ASIA unversity:Item 310904400/17573
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    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/17573


    Title: 建構移動視窗探討內線交易對庫藏股購回宣告之影響
    Authors: 張眾卓;Chang, Chong-Chuo
    Contributors: 財務金融學系
    Date: 2011-09
    Issue Date: 2012-11-26 10:37:14 (UTC+8)
    Abstract: 本研究擬以所建構出的移動視窗法,針對公司購回股票事件,偵測其在宣告前是否存在內線交易,並探討該行為與後續績效之關係。相較於過去文獻使用整體衡量期間,或是根據內部關係人持股變化進行內線交易行為的偵測,本研究提出創新的移動視窗法為較具彈性與敏感之檢測方法,不但能達到逐期觀察之效果,偵測範圍更不限定於狹義內部關係人,可避免低估內線交易對績效的影響,增進事件研究法的檢測效力。實證結果顯示,就涉及內線交易的股票而言,其在宣告前呈現價漲量增之現象,符合購回股票政策隱含的交易方向;然而,此類股票在宣告初期與長期績效卻是較差的。此外,在公司實施購回股票的相關申報事項中,以購回價格相對上限對內線交易行為具有顯著解釋能力。
    Relation: 中山管理評論/Sun Yat-Sen Management Review;19(3):P633 - 664
    Appears in Collections:[Department of Finance] Journal Article

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