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    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/9688

    Title: 由行為財務學角度探討債信評等之資訊
    Authors: 陳獻儀
    Contributors: 管理學院
    Keywords: 行為財務學;展望理論;賭資效應;損益兩平效應;資本支出決策;行為偏誤;損失趨避
    labor policy;family ideology;familism;individualism
    Date: 2007
    Issue Date: 2010-05-14 16:56:29 (UTC+8)
    Abstract: 以往許多文獻皆發現在債信評等降等後,股票報酬會有顯著的異常負報酬出
    Several studies suggest that abnormal equity returns following bond downgrades are negative, whereas there is no significant abnormal equity return reaction subsequent to upgrades. There is no a priori reason why equity returns should react to upgrades and downgrades in an asymmetric fashion. The explanation that previous studies provide for those results is that they are due to investors’ underreaction or overreaction to the information content of rating changes, and such doings are unable to offer a very rigorous argumentation.
    First, unlike previous studies that are largely based on large stock markets this research examines whether credit rating announcements convey more valuable information to investors in a relative small market, the Taiwan stock market, than to investors in a large market. Second, this research tries to report the puzzling results regarding negative abnormal returns following downgrades are largely due to investors’ sentiment. Moreover, this project proposes to examine whether the “disposition effect” will affect investors’ trading behavior around the credit action announcement.
    Appears in Collections:[財務金融學系] 科技部研究計畫

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