To see the other types of publications on this topic, follow the link: Price shares.
Dissertations / Theses on the topic 'Price shares'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 dissertations / theses for your research on the topic 'Price shares.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
1
GUIMARAES, SERGIO FOLDES. "PRICE DIFFERENCES BETWEEN VOTING AND NON-VOTING SHARES." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2001. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=1429@1.
Full textAbstract:
PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROBANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL
Este estudo avaliou o comportamento das diferenças de preços entre ações ordinárias e preferenciais de um conjunto representativo de empresas com ações negociadas na BOVESPA no período 1995-1999, testando o impacto também das mudanças na lei das SAs ocorridas em 1997. Os testes realizados indicaram que no decorrer do período estas mudanças influenciaram as diferenças de preços entre ações ordinárias e preferenciais para a maioria das empresas, passando as ações ordinárias a serem negociadas, em geral, a preços de mercado inferiores às ações preferenciais. A partir da identificação na literatura dos principais fatores que podem causar a diferença de preços entre ações de uma mesma empresa foram realizadas regressões de seção transversa para cada ano do período, assim como para o período como um todo, para testar a capacidade explicativa de modelos contendo variáveis explicativas derivadas da liquidez, da estrutura de capital e da composição acionária de cada empresa, bem como os dividendos pagos a cada classe de ação. Para o período como um todo podemos concluir que os modelos explicam parcialmente as diferenças de preços. Os resultados obtidos mostraram que os modelos apresentam resultados satisfatórios a partir de 1996, sendo que a capacidade explicativa e a confiabilidade são maiores a partir de 1998. As variáveis representando a liquidez e o percentual de ações preferenciais com os controladores,bem como os impactos da mudanças na lei das SAs foram as que mostraram melhor significância estatística no período como um todo. Os coeficientes lineares obtidos nas regressões para as variáveis de liquidez foram positivos, conforme era esperado, representando a correlação destas medidas com as diferenças de preços entre ações ordinárias e preferenciais. Os possíveis impactos de novas alterações na lei das SAs na relação de preços entre ações ordinárias e preferenciais e no mercado como um todo podem representar interessante objeto de pesquisa para novos estudos.
This study evaluates the price differences between voting and non-voting shares of a representative set of Brazilian companies traded on the São Paulo Stock Exchange from 1995 to 1999, assessing also the impacts of the amendments in the Brazilian Corporate Law that take place in 1997. The tests showed that, due to these changes, for most companies a downtrend occurred in the price differences, and, as time passed, the voting share was usually trading at a discount to the non-voting share. After identifying in the literature some key variables that influence these prices differences, we used some cross-section regressions for each year of the period to test the model with explicatory variables related to the liquidity, capital structure and shareholder composition of each company, as well as dividends paid to each class of share. The models tested were statistically significants for the whole period, explaining partially these price differences. The results of the regressions for each annual period showed that, after 1996, the models presented satisfactory results, with better results and degrees of confidence after 1998. The liquidity variables and the variable that represents the controller`s ownership of non-voting shares were the ones that showed the better degree of confidence during the period. The linear coefficients of the liquidity variables were positive, as expected, representing the correlation between these measures and the price differences between voting and non-voting shares. New changes in the corporate law are being studied and may affect the price differences between voting and non-voting shares and the valuation of all the stock market, representing an interesting subject to future studies.
Este estudio evalúa el comportamiento de las diferencias de precios entre acciones ordinarias y preferenciales de un conjunto representativo de empresas con acciones negociadas en BOVESPA en el período comprendido entre los años 1995- 1999. Se evalúa también el impacto de los cambios en la ley de las SAs, ocurridos en 1997. Las pruebas realizadas indicaron que, en el transcurso del período mencionado, dichos cambios influyeron en las diferencias de precios entre acciones ordinarias y preferenciales para la mayor parte de las empresas, y las acciones ordinarias pasaron a ser negociadas, en general, a precios de mercado inferiores a las acciones preferenciales. Se llevó a cabo un estudio bibliográfico para identificar los principales factores que pueden causar diferencias en el precio de las acciones de una misma empresa. Con estos factores se realizó una regresión transversa para cada año del período 1995-1999 y también considerando el período completo. Estas regresiones tienen como objetivo, probar la capacidad explicativa de los modelos que contienen variables explicativas derivadas de la líquidez, de la extructura de capital y de la composición de las acciones de cada empresa, así como los dividendos y pagos a cada clase de acción. Considerando el período completo, podemos concluir que los modelos explican parcialmente las diferencias de precios. Los resultados muestran que los modelos presentan resultados satisfactorios a partir de 1996, siendo que la capacidad explicativa y la confiabilidad son mayores a partir de 1998. Al considerar el período completo, las variables que se mostraron estadísticamente significativas fueron: las variables que representan la líquidez, el porcentaje de acciones preferenciales con los controladores y el impacto de los cambios en la ley de las SAs. Los coeficientes lineales obtenidos em las regresiones para las variables de líquidez fueron positivos, tal y como se esperaba, representando la correlación de estas medidas con la diferencia de precio entre acciones ordinarias y preferenciales. El posible impacto de nuevas alteraciones en la ley Sas en relación a los precios entre acciones ordinarias y preferenciales y en el mercado como un todo pueden representar un interesante objeto de investigación para nuevos estudios.
