本研究就台灣上市母子公司之現金增資發行與新股發行海外存託憑證進行事件研究與發行個體的選擇研究，是否在母子公司的架構下因為發行個體的選擇會為公司帶來不同的宣告效果影響，進而提升公司籌資彈性。 在事件研究上，宣告發行新股對發行公司而言在發行公司為母公司時有負向的效果，子公司則可能因為成長機會存在而不顯著為正；對非發行公司而言，則無顯著價格效果存在，可見宣告效果僅存在於發行公司。與國外Vijh (2006)的實證研究結果相符。但母子公司架構下，母公司的管理階層仍有就發行個體作選擇。管理階層傾向選擇前期股價高估程度較高之公司進行新股發行；在子公司有資金缺口時傾向以子公司作為發行個體，然而在母公司有資金缺口時則不一定選擇以母公司為發行個體，可能因子公司通常為成長型公司，此時選擇以子公司發行對子公司股價影響程度較低。 / This study examines if parent-subsidiary structure is capable of enhancing a company’s financial flexibility by influencing the announcement effects of issuing SEOs and DRs in Taiwan. The event studies under the parent-subsidiary structure in Taiwanese companies show that: 1) When issuing companies are the parent company, issuing companies have negative announcement effect. 2) When issuing companies are the subsidiary company, issuing companies have non-significant positive effect, probably due to high growth potential of subsidiaries. 3) For non-issuing companies under parent-subsidiary structure, the evidence shows that there are no significant effects. Yet under parent-subsidiary structure, the executives do choose the issuing entity between parent and subsidiaries. Executives lean to choose more overvalue entity as issuing companies. And choose subsidiary to issue stocks when subsidiary do have positive deficit. But when parent company has deficit executives are not significantly choosing parent company to issue stock. This may be due to the reason that subsidiaries are usually with higher growth potential and result in less announcement effect on the stock price.

University, Diss.--Zugl.: Frankfurt am Main, 2007.

Syfte: Syftet med denna uppsats är att undersöka hur utvalda bolags aktieavkastning inom branscherna flyg, fordon samt olja reagerar vid signifikanta oljeprisförändringar. Teoretiskt perspektiv: Den teoretiska referensramen utgörs av den effektiva marknadshypotesen samt Behavioural Finance med undergrenarna prospect theory, herd behaviour och overconfidence. Metod: Studien utgår ifrån ett deduktivt inslag med en kvantitativ studie. Undersökningen utgörs av sex eventstudier som datainsamlingsmetod samt en intervju som applikation på det kvantitativa resultatet. Urvalskriterium består av tio bolag inom respektive bransch med en rangordning utefter högst omsättning samt företag med en koppling till svenskt näringsliv med högst omsättning. Empiri: Empirin presenteras utifrån diagram och tabeller över de utförda eventstudierna. Diagrammen syftar till att redovisa den avvikande avkastningen för respektive bolag. Tabellerna ger en redogörelse över eventuellt samband mellan respektive bransch och oljeprisförändringarna. Slutsats: Flygbolagen uppvisade samband med oljepriset vid fyra utav sex eventen. Fordonsbranschen uppvisade samband vid ett av de sex eventen och oljebranschen vid två utav de studerade eventen. Reaktionen på aktieavkastningen för bolagen med en koppling till svenskt näringsliv var i linje med de övriga internationella bolagen i branschen. Undantag visades för oljebranschen. Resultatet är en indikation på att andra variabler påverkade aktieavkastningen och detta skapar svårigheter för aktieinnehavare att förespå framtida avkastning.

Background: Recent business paper articles observe that stocks soar when there is a change in ownership. The clothing company JC climbed 26% when it was announced Torsten Jansson had increased his holdings. Daydream, a computer game developer, followed this trend increasing its market value by 17% on the news that TA Capital had increased its hold-ings. In these examples, the market learned of the changes in ownership through a press release created by the acquiring entity. These pieces of news, also known as ownership disclosures, is the target of this thesis. Purpose: The purpose of this thesis is to investigate whether ownership disclosures result in abnormal stock price changes. Furthermore, the aim is to find out if there are any differ-ences in returns depending on who announced the ownership disclosure. In order to fulfil this purpose, a quantitative approach was used. Method: A random sample of 160 ownership disclosures is gathered. 77 of these are classified as passive- and 83 as active investors. For each of these pieces of news, 183 days of historical stock price data is retrieved. This data is then parsed through the market model event-study framework. Findings: Graphically analyzing the whole sample indicates that the market is not efficient in its strong form. The same is true when dividing the sample into passive- and active investors. Statistically, an abnormal return is confirmed for the active investors, but not for the whole sample or the passive investors. Conclusion: By looking at the price change effects of ownership disclosures, the Stockholm Stock Exchange O-list is determined to be efficient at the semi-strong level. The anomaly caused by active investors leads to the possibility of making a profit of 2.70% between day -1 and day +1 relative to the day of the ownership disclosure being sent out. It should be noted, though, that transaction costs and taxes are not taken into consideration.

