Thesis (M.B.A.)--University of Hong Kong, 1998. / Includes bibliographical references (leaf 66-69).

Information leakage before full acquisitions has been widely documented. The information leakage, and the resulting pre-bid runup in the target's stock, generally increases the total cost of the acquisition. That is, information leakage and the ensuing pre-bid runup is a gain to the target and loss to the acquirer. Herein, I first ascertain the characteristics of full acquisitions that affect the amount of information leakage. I find that if the acquirer borrows to finance the acquisition then information leakage is greater. Further if the acquirer is foreign, if the target is a high-tech firm, and if the target has options on its stock all increase information leakage. I find hostile deals are effective in reducing information leakage. Lastly, information leakage increases in the percentage of managerial ownership. I next hypothesize that the identity and intent of partial acquirers is known to market participants before the announcement of a partial acquisition. I find that the market can anticipate whether a partial acquirer intends to fully-acquire or take an active role in the management of the target. Also, the market anticipates whether the acquirer is a private investment find or a non-financial corporation. Further, the acquirer's identity or intent is fully reflected in the target's stock price before the announcement of the partial acquisition. These results help explain why there are few partial acquisitions as precursors to full acquisitions. / I next hypothesize that macroeconomic factors affect information leakage, and may serve as a signal of when to speculate on acquisitions. I find that information leakage is positively related to shocks in both expected economic conditions and financing costs, the latter signaling to speculators that acquisitions are imminent. I also find information about an imminent full acquisition is leaked earlier when there are positive shocks to economic conditions and financing costs. / by Matthew David Brigida. / Thesis (Ph.D.)--Florida Atlantic University, 2009. / Includes bibliography. / Electronic reproduction. Boca Raton, Fla., 2009. Mode of access: World Wide Web.

This dissertation focuses on testing and exploring the usage of the jump-diffusion two-beta asset pricing model. Daily and monthly security returns from both NYSE and AMEX are employed to form various samples for the empirical study. The maximum likelihood estimation is employed to estimate parameters of the jump-diffusion processes. A thorough study on the existence of jump-diffusion processes is carried out with the likelihood ratio test. The probability of existence of the jump process is introduced as an indicator of "switching" between the diffusion process and the jump process. This new empirical method marks a contribution to future studies on the jump-diffusion process. It also makes the jump-diffusion two-beta asset pricing model operational for financial analyses. Hypothesis tests focus on the specifications of the new model as well as the distinction between it and the conventional capital asset pricing model. Both parametric and non-parametric tests are carried out in this study. Comparing with previous models on the risk-return relationship, such as the capital asset pricing model, the arbitrage pricing theory and various multi-factor models, the jump-diffusion two-beta asset pricing model is simple and intuitive. It possesses more explanatory power when the jump process is dominant. This characteristic makes it a better model in explaining the January effect. Extra effort is put in the study of the January Effect due to the importance of the phenomenon. Empirical findings from this study agree with the model in that the systematic risk of an asset is the weighted average of both jump and diffusion betas. It is also found that the systematic risk of the conventional CAPM does not equal the weighted average of jump and diffusion betas.

The results from 17 new experiments and 19 previously reported experiments are compared in an investigation of call and continuous auctions. The call auction used is the computerized PLATO sealed bid/offer (SBO), uniform price auction. The continuous auction used is the PLATO double auction (DA), a computerized version of the "open outcry" double auction. The SBO call auction has temporal consolidation of market orders and has limited information about trading activity. The continuous DA auction is characterized by sequential bilateral trades, and trading information (bids, offers, and prices) is publicly displayed. The paper first explores the effect of multiple crossings per trading period in the SBO call auction. Next, a comparison of SBO and DA is made, based on market experiments using flow supply and demand schedules. The institutional comparison is then extended to experimental asset markets. The results imply the following. First, multiple calls per period increase the efficiency of the SBO call auction, relative to one call per period, but they also induce greater misrepresentation of costs and values in the first crossing each period. Buyers and sellers also withhold units from the first crossing in a further attempt to gain strategic advantage. However, neither the withholding nor the misrepresentation appears to have any substantial influence on price. Second, the SBO auction with two calls per period is as efficient as the DA auction. In markets with a random competitive equilibrium (CE) each period, the SBO auction does a better job than DA at tracking the random CE price. Thus the SBO auction is equally as efficient as the DA, and has the further attributes of lower price volatility and greater privacy. Third, in laboratory asset markets, the SBO auction exhibits price bubbles similar to those observed in DA markets. Price dynamics in the two institutions are comparable, despite the stark differences in order flow and information dissemination.

