Studies in the Announcement Effects of Mergers and Acquisitions with Information Disclosure and Credit Rating
| Autor: | Chun-Yen Wang, 汪春延 |
|---|---|
| Rok vydání: | 2011 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 99 As the market demand, global competition, enterprises in order to meet the challenges, all resorted to any method, not only to increase the company's revenue, more importantly, to establish its own industry leadership. So the bigger the concept, it becomes all business growth goal, however, to quickly establish its industry position, the fastest and most effective way, than the use of "acquisition" approach. However, investors lose confident after witness financial crisis and reports of insider trading and other examples of scandal. But also highlights the importance of corporate governance.Through case studies, this report discusses and analyzes the result of acquisition. Furthermore, evaluation is made based on the company governance, Evaluation results by information disclose and Taiwan Corporate Credit Risk Index, to observe the effect of the merger announcement effect. The study reveals that information disclosure has a negative correlation to the abnormal return. Voluntary disclosure has a positive correlation to the abnormal return. Taiwan Corporate Credit Risk Index also has a negative correction to the abnormal return. In addition, the higher the transparency of information companies, announced its acquisition of credit risk by the impact of the smaller effect. This suggests the importance in that the degree of transparency influences the decision making and company governance. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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