2
Ferreira, Armando dos Santos Ribeiro. "Relative price dynamics, factor shares and endogenous growth." Master's thesis, Instituto Superior de Economia e Gestão, 2007. http://hdl.handle.net/10400.5/18916.
Full textAbstract:
Masters EconomicsWe present a two sector general-equilibrium model of endogenous growth for a small open economy. We show that the model lias saddle-path stability in- dependently of the factor intensities, however the details of the transitional dynamics will diífer. The dimension of the stable manifold is always one but the slope of the stable manifold changes depending on the factor shares. If the factor shares are such that each sector uses more intensively its own capital, then after a shock the economy will adjust through prices variations. When the factor shares intensities are reversed, the adjustment is made through quantities variations. Moreover we find that a productivity shock on the traded sector has always a positive effect on the relative price. Government demand shocks have no long run effect on the relative price and its effect ou the GDP is not clear.
Modelizamos uma pequena economia aberta cora dois sectores e crescimento endógeno. Mostramos que o modelo apresenta estabilidade tipo sela inde- pendentemente das intensidades factoriais, no entanto as propriedades da dinâmica de transição vão diferir. A dimensão das trajectórias convergentes é sempre um mas a inclinação muda dependendo das proporções dos fac- tores. No caso de cada sector usar mais intensivamente o seu próprio capital, após um choque, a economia vai estabilizar por variações nos preços e no caso contrário a estabilização é feita por variações nas quantidades. Alem disso, mostramos que um choque de produtividade no sector transaccionável tem sempre um efeito positivo no preço relativo. Choques governamentais de procura não têm efeito de longo prazo no preço relativo e o seu efeito no produto não é claxo.
info:eu-repo/semantics/publishedVersion
3
Grandner, Thomas. "Market shares of price setting firms and trade unions." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 1998. http://epub.wu.ac.at/236/1/document.pdf.
Full textAbstract:
In a unionized duopoly with price setting firms market shares in different wage determination settings are analyzed. I compare decentralized, centralized and sequential wage determination. In the decentralized setting the union in the more productive firm can exploit the differences in productivity for rising local wages. The rising wages in the more productive firm result in smaller differences of unit costs, therefore the market shares are split more equally in the decentralized setting than with centralized wage determination. Sequential wage determination results in an asymmetric outcome. Compared with the simultaneous case the market share of the wage-leader firm is smaller, because the competitor is able to undercut the wage. Additionally with sequential wage determination the union representing the workers of the more productive firm cannot exploit the productivity advantage by raising the wage rate by the same extent as in the simultaneous case. (author's abstract)Series: Department of Economics Working Paper Series
4
Li, Da. "Import price uncertainly, production decisions and relative factor shares in Korea." Thesis, University of Macau, 2007. http://umaclib3.umac.mo/record=b1783673.
Full text
5
Vilniūtė, Jurgita. "Oficialaus siūlymo teikimo ir įgyvendinimo teisinio reguliavimo problemos." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2013. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2013~D_20130626_182751-21835.
Full textAbstract:
Darbe nagrinėjama oficialaus siūlymo teikimo ir įgyvendinimo teisinio reguliavimo problematika Lietuvoje ir Europos Sąjungoje, analizuojama teismų praktika bei teisionio reguliavimo perspektyvos.In this paper author analyses issues in taking and implementing takeover bid i Lithuania and in European Union. Legal practice and perspectives in regulation is analized.
6
Ye, Caiwei. "The effects of price limits on AB-shares on the Shanghai and Shenzhen Stock Exchanges." Thesis, University of Sheffield, 2016. http://etheses.whiterose.ac.uk/14233/.
