查詢結果分析
來源資料
頁籤選單縮合
題 名 | 重整聲請、法院裁定與股東財富:資料更新下之實證結果=The Impact of Corporate Reorganization on Shareholders' Wealth: Empirical Findings from Up-dated Empirical Data |
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作 者 | 顏吉利; 吳彥勳; | 書刊名 | 財金論文叢刊 |
卷 期 | 10 2009.06[民98.06] |
頁 次 | 頁1-23 |
分類號 | 553.97 |
關鍵詞 | 公司重整; 重整聲請; 法院裁定; 重整終結; 股東股富; Corporate reorganization; Filing for corporate reorganization; Reorganization finalization; Shareholders' wealth; |
語 文 | 中文(Chinese) |
英文摘要 | The master thesis is a follow-up study of Yen, Chen & Lee (2008). The major purpose of the present study is to ascertain whether or not the empirical findings reported in Yen, Chen & Lee (2008) are re-confirmed. In this follow-up study, the author also collects the sample firms which have launched a contest in the wake of corporate reorganization. Ever since the enforcement of the law of corporate reorganization in 1966, the present study follows suit Yen, Chen & Lee (2008) and identifies three important event days such as filing for corporate reorganization, court’s decision and finalization, and re-examines shareholders’ wealth changes around the chosen event days. The major findings are as follows: As for the first event day, the present study finds no asset-rebirth effect. As for the second event day, the shareholders’ wealth changes as expected are most favorable for self-withdrawn sub-group, most unfavorable for the dismissed sub-group, while shareholders’ wealth changes for the approved group falls somewhere in between. As for the third event day, as expected that positive shareholders’ wealth gains are associated with the completion of corporate reorganization, whereas wealth losses are associated with the termination of corporate reorganization. In essence, the present study obtain empirical findings which are similar to what abnormal are reported in Yen, Chen & Lee (2008). As for the contest during corporate reorganization, a continuous deterioration in cumulative average returns is found which implies shareholders’ wealth is further reduced. |
本系統中英文摘要資訊取自各篇刊載內容。