This dissertation utilizes the event study methodology from the modern theory of finance to examine corporate name changes (CNCs). Data sources include press releases and articles announcing CNCs compiled by Lexis Nexis, annual reports collected from the SEC File microfiche database compiled by Q-Data and the EDGAR database compiled online by Mergent, and the Center for Research on Stock Prices and COMPUSTAT compiled by Wharton Research Data Services. These data sources are used to answer three primary research questions. First, what is the effect of a CNC related to a change in corporate image, as opposed to a change in corporate entity (e.g., acquisition), on a firm’s stock price? Second, what is the effect of a major change versus a minor change to the corporate name during a CNC related to a change in corporate image? Third, what is the effect of a non-brand name altering CNC versus a brand name altering CNC on a firm’s stock price? This dissertation makes its primary contribution to the study of CNCs by finding that CNCs related to a change in corporate image will have a positive impact on stock price whereas CNCs related to a change in corporate entity will not. Moreover, it finds that major changes to the corporate name during CNCs related to a change in corporate image will have a positive impact on a firm’s stock price whereas minor changes to the corporate name during CNCs related to a change in corporate image will not. Finally, it is the first study to examine the effect of CNCs on firms’ brand names and finds that non-brand name altering CNCs related to a change in corporate image will have a positive impact on a firm’s stock price whereas brand name altering CNCs related to a change in corporate image will not.

This dissertation utilizes the event study methodology from the modern theory of finance to examine corporate name changes (CNCs). Data sources include press releases and articles announcing CNCs compiled by Lexis Nexis, annual reports collected from the SEC File microfiche database compiled by Q-Data and the EDGAR database compiled online by Mergent, and the Center for Research on Stock Prices and COMPUSTAT compiled by Wharton Research Data Services. These data sources are used to answer three primary research questions. First, what is the effect of a CNC related to a change in corporate image, as opposed to a change in corporate entity (e.g., acquisition), on a firm’s stock price? Second, what is the effect of a major change versus a minor change to the corporate name during a CNC related to a change in corporate image? Third, what is the effect of a non-brand name altering CNC versus a brand name altering CNC on a firm’s stock price? This dissertation makes its primary contribution to the study of CNCs by finding that CNCs related to a change in corporate image will have a positive impact on stock price whereas CNCs related to a change in corporate entity will not. Moreover, it finds that major changes to the corporate name during CNCs related to a change in corporate image will have a positive impact on a firm’s stock price whereas minor changes to the corporate name during CNCs related to a change in corporate image will not. Finally, it is the first study to examine the effect of CNCs on firms’ brand names and finds that non-brand name altering CNCs related to a change in corporate image will have a positive impact on a firm’s stock price whereas brand name altering CNCs related to a change in corporate image will not.

Investments in cryptocurrencies have generated extraordinary returns and the interest in cryptocurrencies and blockchain technology from the public, companies, investors, and news media has increased substantially in the past years. This has led certain corporations to change the strategic direction towards blockchain technology, as well as changing the corporate name to reflect an association and these name changes has created substantial increases in the price of that stock. Existing literature of corporate name changes has touched upon several aspects of the subject. However, no specific research connected to blockchain and cryptocurrencies has been conducted. The purpose of this research is therefore to investigate the effect of corporate name changes related to the terms blockchain or cryptocurrency on the price of stocks. A standard event study methodology was applied to determine if the name change creates abnormal returns. The method used has a quantitative approach to the research and relies on statistical testing of numerical data to reach a conclusion. An investigation of 11 firms was conducted to examine this topic. However, there were no firms that had included the term cryptocurrency in the corporate name. The findings from this research reveal positive and significant cumulative abnormal returns on the announcement date of a blockchain related corporate name change. Furthermore, over the full event window, a significant and positive cumulative abnormal return was observed. Thus, it can be concluded that name changes related to blockchain has a positive effect on the stock price and today's investors seem to perceive a corporate name change within the context of blockchain as positive.

本文以事件研究法，針對台灣自1998年至2008年，曾經變更公司名稱之上市、櫃公司為樣本，探討經理人盈餘管理行為對更名公司股價之影響。實證結果顯示在公司更名前後，經理人有從事盈餘管理行為之現象，且從事積極型盈餘管理者，其股價長期累積超額報酬表現最差。此外，內部人對公司更名的看法可作為市場投資人的參考指標，惟分析師的看法卻係一反向指標。本文進一步發現經理人從事積極型盈餘管理行為時，分析師傾向看好更名公司之未來表現，表示分析師過於依賴財務報表資訊，而容易作出錯誤的投資決策；而內部人較能透析公司更名及經理人盈餘管理之行為，並利用經理人從事積極型盈餘管理行為時出脫更名公司持股，而避開了更名公司股價下跌的風險。 / In this paper, we use event-study method to examine the effect of earnings management on the stock performance of firms that changed their names. Our sample consists of firms listed on Taiwan Stock Exchange and Gretai Securities Markets from 1998 to 2008. The empirical results show managers tend to dress up financial statements before corporate name change events. Our results show that performance of firms in the most “aggressive” quartile of earnings management is the poorest. In addition, we find that trading activities of insiders provide more information than analyst recommendations to future stock performance of name change companies. We also find that analysts tend to increase EPS forecast for name change firms with aggressive earnings management. This implies that analysts rely more on financial statement information to provide their earnings forecasts. On the other hand, insiders have the ability to see through the cosmetic earnings management of name change firms. Furthermore, we find that insiders tend to sell stocks of firms engaged in aggressive earnings management to avoid the risk of declining stock prices of name change firms.

This paper investigates the impact of corporate name changes on both of stock performance and analysts’ reaction with the employment of event study. We first examine a sample of 387 listed Australian companies that renamed themselves during the time frame from January 2001 to December 2007. Separate analyses are conducted under three criterion dividing the overall sample into (1)”major” versus “minor” name changes; (2)name changes in “mining-related” versus “non-mining-related” sectors; and (3)name changes “with” versus “without” reasons mentioned. Generally, we find some evidence of significant negative association between corporate name changes and cumulative abnormal return. The result shows, unlike all other subgroups, name changes “with” reasons mentioned generate insignificant positive valuation effects. Separate analyses give two important implications. First, negative cumulative abnormal return in all subgroups is discovered except in the subgroup of name changes “with” reasons mentioned. The difference of abnormal returns within subgroups, in addition, appears to be significant only between name change with reasons mentioned or not. Our findings suggest that analysts react reluctantly to corporate name changes by showing tiny downward forecast revisions, which are far from significant. Instead, it seems analysts make forecast revisions based more on accounting data, which shows insignificant variations between pre- and post-event, than on signals of corporate name changes.