Taiwan is an economical body whose major profit is from exporting products. In recent years, electronics industry is becoming the most important role in the exporting trade and makes low profit by manufacturing products for international company and brand. According to the theory of smile curve that invented by Mr. Stan Shih, a founder member of Acer, manufacturing always locates in the bottom of the curve and makes lowest profit. Moreover, in the both high ends are brand (R&D) and marketing (sale/ after service). If the companies would like to climb from bottom to high ends, taking merger and acquisition strategies is the fastest method. Acer and Asustek try to build up their own brands, and Hon Hai, a leading foundry company in Taiwan, wants to enlarge scale, reduce cost, they all use merger and acquisition strategies to achieve their goal rapidly. Hence, the study is focus on Acer, Asustek, and Hon Hai. Through short-term, middle-term, and long-term changes of stock price, we can understand how M&A patterns, amounts, and ways in M&A strategies influence result of M&A. Adopt multiple regression methodology to analyze these above-mentioned factors, and find the factors that influence the result of M&A from empirical studies. The effect of M&A patterns, amounts, and ways gradually weaken. Due to the theory of behavior finance, we may get an inference that there is overreactions or underreactions (momentum effect) in short-term changes of stock prices. But the momentum effect passes off over time. In addition, with Porter¡¦s five force analysis, advice that the company should analyze the competitive intensity in the industry, and develop its core competence. Then taking adequate M&A strategies, and grasping the timing of market can help firms grow up quickly, and get shareholders¡¦ support wholeheartedly.

This dissertation focuses on how changes in SNAP (Supplemental Nutrition Assistance Program, formerly called food stamp) policies affect the consumption choices for recipient households and how macroeconomic environment affects individuals’ behaviors. In the first chapter, I examine the consumer response to SNAP benefit change. In the second chapter, I examine the investor attention under different stock market valuations. In the third chapter, I examine the impact of rising housing prices on individuals’ marriage entry. In the first chapter, we examine how SNAP benefits were spent. The American Recovery and Reinvestment Act of 2009 (commonly known as the Stimulus Act) temporarily increased the benefit level for SNAP recipients and released qualification requirements. We use a consumer panel with detailed transaction records to analyze the impact of SNAP benefits changes on participant household’s consumption choices. We find that the marginal propensity to spend (MPS) on food out of SNAP benefits increase is 0.45. The MPS out of SNAP benefit decrease is -0.85. SNAP participant households are more sensitive toward the benefits decrease than increase. We also study how SNAP benefits spent are in response to benefit changes. We find that with more SNAP benefits recipient households consume much more tobacco and with less benefit they consume much less alcohol. Results are robust to various placebo tests. In the second chapter, I examine the impact of stock market valuation on investor attention. Investor attention affects stock return variance and risk premia. Using Google Trend data, I come up with a new proxy for measuring investor attention. This chapter investigates investor attention effect on the merger announcement and how market valuations and days of the week affect investor attention. With the Google search index, this study finds that investor attention has positive correlations on market reactions following the merger announcement. In the third chapter, I estimate the impact of increasing on first marriage age in China. The first marriage age plays a very important role in the population economy, especially for a demographic dividend. The marriage market is affected by income, education, wealth inequality, consumption, etc. In China, the first marriage age has fallen since the late 1990s. This chapter focuses on how the price of the apartments change people decisions on marriage and ascribes that part of the delay to first marriage age is due to increase in housing price over the same period. In China, social norms require men to own an apartment before they get married. Based on the empirical evidence of population dynamics, the chapter suggests that a 1% increase in housing price will result in 0.016 years delay in the age of first marriage in China. When the housing price increases too much, it will have an even larger effect on marriage decisions because the high housing price becomes unaffordable for young couples. The result is robust with a wide range of model specifications.

