The Study on the Effects of News-Coverage Opinions and Corporate Governance on M&A Announcement
| Autor: | Sin-Yuan Chen, 陳信源 |
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| Rok vydání: | 2012 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 100 It is arguted that the stock price is fully informative about the synergy effects from merge and acquisition’s (M&A). It is claimed that the takeover might earn its stock price from the asymmetry of information in the existence of some externality, so the current stock price might be under-pricing and the executive of a firm may have reasons to send an under-pricing signal. This paer is to examine the momentum effects around the day of M&A announcement through the scope of proxy conflicts of corporate governance and the information opinion of news media coverage using the M&A events took place between January, 2004 and October, 2011 fully quoted on the TEJ. In this paper the momentum profits is attributed into four parts, current earning performance, financial leverge, corporate governance and news media coverage. It pays to notice: the negative opinion of news coverage before announcement date leads to earn less profit; when the acquiring firm stays in the situation of more possible proxy-conflicts, the stock price performs worse. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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