Research on the Performance of Capital Increase and Capital Reduction of Listed Companies in Taiwan
| Autor: | PENG, SHU-CHEN, 彭淑珍 |
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| Rok vydání: | 2018 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 106 Cash capital increases (reductions) change the shareholding structure of a company and affect the net worth and earnings per share of the company; however, whether these increases or reductions significantly affect stock returns remains to be tested. Therefore, this study uses listed companies that have engaged in cash capital increases, cash capital reductions, and capital reductions to offset loss between 2006 and 2015 as a sample and employs the Fama and French three factor model to examine the performance of these companies. The results reveal the following. (1) Companies without cash capital increases (reductions) have fewer significantly abnormal returns. (2) Companies with capital increases (reductions) show significant abnormal returns when the stock market is high or fluctuated excessively. (3) Although the rate of capital increase has a significant positive relationship with abnormal returns, the causal relationship is insignificant. (4) Although the rate of capital reduction has a negative relationship with abnormal returns, this relationship is insignificant, and a causal relationship exists in which the rate of capital reduction affects abnormal returns. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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