In 2008,the financial Tsunami spreads through all of the world. In the view of behavior finance, this thesis wants to use the method which was created by Weber and Camerer(1998)to examine whether all kinds of investors will show disposition effect. The research of the time is from 19/5/2008 to 15/1/2010, and we separate the period into bull market and bear market. And we also study all kinds of investors¡¦trading volume. According to the research results, the findings are listed as below: 1. All kinds of investors showp disposition effect, and the private investors would show disposition effect. 2. All kinds of investors would show bigger disposition effect for the smaller companies than for the bigger companies. 3.The disposition effect of dealers are similar to the private investors, but our research can not find out whether the stocks of their holding and rate of return are different from private investors. Keywords: behavior finance, disposition effect, over confident, cognitive bias

Thesis (M.S.)--Virginia Polytechnic Institute and State University, 1992. / Vita. Abstract. Includes bibliographical references (leaves 129-140). Also available via the Internet.

Thesis (Ph. D.)--Ohio State University, 2005. / Title from first page of PDF file. Document formatted into pages; contains xii, 174 p.; also includes graphics (some col.). Includes bibliographical references (p. 154-160). Available online via OhioLINK's ETD Center

Marknadseffektivitet är ett ämne som alltsedan Fama(1970)definierade sineffektiva marknadshypotes debatterats inom den finansiella teorin. Denna teori åsidosätter helt att externa faktorer kan ha en tillräcklig påverkan på hur marknaden fungerar till fördel för finansiell information som finns tillgänglig vid marknaden genom att tillräckligt stor andel av dess aktörer agerar rationellt. Rationalitet utgör i sig ett rätt vanligt antagande inom finansiella teorier även om dess begränsningar sedan länge diskuterats. Ett mer sentida område som vuxit fram inom den finansiella forskningen utgörs av beteendefinansiell forskning där korrelationer mellan olika marknadsvariabler och externa faktorer som väder och sporthändelser studeras.Detta forskningsområde accepterar att individers beslutsfattande kan påverkas av beteendemässiga aspekter såsom humör vilketanalogt innebär en mer varierande beslutsrationalitet.Med avseende på marknadseffektivitet har även ett mer adaptivt synsätt börjat etableras genom den adaptiva marknads hypotesen som formulerats av Lo (2004). Denna hypotes accepterar även den en mer begränsad eller varierande syn på rationalitet. Med avseende på beteendefinansiella studier har dessa främst syftat till att klarlägga om det finns en signifikant korrelation mellan externa variabler och finansiella handelsmönstergenerellt har dock ett begränsat urval av den förra testats.Med avseende på förhållandet mellan beteende och marknadseffektivitethar dock relativt lite studier utförts, men även med avseende på testade vädervariabler. Med detta som utgångspunkt avser författaren till denna uppsats medverka till att fylla detta kunskapsgap. Något som manifesteras genom problemformuleringarna: finns det beteendebias vid aktiehandel vid Stockholmsbörsen samt har väderkaraktäristikaettkorrelativtsambandmed handelsvolym,avkastning samt volatilitet? Studiens övergripande syfteär att undersöka omdet existerar ett korrelativtsamband mellan finansiella utfall på stockholmsbörsen och väder. Studien utgår från ett deduktivt angreppssätt, en objektivistisk verklighetssyn samt ett realistiskt förhållningssätt till kunskap för att genom kvantitativa metoder genomföra en longitudinell studie med hjälp av sekundärdata.Variablerna som studien har använt för testning innefattar lufttryck och temperatur som oberoende variabler samt handelsvolym, avkastning på index samt volatilitet på avkastning som beroende variabler. För testningen används både multipla linjära regressionsmodeller samt ett icke-parametriskt test. Den teoretiska referensram som används i studien innefattar finansiella teorier såsom den effektiva marknads hypotesen och den adaptiva marknadshypotesen men även beteendevetenskaplig teori i form av teorier kring rationalitetsamt ett antal andra beteendevetenskapliga förklaringsmodeller. Studiensresultat medger ett blandat signifikant stöd för korrelation mellan väderkaraktäristika och undersökta marknadsvariabler.

