard, L. and Valta, P., 2016. How does corporate investment respond to increased entry threat? The Review of Corporate Finance Studies 5, 1-35 Giroud, X. and Mueller, H.M., 2010. Does corporate governance matter in competitive industries? Journal of Financial Economics 95, 312-331 Giroud, X. and Mueller, H.M., 2011. Corporate governance, product market competition, and equity prices. The Journal of Finance 66, 563-600 Halling, M., Yu, J. and Zechner, J., 2016. Leverage dynamics over the business cycle. Journal of Financial Economics 122, 21-41 Hart, O.D., 1983. The market mechanism as an incentive scheme. The Bell Journal of Economics, 366-382 Hoberg, G. and Phillips, G., 2016. Text-based network industries and endogenous product differentiation. Journal of Political Economy 124, 1423-1465 Hoberg, G., Phillips, G. and Prabhala, N., 2014. Product market threats, payouts, and financial flexibility. The Journal of Finance 69, 293-324 Holmstrom, B., 1982. Moral hazard in teams. The Bell Journal of Economics, 324-340 Hovakimian, A., Opler, T. and Titman, S., 2001. The debt-equity choice. Journal of Financial and Quantitative analysis 36, 1-24 Hu, M., Li, T. and Lin, C.T., 2018. Managerial ability and the speed of leverage adjustment. Huang, H.-H. and Lee, H.-H., 2013. Product market competition and credit risk. Journal of Banking & Finance 37, 324-340 Jalilvand, A. and Harris, R.S., 1984. Corporate behavior in adjusting to capital structure and dividend targets: An econometric study. The Journal of Finance 39, 127-145 Jensen, M.C. and Meckling, W.H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3, 305-360 Jiang, F., Jiang, Z., Huang, J., Kim, K.A. and Nofsinger, J.R., 2017. Bank competition and leverage adjustments. Financial Management 46, 995-1022 Leary, M.T. and Roberts, M.R., 2005. Do firms rebalance their capital structures? The Journal of Finance 60, 2575-2619 Lemmon, M.L., Roberts, M.R. and Zender, J.F., 2008. Back to the beginning: persistence and the cross‐section of corporate capital structure. The Journal of Finance 63, 1575-1608 Li, F., Lundholm, R. and Minnis, M., 2013. A measure of competition based on 10‐K filings. Journal of Accounting Research 51, 399-436 Li, S. and Zhan, X., 2018. Product market threats and stock crash risk. Management Science Liao, L.K., Mukherjee, T. and Wang, W., 2015. Corporate governance and capital structure dynamics: an empirical study. Journal of Financial Research 38, 169-192 Morellec, E., Nikolov, B. and Schürhoff, N., 2012. Corporate governance and capital structure dynamics. The Journal of Finance 67, 803-848 Myers, S.C., 1984. The capital structure puzzle. The Journal of Finance 39, 574-592 Myers, S.C. and Majluf, N.S., 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-221 Nalebuff, B.J. and Stiglitz, J.E., 1983. Prizes and incentives: towards a general theory of compensation and competition. The Bell Journal of Economics, 21-43 Öztekin, Ö., 2015. Capital structure decisions around the world: which factors are reliably important? Journal of Financial and Quantitative analysis 50, 301-323 Öztekin, Ö. and Flannery, M.J., 2012. Institutional determinants of capital structure adjustment speeds. Journal of Financial Economics 103, 88-112 Pagan, A., 1984. Econometric issues in the analysis of regressions with generated regressors. International Economic Review, 221-247 Platt, K., 2015. Product Market Competition and the Cost of Corporate Public Debt. Available at SSRN: https://ssrn.com/abstract=2490752 Schmidt, K.M., 1997. Managerial incentives and product market competition. The Review of Economic Studies 64, 191-213 Shleifer, A. and Vishny, R.W., 1997. A survey of corporate governance. The Journal of Finance 52, 737-783 Stigler, G.J., 1958. The economies of scale. The Journal of Law and Economics 1, 54-71 Strebulaev, I.A., 2007. Do tests of capital structure theory mean what they say? The Journal of Finance 62, 1747-1787 Valta, P., 2012. Competition and the cost of debt. Journal of Financial Economics 105, 661-682 Verrecchia, R.E. and Weber, J., 2006. Redacted disclosure. Journal of Accounting Research 44, 791-814 Warr, R.S., Elliott, W.B., Koëter-Kant, J. and Öztekin, Ö., 2012. Equity mispricing and leverage adjustment costs. Journal of Financial and Quantitative Analysis 47, 589-616 Xu, J., 2012. Profitability and capital structure: Evidence from import penetration. Journal of Financial Economics 106, 427-446 Abdi, F. and Ranaldo, A., 2017. A simple estimation of bid-ask spreads from daily close, high, and low prices. The Review of Financial Studies 30, 4437-4480 Amihud, Y., 2002. Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets 5, 31-56 Amihud, Y. and Mendelson, H., 1986. Asset pricing and the bid-ask spread. Journal of Financial Economics 17, 223-249 Balakrishnan, K., Billings, M. B., Kelly, B., and Ljungqvist, A., 2014. Shaping liquidity: On the causal effects of voluntary disclosure. The Journal of Finance, 69(5), 2237-2278 Banerjee, S., Dasgupta, S. and Kim, Y., 2008. Buyer–supplier relationships and the stakeholder theory of capital structure. The Journal of Finance 63, 2507-2552 Barrot, J.-N. and Sauvagnat, J., 2016. Input specificity and the propagation of idiosyncratic shocks in production networks. The Quarterly Journal of Economics 131, 1543-1592 Bebchuk, L., Cohen, A. and Ferrell, A., 2009. What matters in corporate governance? The Review of Financial Studies 22, 783-827 Bhattacharyya, S. and Nain, A., 2011. Horizontal acquisitions and buying power: A product market analysis. Journal of Financial Economics 99, 97-115 Blois, K.J., 1972. Vertical quasi-integration. The Journal of Industrial Economics, 253-272 Brogaard, J., Li, D. and Xia, Y., 2017. Stock liquidity and default risk. Journal of Financial Economics 124, 486-502 Brunnermeier, M.K. and Pedersen, L.H., 2009. Market liquidity and funding liquidity. The Review of Financial Studies 22, 2201-2238 Bushee, B. J. and Noe, C. F., 2000. Corporate disclosure practices, institutional investors, and stock return volatility. Journal of Accounting Research, 171-202. Campello, M. and Gao, J., 2017. Customer concentration and loan contract terms. Journal of Financial Economics 123, 108-136 Cen, L., Dasgupta, S., Elkamhi, R., and Pungaliya, R. S., 2016a. Reputation and loan contract terms: The role of principal customers. Review of Finance, 20(2), 501-533 Cen, L., Dasgupta, S. and Sen, R., 2016b. Discipline or disruption? Stakeholder relationships and the effect of takeover threat. Management Science 62, 2820-2841 Cen, L., et al., 2017. Customer–supplier relationships and corporate tax avoidance. Journal of Financial Economics 123, 377-394 Chen, T., Levy, H., Martin, X., and Shalev, R., 2017. Buying Products from Whom You Know: Personal Connections and Information Asymmetry in Supply Chain Relationships. Available at SSRN Chen, Y., Hu, G., Yao, J., and Zhao, J., 2019. Customer Concentration, Bad News Withholding, and Stock Price Crash Risk. Available at SSRN Chordia, T., Roll, R. and Subrahmanyam, A., 2008. Liquidity and market efficiency. Journal of Financial Economics 87, 249-268 Chung, K.H., Elder, J. and Kim, J.-C., 2010. Corporate governance and liquidity. Journal of Financial and Quantitative Analysis 45, 265-291 Chung, K.H. and Zhang, H., 2011. Corporate governance and institutional ownership. Journal of Financial and Quantitative Analysis 46, 247-273 Cohen, L. and Frazzini, A., 2008. Economic links and predictable returns. The Journal of Finance 63, 1977-2011 Corwin, S.A. and Schultz, P., 2012. A simple way to estimate bid‐ask spreads from daily high and low prices. The Journal of Finance 67, 719-760 Costello, A.M., 2013. Mitigating incentive conflicts in inter-firm relationships: Evidence from long-term supply contracts. Journal of Accounting and Economics 56, 19-39 Cragg, J. G. and Donald, S. G. (1993). Testing identifiability and specification in instrumental variable models. Econometric Theory, 9(2), 222–240. Cremers, K.M., Nair, V.B. and Peyer, U., 2008. Takeover defenses and competition: the role of stakeholders. Journal of Empirical Legal Studies 5, 791-818 Dai, R., Liang, H. and Ng, L.K., 2019. Socially responsible corporate customers. Journal of Financial Economics (JFE), Forthcoming Dass, N., Kale, J.R. and Nanda, V., 2015. Trade credit, relationship-specific investment, and product market power. Review of Finance 19, 1867-1923 Dhaliwal, D., Judd, J. S., Serfling, M., and Shaikh, S., 2016. Customer concentration risk and the cost of equity capital. Journal of Accounting and Economics 61, 23-48 Duan, J. C., 2010. Clustered Defaults. Risk Management Institute Working Paper Duan, J. C., Sun, J., and Wang, T., 2012. Multiperiod corporate default prediction—A forward intensity approach. Journal of Econometrics, 170(1), 191-209 Duong, H. N., Krishnamurti, C., Nguyen, J. H., Nguyen, M., and Rhee, S. G., 2018. Policy uncertainty and stock liquidity. Available at SSRN Ellis, J. A., Fee, C. E., and Thomas, S. E., 2012. Proprietary costs and the disclosure of information about customers. Journal of Accounting Research, 50(3), 685-727. Fang, V.W., Noe, T.H. and Tice, S., 2009. Stock market liquidity and firm value. Journal of Financial Economics 94, 150-169 Fee, C.E. and Thomas, S., 2004. Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics 74, 423-460 Feenstra, R.C., 1996. U.S. imports, 1972–1994: data and concordances. NBER Working paper 5515, National Bureau of Economic Research: Cambridge, MA Feenstra, R.C., Romalis, J. and Schott, P.K., 2002. US imports, exports, and tariff data, 1989-2001. NBER Working paper 9387, National Bureau of Economic Research: Cambridge, MA Flammer, C., 2015. Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal 36, 1469-1485 Frésard, L., 2010. Financial strength and product market behavior: The real effects of corporate cash holdings. The Journal of Finance 65, 1097-1122 Frésard, L. and Valta, P., 2016. How does corporate investment respond to increased entry threat? The Review of Corporate Finance Studies 5, 1-35 Gopalan, R., Kadan, O. and Pevzner, M., 2012. Asset liquidity and stock liquidity. Journal of Financial and Quantitative Analysis 47, 333-364 Hasbrouck, J., 2009. Trading costs and returns for US equities: Estimating effective costs from daily data. The Journal of Finance 64, 1445-1477 Holden, Craig, 2009, New low-frequency spread measures, Journal of Financial Markets 12, 778–813 Huang, H. H., Lobo, G. J., Wang, C., and Xie, H., 2016. Customer concentration and corporate tax avoidance. Journal of Banking & Finance 72, 184-200 Hui, K.W., Klasa, S. and Yeung, P.E., 2012. Corporate suppliers and customers and accounting conservatism. Journal of Accounting and Economics 53, 115-135 Intintoli, V.J., Serfling, M. and Shaikh, S., 2017. CEO turnovers and disruptions in customer–supplier relationships. Journal of Financial and Quantitative Analysis 52, 2565-2610 Irvine, P.J., Park, S.S. and Yıldızhan, Ç., 2016. Customer-base concentration, profitability, and the relationship life cycle. The Accounting Review 91, 883-906 Itzkowitz, J., 2013. Customers and cash: How relationships affect suppliers′ cash holdings. Journal of Corporate Finance 19, 159-180 Itzkowitz, J. (2015). Buyers as stakeholders: How relationships affect suppliers′ financial constraints. Journal of Corporate Finance, 31, 54-66 Johnson, W.C., Kang, J.K. and Yi, S., 2010. The certification role of large customers in the new issues market. Financial Management 39, 1425-1474 Kale, J.R. and Loon, Y.C., 2011. Product market power and stock market liquidity. Journal of Financial Markets 14, 376-410 Kale, J.R. and Shahrur, H., 2007. Corporate capital structure and the characteristics of suppliers and customers. Journal of Financial Economics 83, 321-365 Kelly, T. and Gosman, M.L., 2000. Increased buyer concentration and its effects on profitability in the manufacturing sector. Review of Industrial Organization 17, 41-59 Kim, J.-B., Lee, S.M. and Song, H., 2018. Customer Concentration and Stock Price Crash Risk. Available at SSRN Lesmond, D. A., Ogden, J. P., and Trzcinka, C. A. (1999). A new estimate of transaction costs. The Review of Financial Studies, 12(5), 1113-1141 Lewis, J.D., 2002. Partnerships for profit: Structuring and managing strategic alliances. Simon and Schuster Lustgarten, S.H., 1975. The impact of buyer concentration in manufacturing industries. The Review of Economics and Statistics, 125-132 Patatoukas, P.N., 2012. Customer-base concentration: Implications for firm performance and capital markets. The Accounting Review 87, 363-392 Peress, J., 2010. Product market competition, insider trading, and stock market efficiency. The Journal of Finance 65, 1-43 Raman, K. and Shahrur, H., 2008. Relationship-specific investments and earnings management: Evidence on corporate suppliers and customers. The Accounting Review 83, 1041-1081 Roll, R., 1984, A simple implicit measure of the effective bid-ask spread in an efficient market, The Journal of Finance 39, 127–1139 Ryan Jr, H.E. and Wiggins III, R.A., 2004. Who is in whose pocket? Director compensation, board independence, and barriers to effective monitoring. Journal of Financial Economics 73, 497-524 Schott, P.K., 2010. U.S. manufacturing exports and imports by SIC or NAICS category and partner country, 1972–2005. Working paper, Yale University: New Haven, CT Zhu, J., 2017. Two Essays on Investments: Corporate and Institutional Perspective. Ph.D. Dissertation. York University
指導教授	黃泓人(Henry H. Huang)	審核日期	2020-7-28
推文	facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu
網路書籤	Google bookmarks   del.icio.us   hemidemi   myshare