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    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/9655

    Title: 經理人過度樂觀、資產購買與股東財富
    Authors: 劉永欽
    Contributors: 管理學院
    Keywords: 行為財務學;過度樂觀;資產購買;事件研究法;配適假說;自由現金流量假說
    behavior finance;overoptimism;asset purchase;event study method;fit hypothesis;free cash flow hypothesis
    Date: 2009
    Issue Date: 2010-05-14 14:53:03 (UTC+8)
    Abstract: 1. 研究動機與目的
    假說」(fit hypothesis)(Maksimovic and Phillips, 2001; Warusawitharana, 2008)和從代理
    問題出發的「自由現金流量假說」(free cash flow hypothesis)(Freund, Prezas, and Vasudevan,
    理偏差,並導致不當的投資決策(Heaton, 2002; Malmendier and Tate, 2005, 2008; Lin, Hu,
    and Chen, 2005),但也有文獻認為可提升公司價值(Gervais, Heaton, and Odean, 2003)。是
    2. 研究方法
    alpha法及虛擬變數迴歸;其中,虛擬變數法採panel data,係首先嘗試使用,其統計檢定
    3. 預期貢獻
    1. Motives and objectives
    Asset purchase is an important investment decision of firms. The impact of the activity on
    shareholder wealth can be explained by both “the fit hypothesis”from an efficiency viewpoint
    (Maksimovic and Phillips, 2001; Warusawitharana, 2008) and “the free cash flow hypothesis”
    from the agency problem viewpoint (Freund, Prezas, and Vasudevan, 2003); thus, the empirical results
    are mixed, and there are likely other factors not considered. Additionally, there is not any study about
    firm asset purchases in Taiwan. Thus, it is worthy of researching. Based on behavioral finance, past
    literature has documented that firm managers are typically overoptimistic or overconfident. This
    psychological bias will cause improper investment decisions (Heaton, 2002; Malmendier and Tate,
    2005, 2008; Lin, Hu, and Chen, 2005); but, there is literature arguing that this bias can enhance firm
    values (Gervais, Heaton, and Odean, 2003). These concepts, therefore, encourage this research to
    examine whether managerial overoptimism offers an additional explanatory power to the relation
    between asset purchase and shareholder wealth. The purpose of this research is to examine whether
    managerial overoptimism in Taiwan’s stock-listed firms cause firms to perform asset purchases
    unfavorable for firm values.
    2. Methodology
    This study uses three methods to estimate stock’s announcement-period abnormal returns (AR)
    for asset purchases: the traditional approach, Jensen’s alpha, and dummy variable regression, where
    the dummy variable regression is employed firstly by this study to increase statistic test power, using
    the panel data to allow cross-sectional contemporaneous correlations and heteroskedasticity among
    event returns. In turn, this study examines the effect of managerial overoptimism on the
    cross-sectional relation between CAR and both growth opportunities and free cash flows. Finally, the
    effect of managerial overoptimism on the cross-sectional relation between post-purchase of long-run
    operating performance and both growth opportunities and free cash flows is investigated.
    3. Expected contributions
    This study is the first one in Taiwan that examines the relation between firm asset purchase and
    shareholder wealth. Moreover, in this issue considering managerial psychological bias can fill a gap in
    empirical evidence of behavioral finance and offer advanced knowledge about the impact of
    managerial psychological bias on investment decision. This study expects that managers are typically
    overoptimistic and the bias will cause asset purchase behaviors to harm shareholder wealth. The
    study’s results should be useful for corporation managers, investors, securities analysts, and regulatory
    Appears in Collections:[財務金融學系] 科技部研究計畫

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