Made available in DSpace on 2015-05-08T14:44:48Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 595975 bytes, checksum: 8cf7a61f41118265dc951e4423f7f656 (MD5) Previous issue date: 2009-07-01 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / The Theory of Behavior Finance shows an approach that faces the Modern Theory of Finance, when considering some features such as psychology, emotional and social, that make the decisions of the economic agents. Regarding to the decisions based on whether rational or cognitive foundations, this work aims at analyzing, through a descriptive research, the prize expectation by the pupils of Economics at UFPB. The research population was classified into four major groups, concerning to the knowledge of Finance and Financial Market and each group counts of 20 students. A questionnaire was accomplished to collect the data. The main results points out that in average the students who have less knowledge about the financial market are those who also have lower risk behave and that the groups have different perception of risk measurement. Also, it can be pointed out that the different perception of the risk makes the difference of prize exigencies by the pupils and that the dispersion of the exigencies is smaller as the knowledge of the risk is stronger. / A Teoria das Finanças Comportamentais apresenta uma abordagem que se defronta com a Teoria Moderna de Finanças, por considerar a existência de fatores, como os de ordem psicológica, emocional e social, que influenciam as decisões dos agentes econômicos. No âmbito da discussão sobre as tomadas de decisões dos indivíduos, baseada em fundamentos racionais ou influenciada por vieses cognitivos, o presente trabalho teve como escopo analisar, por meio de uma pesquisa descritiva, as exigências de prêmio por parte dos alunos do curso de Economia da UFPB. A população foi classificada em quatro grupos de acordo com o suposto nível de conhecimento sobre Finanças e Mercado Financeiro e a amostra, por conveniência, correspondeu a 20 alunos em cada grupo. Os dados foram coletados através da aplicação de questionários. Os principais resultados indicaram de que, em média, os alunos que, teoricamente, detém menos informações ou conhecimento sobre o mercado financeiro, apresentam um comportamento menos aversivo ao risco e de que os grupos interpretam distintamente as diferentes medidas de riscos. Além disso, constatou-se que as grandes diferenças quanto às exigências de prêmios entre os alunos podem ser justificadas pelas diferentes interpretações sobre os riscos e que, quanto maior o nível de conhecimento, menor a dispersão nessas exigências.

Issuers’ credit ratings change by one or more notches when credit rating agencies provide new ratings. Unique to the literature, I study the influences affecting multi notch versus single notch rating upgrades and downgrades. For Standard & Poors data, I show that rating changes with multiple notches provide more information to the market than single notch rating changes. Consistent with prior literature on the business cycle, I show that investors value good news rating changes (upgrades) more in bad times (recession) and that investors value bad news rating changes (downgrades) more in good times (expansion). I model and test probit models using variables capturing the characteristics of the previous issuer’s credit rating, liquidity, solvency, profitability, and growth opportunity to determine the classification of single notch versus multi notch rating changes. The determinants of multi notch versus single notch rating changes for upgrades and downgrades differ. Business cycle influences are evident. Firms that have multi notch rating upgrades and downgrades have significantly different probit variables vis-à-vis firms that have single notch rating upgrades and downgrades. The important characteristics for determining multiple notch upgrades are a firm’s prior rating change, prior rating, cash flow, total assets and market value. The important characteristics for determining multiple notch downgrades are a firm’s prior rating change, prior rating, current ratio, interest coverage, total debt, operating margin, market to book ratio, capital expenditure, total assets, market value, and market beta. The variables that differ for multi notch upgrades in recessions are cash flow, net income, operating margin, market to book ratio, total assets, and retained earnings. The variables that differ for multi notch downgrades in expansions are a firm’s prior rating change, current ratio, interest coverage ratio, debt ratio, total debt, capital expenditure and market beta. The power of the explanatory tests improves when the stage of the business cycle is considered. Results are robust to consideration of rating changes across rating categories, changes from probit to logit, alternative specifications of accounting variables, lags and leads of recessions and expansions timing, Fama and French industry adjustments, and winsorization levels of variables.

