承銷關係是否會影響未來承銷業務?

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：59

、訪客IP：3.15.1.196

姓名

沈毓璁(Yu-tsung Shen) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

承銷關係是否會影響未來承銷業務?
(Do Underwriting Relationships Affect the Subsequent Underwriting Business?)

相關論文

★ 使用信用卡循環信用持卡人特性之研究	★ 證券商分公司經營績效-以元大證券為例
★ 經濟變數對十年期公債殖利率影響之研究	★ 從股務代理機構之角度探討全面發行無實體有價證券作業
★ 以KMV 及Logistic 模型計算發行公司違約機率-台灣股市實證研究	★ 財務比率與股價報酬關聯性之研究--以全球汽車產業為例
★ 以完全複製不定期調整方式建構指數股票型基金之績效研究	★ 投資組合理論在財富管理上之應用
★ 以存活分析法預測通信貸款之還款期限	★ 國內股票型共同基金異常報酬之特徵研究
★ 台灣境外高收益債券型基金績效分析	★ 財富管理客戶選擇銀行之因素探討
★ 境外匯回專法實施前後境外資金解決方案比較－以個案分析為例	★ 匯率風險與亞洲金融風暴之研究
★ 消費者情緒對股價報酬的預測能力	★ 因子或特徵:全球觀點

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]

至系統瀏覽論文 ( 永不開放)

摘要(中)

本篇論文主旨在探討承銷商與發行公司間，如果先前存在有承銷關係時，對於承銷商而言，會不會影響到未來的承銷業務權，以及對發行公司而言，這種承銷關係是否會得到利益。從我們的結果中發現，對於承銷商而言，如果先前與發行公司存在有承銷關係時，承銷商較容易取得未來的股票發行承銷權。然而，投資人對於股票發行時是否存在承銷關係，並不認為是一個好的訊息，在股價的表現上，具有承銷關係的股票發行比沒有承銷關係的股票發行間，股價表現顯著不好。而當發行公司與承銷商間具有首次發行承銷關係時，股價報酬沒有顯著差異。

摘要(英)

Our paper finds the effect of past underwriting relationship on the choice of future equity underwriter. We found that underwriting relationship is valuable for increasing the likelihood for future underwriting business from that issuer. Similarly, IPO underwriting relationship also increases the likelihood of winning future underwriting business. Moreover, we found that firms derive a value decrease from past underwriting relationships no matter in the short-run or in the long-run. However, IPO underwriting relationships do not create value for firms no matter in the short run or long run period.

關鍵字(中)

★ 首次公開發行
★ 承銷關係

關鍵字(英)

★ Initial Public Offering
★ Underwriting Relationship

論文目次

Contents
1 Introduction ............................................................................................................ 1
2 Literature Review and Hypothesis Development .................................................. 3
2.1 Literature Review ........................................................................................ 3
2.2 Hypothesis Development ............................................................................ 5
3 Data ........................................................................................................................ 6
3.1 Data on Equity Issues .................................................................................. 6
3.2 Construction of Relationship Measures ...................................................... 7
4 Methodology .......................................................................................................... 9
4.1 Logit Model for Underwriting Relationship ............................................... 9
4.2 Measuring Short-run and Long-run Abnormal Returns ............................ 11
4.2.1 Cumulative Abnormal Returns (CARs) ......................................... 11
4.2.2 Buy and Hold Abnormal Returns (BHARs) .................................. 12
4.2.3 Calendar Time Abnormal Returns (CTARs) .................................. 13
5. Empirical Results ................................................................................................ 15
5.1 The Benefits to Relationship of Underwriters Choices ............................ 15
5.2 The Benefits of Relationship to Firms Performance ................................. 17
5.2.1 Cumulative Abnormal Returns (CARs) ......................................... 17
5.2.2 Buy and Hold Abnormal Returns (BHARs) .................................. 18
5.2.3 Calendar Time Abnormal Returns (CTARs) .................................. 20
6 Conclusion ........................................................................................................... 22
References .................................................................................................................... 24
Contents of Table
Table 1: Calendar Time Distribution of Public Equity Issues ...................................... 26
Table 2: Market share ranking of major equity underwriters ....................................... 27
Table 3: Equity Underwriting Correlations across Different Relationship Measures.. 28
Table 4: Impact of Underwriting Relationships on Probability of getting future equity
underwriting business .................................................................................... 29
Table 5: Impact of IPO Underwriting Relationships on Probability of Getting Future
Equity Underwriting Business ....................................................................... 32
Table 6: Cumulative Abnormal Returns (CARs) to Equity Issues on Underwriting
Relationship ................................................................................................... 35
Table 7: Buy and Hold Abnormal Returns (BHARs) to Equity Issues on Underwriting
Relationship ................................................................................................... 36
Table 8: Calendar-Time Post Event Monthly Abnormal Returns ................................ 37

參考文獻

Barber, B., and Lyon, J. D., 1997, Detecting long-run abnormal stock returns: the empirical power and specification of test statistic, Journal of Financial Economics 43, 341-372.
Bharath, S., Dahiya, S., Saunders, A., and Sirinivasan, A., 2007, So what do I get? The bank’s view of lending relationships, Journal of Financial Economic, 85,368-419.
Brown, S.J. and Warner, J.B., 1985, Using daily stock returns: the case of event studies, Journal of Financial Economics 14, 3-31
Burch, T.R., Nanda, V., Warther, V.A., 2005, Does it pay to be loyal? An empirical analysis of underwriting relationships and fees, Journal of Financial Economics 77, 673–699.
Diamond, D., 1984, Financial intermediation and delegated monitoring, Review of Economic Studies 62, 393–414.
Diamond, D., 1991, Monitoring and reputation: the choice between bank loans and directly placed debt, Journal of Political Economy, 99, 689–721.
Drucker, S., Puri, M., 2005, On the benefits of concurrent lending and underwriting, Journal of Finance ,60, 2763–2799.
Eccles, R., Crane, D., 1988, Doing Deals—Investment Banks at Work, Harvard Business School Press, Boston.
Fama, E., 1998, Market Efficiency, Long-Term Returns, and Behavioral Finance, Journal of Financial Economics 49, 283-306.
Jaffe, Jeffrey, 1974, Special Information and Insider Trading, Journal of Business 47, 411-428.
Krigman, L., Shaw, W.H., Womack, K.L., 2001, Why do firms switch underwriters? Journal of Financial Economics 60, 245–284.
MacKinlay, A.C., 1997, Event Studies in Economics and Finance Journal of Economic Literature, 35, 13-39.
Mandelker, Gershon, 1974, Risk and Return: The Case of Merging Firms, Journal of Financial Economics 1, 303-335.
Mark L. Mitchell, Erik Stafford, 2000, Managerial decisions and long-term stock price performance, Journal of Business, 73, 287-328.
Megginson, W., Weiss, K.,1991. Venture capitalist certification in initial public offerings. Journal of Finance 46, 879-903.
Nanda, V. and Warther, V.A. 1998, The price of loyalty: an empirical analysis of underwriter relationships and fees, Unpublished Working Paper, University of Chicago.
Stein, J.C., 2002, Information production and capital allocation: decentralized vs. hierarchical firms, Journal of Finance 57, 1891–1921.
Yasuda, A., 2005, Do bank relationships affect the firm’s underwriter choice in the corporate-bond underwriting market? , Journal of Finance 60, 1259–1292.

指導教授

葉錦徽、何耕宇
(Jin-Huei Yeh、Keng-Yu Ho)

審核日期

2009-7-9

推文