There are plenty of things said about the financial industry, an always ongoing debate, to say the least. We have identified a complex situation with three dimensions: Initial public offerings, Venture capital, and Lockup agreements. IPOs are generally difficult to put a price on because the market is not united yet, which creates uncertainties. Venture capital firms invest into startups, often with the incentive of bringing them to an IPO and then make a fast cash out exit. Lockup agreements are contracts that prevent insiders from dumping their shares during a set period in the beginning of the IPO. Additionally, based on the market efficiency theory, a market should always be efficient. But does it play out when these characteristics are affecting each other? The purpose of this research was to investigate whether there are abnormal returns in the financial performance for publicly listed companies on the London Stock Exchange at the end of their lockup period. We sorted on venture capital backed companies and sought to explore differences between VC backed, Non-VC backed firms, and the entire market. The research question for this study is: ‘Does The theoretical aspects of this research’s ontological and epistemological views were set in positivism and objectivism with a deductive approach. The financial performance was key in this research, and it was essential to get ample and appropriate data, therefore a quantitative research method was used with an archival research strategy and explanatory research design. We explored a big research gap in this area after the financial crisis 2008, which made us look at IPOs from 2009 to 2012 with an event window as our time horizon. To answer the research question and fulfill our purpose, four hypotheses were developed with focus on VC backed firms, Non-VC backed firms, the entire market, and one shorter event window. Our results prove that the market efficiency theory does not hold. To answer the research question, we found negative abnormal returns after the lockup expiration date for both Non- VC backed firms and the entire market. However, we were unable to provide a statistically significant result for VC backed firms. There was an extra clear trend during the middle 20 days, and we suggest and encourage to further research with a longer time horizon than [- 20, +20] days.

本研究以2002年至2012年台灣主併公司為上市公司的併購案件為樣本，探討合理性意見書評價內容和主併公司短期股價影響及併購後綜效之關聯性。研究結果發現，於意見書揭露日時，若獨立專家評估價格高於雙方約定交易價格愈多時，即評價溢酬愈大，或是評價報告由高聲譽獨立專家所出具，主併公司會有正向的累積異常報酬率；且在此情況下，主併公司併購後綜效亦會愈大。故本研究認為，合理性意見書中的評價資訊，於揭露時具有訊號發射效果，可以幫助外部股東及投資人判斷交易是否對其有利，降低內外資訊不對稱，同時亦具有認證併購後公司會產生合併綜效之功能。因此，併購時獨立專家所出具之合理性意見書確實具有資訊意涵。 / This study analyses the relation between target firm valuations disclosed in the fairness opinions and acquiring firm performances by using the samples of Taiwanese listed company in M&A transaction between 2002 and 2012. We find that the stock price reactions to the public disclosure of fairness opinions are positively related to the difference between target firms valuations contained in the fairness opinion and the merger offer price and the reputation of independent experts. Under these conditions, the synergy in the M&A may be higher than others. Therefore, we suggest that the information contained in the fairness opinions can not only reduce information asymmetry between management and stockholders, but also certify that the M&A transaction will produce synergy. We conclude that fairness opinion does contain useful information to market participants.

The Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act (GLBA), of 1999 has permitted U.S. bank holding companies (BHCs) to operate in non-banking activities that are financial in nature. This dissertation addresses the impact of this across-activity diversification within the U.S. financial services industry on the profitability and the risk-adjusted performance of bank holding companies. Using a variety of diversification measures, the study analyzes the relationship between corporate diversification and the financial performance of BHCs pre- and post-GLBA, from 1990 to 2011. The analysis of the profitability-diversification relationship provides evidence that the negative impact of revenue diversification on the profitability of banking firms that exists in the literature is mainly due to measurement and model specification issues. Failure to differentiate between interest-versus-noninterest and banking-versus-nonbanking types of revenue diversification has resulted in using measures of the first type of diversification to study the second, leading to inaccurate results. Moreover, introducing nonlinearity to the relationship between revenue diversification and profitability provides evidence that this relationship is negative only at relatively low levels of diversification but positive if the level of diversification is sufficiently high. Controlling for these measurement and model specification issues results in profitability premium, rather than discount, that is associated with higher levels of revenue diversification. The study also employs an event study methodology to measure how stock markets respond to mergers and acquisitions (M&As) in which BHCs acquire other banking and nonbanking financial targets. The cumulative abnormal returns (CARs) to acquirers and targets show that M&A that are either non-diversifying or diversifying within closely-related credit intermediation activities increase the value of merged firms. The effect of M&As that combine less-related financial activities on firm value is either negative or insignificant. This implies that market participants have better expectations of the future performance of less diversified firms in managing the risk-return trade-off. Comparing the average CARs of the pre- and post-GLBA eras supports this conclusion.

隨著公司治理議題逐漸受到注意，我國政府制定了許多相關規範以使董事會對於公司管理者的監督功能健全。故本研究希望能藉由股票市場對於公司宣告總經理更換之反應，了解董事會是否發揮監督功能，撤換管理表現不佳的總經理。 本研究以2007年至2011年於證交所公開資訊觀測站之重大訊息公告專區宣告更換總經理之台灣上市公司為研究樣本，透過事件研究法計算個別公司更換總經理的宣告效果。 本研究首先探討市場對公司更換總經理之整體看法為何，再透過複迴歸分析進一步探討更換總經理前公司經營績效的好壞、卸任總經理之在位期間長短、卸任總經理是否離開公司、卸任總經理之持股百分比、董監事持股百分比、獨立董事人數占董事總人數之百分比等因素對宣告效果的影響。 實證結果有以下發現：(一) 更換前公司營運績效好壞對宣告效果有顯著的影響。更換前營運績效佳之公司有負面的宣告效果，更換前營運績效差之公司有正面的宣告效果。(二)更換前營運績效佳的公司，若卸任的總經理在位期間越長，則宣告效果越負面。(三)更換前營運績效差的公司，若卸任的總經理離開公司，則宣告效果比卸任的總經理沒有離開公司還要正面。(四)更換前營運績效差的公司，若原總經理持股百分比越高，則宣告效果越正面。表示對於這些總經理持股百分比高的公司而言，造成公司績效不佳的原因是總經理能力不足，而不是因為存在代理問題。(五)董監事持股百分比對更換總經理的宣告效果沒有顯著的影響。(六)獨立董事占公司董事總人數之百分比越高卻使更換總經理之宣告效果越負面，表示本研究之實證結果不支持獨立董事對更換總經理有正面的影響。 / This research studies the announcement effects of CEO turnovers with a view to understanding the reactions of stocks market toward CEO turnovers, and whether the boards play their role to oversee managers and replace those managers who perform poorly. This research collected samples from Taiwan listed companies who announced CEO turnovers during year 2007 through year 2011 and then calculated announcement effects by event study method. This research first studied the overall viewpoint of the stock market to CEO turnovers and then tried to figure out whether and how corporate operating performance before CEO turnovers, tenure of ex-CEO, whether the ex-CEO leaves the corporate, stock holding percentage of ex-CEO, stock holding percentage of directors and the percentage of number of independent directors accounts for total number of directors influence the announcement effects of CEO turnovers. This research finds that: (1) Companies’ performances before CEO turnover significantly influence the announcement effects. Sub-sample of well-performed companies has negative announcement effects and the sub-sample of poorly-performed companies has positive announcement effects. (2) For well-performed companies, the longer the tenure of ex-CEO, the more negative the announcement effect is. (3) For poor-performed companies, the announcement effect of companies whose ex-CEO leaves the company is more positive than those whose ex-CEO does not leave the companies. (4) For poorly-performed companies, the higher the ex-CEO stock holding percentage, the more positive the announcement effect is. It means that for those companies whose ex-CEO stock holding percentage is high, it is not agency problem that causes CEO to perform poorly but the lack of the CEO’s ability does. (5) The stock holding percentage of directors does not significantly influence the announcement effect. (6) The higher the percentage of number of independent directors accounts for the total number of directors, the more negative the CEO turnover announcement effect is. This means that the result of this research does not support that independent directors have a positive impact on CEO turnover.