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-10-16T18:30:52Z No. of bitstreams: 2 Renato de Lima Arruda.pdf: 426272 bytes, checksum: 7004aa713341a9ec273d1b4fc22948e6 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-10-16T18:30:52Z (GMT). No. of bitstreams: 2 Renato de Lima Arruda.pdf: 426272 bytes, checksum: 7004aa713341a9ec273d1b4fc22948e6 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-01-31 / This study investigates the cientific production in Behavioral Corporate Finance, especially those who treat about the biases overconfidence and management optimism. A research was done on bibliometric at international level concerning the years of 2000 thru 2015. There were 57 articles identified and analyzed. The results show that there was a sharper evolution from the research of this subject matter after 2011. The University of Sfax in Tunisia and the Journal of Financial Economics outshined in the publishings of this subject matter. The authors Abdelfettah Bouri, Ezzeddine Ben Mohamed, Geoffrey Tate and Ulrike Malmendier were the most prolific in the period. The study ???CEO overconfidence and corporate investment??? of Geoffrey Tate and Ulrike Malmendier was the most mentioned, becoming a reference of the model of measuring the biases of overconfidence and optimism to other researchers. Merges and acquisions, cash flow sensibility, Corporate Investiments and structure of Capital were the issues most addressed by the researches. Concludes that the main issue about Behavioral Corporate Finance is still emergent and in a maturation phase, however of extreme importance, as the biased managements?? decisions can evoke significant impacts in many areas of the companies. Therefore, this study contributes to the knowldege and diffusion of this subject matter in Brazil, promoting a reflection about the questionings that are still in open and poiting to directions, in a way to propitiane other brazilian researchers to develop future studies. / Este estudo investiga a produ????o cient??fica em Finan??as Corporativas Comportamentais, especialmente os trabalhos que tratam dos vieses do excesso de confian??a e do otimismo gerencial. Conduziu-se uma pesquisa bibliom??trica de ??mbito internacional concernente ao per??odo de 2000 a 2015. Identificaram-se e analisaram-se 57 artigos. Os resultados mostraram que houve evolu????o mais acentuada das pesquisas sobre esse tema a partir de 2011. A University of Sfax e o Journal of Financial Economics destacaram-se nas publica????es de artigos relacionados a esse assunto. Durante esse tempo, os autores Abdelfettah Bouri, Ezzeddine Ben Mohamed, Geoffrey Tate e Ulrike Malmendier foram os mais prol??ficos. O estudo ???CEO overconfidence and corporate investment???, de Geoffrey Tate e Ulrike Malmendier, foi o mais citado, de modo a ter-se tornado uma refer??ncia de modelo de medida dos vieses excesso de confian??a e otimismo para outros pesquisadores. Fus??es e aquisi????es, sensibilidade ao fluxo de caixa, investimentos corporativos e estrutura de capital foram os temas mais abordados pelas pesquisas. Concluiu-se que a quest??o tocante ??s Finan??as Corporativas Comportamentais ainda ?? emergente e em fase amadurecimento, mas de extrema import??ncia, visto que as decis??es de gestores enviesados podem suscitar impactos significativos em diversas ??reas das empresas. Este estudo contribui, portanto, para o conhecimento e a difus??o desse tema no Brasil, promovendo uma reflex??o acerca das quest??es que ainda se encontram em aberto e apontando caminhos, de forma a propiciar que outros pesquisadores brasileiros possam desenvolver futuras pesquisas.

本文利用國內投資人參與民國八十五年一月至八十九年四月間77家IPO競價拍賣的投標資料為樣本，來探討投資人過度自信以及自我歸因偏誤的情形。實證結果發現:過度自信假說於對個人投資人在初級市場的投資行為仍有適用，並且男女皆有過度自信的現象，但沒有足夠證據顯示男性較女性過度自信。最後當投資者上次報酬為正時，投資者會更積極的投標。而上次報酬為負時，對其下次投標標價的影響並不顯著。此點符合自我歸因假說的推論。