個案公司自1988年創立迄今已超過22年，主要從事證券經紀、自營、承銷三大業務的證券公司。證券經紀業務由於在外部投資商品日漸多元、客戶結構改變、市場進入成熟期手續費競爭激烈，雖然個案公司歷經幾次購併，但是營收成長仍受大環境的影響，無法持續成長。此時主管機關開放證券公司從事財富管理業務，公司開始思考如何進行策略重定位，並透過一連串營運活動的轉變，從過去的證券市場切入到財富管理市場，公司主要以台股為主的營運策略，期望藉由法規的開放，轉型成為多元化的商品，除了服務客戶台股之外，也可以開始進行全方位的商品服務，從台股跨向國際市場。個案公司過去藉由購併將公司規模擴大，希望可以透過新法規的開放，開始重新調整公司整體的策略定位，並根據策略重定位調整原本以台股商品為中心的運作，以利策略的執行。總結上述一連串的轉變，背後支持個案公司得以成功轉型的關鍵在於公司動態回應市場變化的能力，進而形成維持持續成長的動態能力。準此，本研究主要目的即在探討個案公司如何有效運用環境、策略與結構這三層構面彼此的最適互動，來協助其達到成長的目的。 / The corporation in this individual case has been built for 22 years since 1988. It is a securities that provides brokerage, proprietary trading and underwriting. Nowadays the securities business is challenged by product diversification, client structural change, and competitive service charge in mature market. Although the firm has gone through several merge and acquisition, the gross rate of sale is still limited and impacted by the influence of big environment. Meanwhile, the competent authority permits wealth management services in securities industry. The firm starts to reconsider the strategic position which focuses from securities to wealth management market via a series of operating activates, from Taiwan stock to diverse products via law permission, and from domestic to internal market via full-functioning financial service. In summary of above of all transitions, the key success factor of transformation for this company is the dynamic adaptive capability, and the long term growth path also depends on it. Consequently, the topic of this paper discusses the fit among environment, strategy and structure, which enables the company to remain continued competitive advantage.

Universiẗat, Diss., 2006--Frankfurt (Main).

Univ., Diss.-2002--Osnabrück, 2001. / Literaturverz. S. 389 - 417.

