碩士 / 朝陽科技大學 / 企業管理系碩士班 / 92 / As more and more domestic companies raise funds through global equity offerings, we examine the announcement effects of global depository receipts (GDRs) on corporate value. Our sample includes 75 event companies with initial global equity offering listed on Taiwan Stock Exchange during Jan. 1991 to Jun. 2003. The results show that announcement of GDRs is not accompanied with a significant effect on corporate value, but the announcement effects are related to information asymmetry, growth opportunity, firm size, prior stock return, and export ratio. We find that companies with higher information asymmetry, larger growth opportunity, smaller size, lower prior stock return, and higher export ratio would be associated with better announcement effects. In addition, companies with initial equity offerings usually have better long-term performance than their matching firms, and this long-term performance is related to prior firm characteristics as well.
| Identifer | oai:union.ndltd.org:TW/092CYUT5121021 |
| Date | January 2004 |
| Creators | Yi-ju Chang, 張憶如 |
| Contributors | Hsu-Huei Huang, Han-Sheng Lei, 黃旭輝, 雷漢聲 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 92 |
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