Full textAbstract:
The study examines the effects of price limits on return, volatility and liquidity by testing three hypotheses: delayed price discovery hypothesis, volatility spillover hypothesis and trading interference hypothesis (Kim and Rhee, 1997, JF). The delayed price discovery hypothesis states that if the price continues to move in the same direction in the subsequent period after a price-limit-hit, the existence of limits delays price discovery. The volatility spillover hypothesis argues that the stock will have a higher volatility after a price-limit-hit. The trading interference hypothesis asserts that a share that hits the price limits on day t will experience more trading on day t+1. The rationale behind price limits is to provide investors with a cooling-off period to counter noise trading and alleviate market panic. If price limits work, all three hypotheses should be rejected. Firms on the Shanghai and Shenzhen Stock Exchanges can simultaneously issue two types of shares: A and B-shares. A-shares were initially traded only by domestic Chinese citizens, but opened to Qualified Foreign Institutional Investors (QFIIs) from July 2003 onwards. B shares were initially traded only by foreign investors but then by local Chinese citizens from June 2001. A and B-shares are subject to the same price limits but exhibit different risk and return characteristics. This study explores the effects of price limits on AB-shares using daily data (intraday data) over the period 2004-2012 (2010-2012). For the first time, this study estimates a GARCH model that explicitly incorporates truncation in the distribution of returns that is induced by price limits. The truncated-GARCH model provides a better fit than a conventional model. Based on the study of daily data, the delayed price discovery and volatility spillover hypotheses are not rejected on either exchange. Similar results have been found in the study of intraday data that price limits are not effective in controlling volatility and counter noise trading. Regarding the trading interference hypothesis, price limits interfere with market liquidity but the level of interference depends on the choice liquidity measures.
7
Kim, Kisung. "U.S. aggregate demand for clothing and shoes, 1929-1994: Effects of changes in price, nondurables expenditures, and demographics." Diss., Virginia Tech, 1998. http://hdl.handle.net/10919/30021.
Full textAbstract:
The main objective of this study was to evaluate the effects of the changes in total nondurables expenditures, prices, and demographics on the U.S. aggregate demand for clothing categories and shoes. In particular, this study focused on identifying and parameterizing the effects of such changes. To this purpose, a demand system for two clothing categories, shoes, and other nondurable commodities for the U.S. was estimated using aggregate time-series data sets (1929-1994), and a second-stage budgeting model was developed and estimated. The basis for the demand model was the Almost Ideal Demand System model, which was modified to account for the demographic effects. Demographic variables included in the final model were age distribution of the U.S. population (median age and variance), proportion of non-White population in the total U.S. population, and labor force participation rate of U.S. women. The main data sources were documents published by the Bureau of the Census, Bureau of Labor Statistics, and Bureau of Economic Analysis in the U.S. Department of Commerce.
The results indicate that the total nondurables expenditures is a significant variable in determining consumers' nondurables expenditure allocation on clothing categories and shoes. The estimated total expenditure elasticities suggest that the clothing categories and shoes are expenditure elastic, ranging from 1.1019 to 1.4944. Most own and cross prices appear to be significant variables in determining the consumer budget allocations for clothing categories and shoes. The median age and non-White population variables evidence as significant variables that affect the U.S. aggregate nondurables expenditure allocation on men’s and boys’ clothing and on shoes. Women’s labor force participation rate evidences as a significant variable that affects the U.S. aggregate nondurables expenditure allocation on women’s and children’s clothing. The estimated own-price elasticities of demand for clothing categories and shoes indicate that all the clothing categories and shoes are inelastic (i.e., -0.3908 to -0.9175). The estimated crossprice elasticities of clothing categories, shoes and other nondurable goods show substitution and complementary relationships between the categories. The demand elasticities with respect to the demographic variables were also estimated.Ph. D.
8
Buljak, Michal. "Porovnání výše cenových podílů jednotlivých konstrukcí rodinných domů na celkové ceně uvedené v cenovém předpisu a stanovené položkovým rozpočtem." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2013. http://www.nusl.cz/ntk/nusl-232773.
Full textAbstract:
This diploma thesis describes the methods of valuation by using cost valuation method for family houses. The thesis defines the basic concepts from this field, methods of valuation and helps to create individual calculations. The main goal of this work is the valuation of five family houses by two cost valuation methods, their comparison and evaluation of the degree of difference between the methods. In order to achieve this goal, it is necessary to ascertain the total cost differences of individual constructions and equipment with the help of an itemized budget and by following the valuation order of the Ministry of Finance, compare the results and call attention to possible shortcomings of a given method.
