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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?)
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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
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指導教授 葉錦徽、何耕宇
(Jin-Huei Yeh、Keng-Yu Ho)
審核日期 2009-7-9
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