台灣地區綜合證券商策略群組與經營績效關係之研究 研究生：陳正玲 指導教授：陳隆麒博士 郭敏華博士 論文摘要 本研究旨在探討我國證券產業內，各綜合證券商是否存在採取不同策略的策略群組，並進一步探討策略群組對綜合證券商之財務經營績效是否產生差異。因此本論文研究之目的有四項： 1. 瞭解我國綜合證券商之產業概況。 2. 根據相關文獻及綜合證券商特性，找出適當策略變數，並依各公司在策略變數上的差異，分析國內綜合證券商是否存在策略群組？ 3. 探討國內綜合證券商不同策略群組的策略行為特性為何？ 4. 探討國內綜合證券商不同策略群組間的營運績效是否有所差異?何種策略行為具有較佳之經營績效？ 本研究是以司徒達賢(民84)所提的六個構面，並參考其他文獻及考慮產業特性成立八個構面，據此發展出55個策略變數，經簡化後得到十個策略因素，依回收問卷且有效的32家樣本證券商的資料，經由實證分析結果，得到三個群組分別命名為：全面策略領導群、專業規模取向群、經紀業務集中策略群。在財務經營績效方面，各群組在整體經營績效上有顯著差異，但在營收成長率、資產報酬率上無顯著差異，惟在股東權益報酬率上有顯著差異，而純益率方面則接近顯著差異。本研究採用的統計方法包括：因素分析、集群分析、變異數分析、卡方檢定等。所得的研究結論如下： 一、 台灣地區的綜合證券商中，可依業者所採行不同的策略型態，存在三個策略群組。 二、不同的策略群組間因策略型態之不同，致其財務經營績效具差異性。 目 錄 第壹章 緒論 1 第一節 研究動機與目的 1 第二節 研究範圍 3 第三節 研究限制 5 第四節 研究程序 6 第五節 論文結構 8 第貳章 理論與文獻探討 9 第一節 策略與策略構面 9 第二節 策略群組理論之探討 18 第三節 國內外策略群組與績效之實證研究 28 第四節 國內外證券相關文獻探討 40 第參章 研究設計 46 第一節 研究架構 47 第二節 研究假說 50 第三節 研究變數之選取 52 第四節 資料蒐集與問卷設計 58 第五節 問卷資料統計分析設計 63 第肆章 實證分析與結果 66 第一節 資料敘述統計 66 第二節 第略群組的形成 95 第三節 策略群組之競爭策略行為特性 105 第四節 策略群組間績效差異之分析 113 第五節 證券商基本背景與群組形成之相關性 116 第伍章 結論與建議 125 第一節 研究結論 125 第二節 建議 129 參考文獻 133 附錄 141 附錄一 本研究之問卷 141 附錄二 轉軸後之因素結構矩陣 145 表 目 錄 表2-1 策略的定義 9 表2-2 各家學者所提出之策略構面 12 表2-3 相關學者對策略型態看法之彙總 15 表2-4 各學者對策略群組定義彙總 25 表2-5 策略群組形成的原因 26 表2-6 國外策略群組與績效之實證研究彙總 28 表2-7 國內策略群組與績效之實證研究彙總 35 表2-8 國內證券相關文獻彙整 40 表2-9 國外證券相關文獻彙整 45 表4-1 問卷證券公司一覽表 66 表4-2 衡量策略變數之Cronbanch α值 68 表4-3 各策略變數效度值表 70 表4-4 各策略變數名稱簡化對照表 71 表4-5 樣本證券商對各競爭策略變數的執行與重視程度 73 表4-6 樣本證券商執行與重視程度最高的十個策略變數 75 表4-7 樣本證券商執行與重視程度最不高的五個策略變數 76 表4-8 高營收成長率證券商對競爭策略變數的執行與重視程度 78 表4-9 高營收成長率券商執行與重視程度最高的十個策略變數 79 表4-10 高資產報酬率證券商對競爭策略變數的執行與重視程度 80 表4-11 高資產報酬率券商執行與重視程度最高的十個策略變數 81 表4-12 高股東權益報酬率券商對競爭策略變數的執行與重視程度 82 表4-13 高股東權益報酬率券商執行與重視程度最高的十個策略變數 83 表4-14 高純益率證券商對競爭策略變數的執行與重視程度 84 表4-15 高純益率券商執行與重視程度最高的十個策略變數 85 表4-16 低營收成長率證券商對競爭策略變數的執行與重視程度 87 表4-17 低營收成長率券商執行與重視程度最高的十個策略變數 88 表4-18 低資產報酬率證券商對各競爭策略變數執行與重視程度 89 表4-19 低資產報酬率券商執行與重視程度最高的十個策略變數 90 表4-20 低股東權益報酬率證券商對競爭策略變數的執行與重視程度 91 表4-21 低股東權益報酬率券商執行與重視程度最高的十個策略變數 92 表4-22 低純益率證券商對競爭策略變數的執行與重視程度 93 表4-23 低純益率券商執行與重視程度最高的十個策略變數 94 表4-24 因素特徵值及累積解釋變異量 96 表4-25 各因素所包含之策略變數及因素命名 99 表4-26 不同集群數目下所求得的Cubic Cluster Criterion數值 104 表4-27 本研究樣本證券商策略群組之分配情形 104 表4-28 策略群組對策略因素構面之MANOVA檢定 105 表4-29 策略群組對策略因素構面之ANOVA檢定 106 表4-30 策略群組與策略因素之集群均值矩陣 109 表4-31 集群分析摘要 111 表4-32 群落離散度摘要 111 表4-33 策略群組對財務經營績效構面之MANOVA檢定 113 表4-34 策略群組對財務經營績效構面之ANOVA檢定 114 表4-35 證券商基本背景與策略群組之卡方檢定 116 表4-36 策略群組與資本額之交叉分析表 117 表4-37 策略群組與員工人數之交叉分析表 118 表4-38 策略群組與經紀據點之交叉分析表 119 表4-39 策略群組與承銷據點之交叉分析表 120 表4-40 策略群組與海外據點之交叉分析表 121 表4-41 群組一，全面策略領導群的基本背景 122 表4-42 群組二，專業規模取向群的基本背景 123 表4-43 群組三，經紀業務集中策略群的基本背景 124 表5-1 本研究之假說內容及檢定結果 128 圖 目 錄 圖1-1 本論文之研究程序 7 圖2-1 S-C-P模型 21 圖3-1 本論文實證研究架構 49 圖3-2 問卷調查設計流程 60 圖3-3 問卷內容設計流程 62 圖3-4 本研究統計分析架構 65 圖4-1 各群組之成偶檢定 108

The goal of this project is to create a web application to help people learn about the stock market. The Virtual Sports Stock Exchange (VSSX) simulates market trading based on the world of sports. It allows users to experiment with different economic models. Virtual Sports Stock Exchange (VSSX) uses HTML and Java Server Page to generate the output and calculations and it uses Java Servlet to interact with the Oracle 9i database.