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    ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 >  Item 310904400/25298

    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/25298

    Title: 金融機構作業與信譽風險的影響及公司治理的角色
    Authors: 劉永欽;Liu, Yong-Chin;王姿若;廖美華;Liao, Meihua
    Contributors: 財務金融學系
    Date: 2013
    Issue Date: 2013-07-11 14:04:03 (UTC+8)
    Abstract: This study examines the effects of various operational risk events for banks from
    1990 to 2011 on stock price reaction, profitability,risk and reputational loss, as well as
    whether corporate governance can reduce the impact of operational risk. For internal-factor and external-factor events, we separately estimate both the stock abnormal returns
    (ARs) and industry-adjusted excess earnings, along with reputational losses within the ARs
    and excess earnings,for occurring, finding and announcing days, respectively. Our findings
    indicate that the internal fraud events face significantly negative ARs,excess earnings
    and reputational losses during the announcement period; the stock risks do not increase,
    and prices moderately reflect decreasing profitability.The serious disasters and events resulting from external factors face no negative excess earnings, but have negative ARs and
    reputational losses during both the occurring and announcement periods. Moreover, the
    post-event stock nonsystematic risks increase and stock prices have overreactions.Based on
    regression analyses, among corporate governance mechanisms, information disclosure and
    insider ownership can reduce nonsystematic risks and alleviate the impact of operational
    and reputational losses on market values; meanwhile, no significant effect for the other
    mechanisms is observed.
    Relation: 經濟論文/Academia Economic Papers; 41(3):421–471.
    Appears in Collections:[財務金融學系] 期刊論文

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