Purpose: To examine how IR-related press releases affect share price for stock companies, and to explore how said companies practice Investor Relations. Methods: The study was conducted using an event study as well as e-interviews. The event study has a quantitative deductive research approach where the market model is used for calculating the abnormal return based on press releases. The e-interviews have a qualitative research approach and follow a semi structured interview guide. The study includes all listed stock companies within the Swedish construction industry and includes press releases from the last decade. Theory: The study is based on the efficient market hypothesis and its semi strong form, theories within Investor Relations and previous research. Results: The event study shows a significant negative abnormal return during a four day period starting the day after the press release event. The negative abnormal return could derive from investor relations being used by companies as damage control, or that the investors’ expectations are too high as a result of IR. No significant differences in how companies practice IR was found in e-interviews. To the contrary, companies show similar tendencies in IR practice. It can be concluded that stock companies, through investor relations, are able to affect their share price. / Syfte: Att undersöka hur IR-relaterade pressmeddelanden påverkar aktiekursen hos börsnoterade företag samt att undersöka hur företagen arbetar med Investor Relations. Metod: Studien är utförd med hjälp av en eventstudie tillsammans med e-intervjuer. Eventstudien har en kvantitativ deduktiv ansats där marknadsmodellen används för beräkning av avvikande avkastning baserat på pressmeddelanden. E-intervjuerna har en kvalitativ ansats och följer en semistrukturerad intervjuguide. Studien innefattar alla börsnoterade företag i den svenska byggindustrin och pressmeddelanden från det senaste decenniet. Teori: Den effektiva marknadshypotesen och dess halvstarka form, teorier inom investor relations tillsammans med tidigare genomförda forskning har legat till grund för studien. Resultat: Resultatet från eventstudien visar på en signifikant negativ avvikande avkastning med start dagen efter händelsedagen till och med fyra dagar efter händelsedagen. Den negativa avvikande avkastningen kan bero på att arbetet med IR försöker dämpa befintlig negativitet hos investerare, alternativt kan det bero på att investerares förväntningar är för höga på grund av positiv IR. Utmärkande strategier för hur IR-arbetet går till i praktiken bland de observerade företagen har inte funnits i e-intervjuerna, istället liknar företagens IR-arbete varandra i stort. Slutsatsen dras att börsnoterade företag kan påverka sin aktiekurs med hjälp av investor relations.

本研究探討我國行政院金融監督管理委員會於2009年5月14日宣布台灣將於2013年全面接軌國際會計準則(IFRS)之市場反應，本文分別從導入IFRS對企業之淨效益以及財務報表使用者之資訊環境兩個觀點檢視資本市場之反應。實證結果顯示整體而言市場認為我國接軌國際會計準則是一項好消息，且金融業受益程度亦高於一般之產業。進一步的迴歸分析則顯示，越有增額吸引外資潛力（以一減外資持股比率衡量）、成長機會（以股東權益市價淨值比衡量）以及增資記錄（過去三年有增資記錄衡量）等因素之企業，股票市場對此事件的正向反應越強。此外，在財務報表使用者資訊環境方面，本研究發現異常應計數越高、應計品質越差與交易者間資訊越不對稱的公司，股票市場則對此事件正向反應較弱，其原因可能為以原則基礎導向之國際會計準則後，使得一般投資者運用財務報表需要的解讀能力與公司可能進行盈餘管理的空間也均提高，造成公司價值的變化與這些因素有關。具體而言，本文證據支持與主管機關對於導入國際會計準則的預期：造成促進國際資金流入以及降低資金取得成本。然而，本文的實證結果也同時顯示，股票市場對於國際會計準則係以原則基礎而非規則基礎之潛在疑慮。 / This study examines market reaction to the announcement of the IFRS adoption in Taiwan by 2003, and finds relationship between abnormal returns and both net benefits of enterprises and information environments of investors. The empirical results show that the announcement is a positive message to capital markets, especially financial services companies. Furthermore, this study finds incrementally positive reaction to enterprises which have one of the following characteristics may proxy of higher net benefit: more potential to gain foreign capital, growth opportunity and recent capital raising record; but companies with worse information environments indicate by higher abnormal accrual, lower accrual quality and higher information symmetry between investors exhibit lower abnormal returns in event periods. Conclusively, our empirical results are consistent with expectations of competent authority which enlarge foreign capital inflow and lower capital-raising cost, but it is worth to note the principle-based accounting standard faces potential concerns by stock markets.