9
Liang, Jing. "Market segmentation and dual-listed stock price premium - an empirical investigation of the Chinese stock market." Thesis, University of St Andrews, 2009. http://hdl.handle.net/10023/894.
Full textAbstract:
This thesis comprises, firstly, a careful and detailed description of the institutional workings of the Chinese stock market; secondly, a literature review of the Chinese segmented markets and dual-listed shares price premium; and thirdly, three evidence-based contributions designed to cast new light on the Chinese A-shares premium puzzle. Publicly-listed firms in China, under certain criteria, can issue two different types of shares, namely A-shares and B-shares, to local and foreign investors respectively. These shares carry the same rights and obligations, but are however priced differently due to market segmentation. After a review of the literature on determinants of the premium, the first contribution offers a complementary explanation. I propose that the premium reflects the difference in valuation preferences between the local and foreign investors, i.e., local investors pay more attention to stock liquidity, while foreign investors pay more attention to firm’s intrinsic value, and so firms having more favorable fundamentals tend to have lower premia. The second contribution involves the examination of a controversial question that which investor group is better informed about local assets, by testing the direction of information flows between the A- and B-shares markets. Both time series methods, and panel data techniques which are used for the first time in this context, are employed, in order to get a distinct and more insightful picture against the current literature. The third contribution compares and contrasts institutional settings of China, Singapore and Thailand which have similar market segmentation and dual-listing systems; examines whether or not the premia in the three countries are caused by same factors; and tries to answer why foreign investors in China pay less, rather than more, as commonly observed in other segmented markets, for identical assets. It provides the first cross-country comparison evidence after 1999 with updated data.
10
Cheng, Ka Wan. "What determine the information shares in the price discovery process between the index futures and the underlying cash index?" HKBU Institutional Repository, 2008. http://repository.hkbu.edu.hk/etd_ra/883.
Full text
11
Tinoco, Bruno Miguel Aleixo. "O impacto da comunicação social na tomada de decisão da compra e venda de acções." Master's thesis, Instituto Superior de Economia e Gestão, 2014. http://hdl.handle.net/10400.5/8114.
Full textAbstract:
Mestrado em Decisão Económica e EmpresarialCom a realização deste estudo procurou-se aferir a influência da comunicação social na tomada de decisão no momento de comprar e vender acções, determinando quais as notícias que mais influenciaram a tomada de decisão. O estudo ao índice PSI 20. Os dados que permitiram a realização do estudo foram recolhidos no período de 15-12-2008 a 16-05-2011 tendo sido consideradas todas as notícias presentes na primeira página do Jornal de Negócios e Diário Económico e as cotações de fecho em bolsa dos títulos da EDP, ALTRI SGPS e BES, empresas estas que se encontram ambas cotadas no índice PSI 20. A análise foi iniciada com a categorização das notícias recolhidas, através do software IBM SPSS Modeler. Após a conclusão deste processo e tendo em conta a possível relação existente entre algumas das categorias, foi utilizada a análise das componentes principais, tendo sido obtidos componentes formados por duas ou mais categorias, que na prática podem ser vistas como temas de notícias publicadas nos referidos jornais. Por fim e com o intuito de aferir a relação existente entre as componentes obtidas e as decisões dos investidores, os dados existentes foram analisados através de uma regressão linear múltipla, utilizando para o efeito o software IBM SPSS Statistics, que permitiu constatar que a decisão de compra e venda de acções é influenciada por notícias relacionadas com a crise actual, por negócios inerentes à compra ou venda de uma percentagem considerável de participações de empresas nacionais e por casos de crime e corrupção mediáticos em Portugal.
The goal of this work is to review and prove the existence of influence of the social communication on decision making when buying or selling market stocks and to determine which news influence such decisions. The work was applied in the real conditions of the Portuguese market and its primary stock market index PSI 20. The necessary data for this study was collected between 15 December 2008 and 16 May 2011 including three major stocks EDP, ALTRI SGPS and BES and all the related news published on the first pages of the most influent Portuguese economical-financial journals, namely Jornal de Negócios and Diário Económico. At the beginning of the analysis, the collected data has been categorized with the IBM SPSS Modeler. After concluding this process, having in mind that relations may exist among some categories, the component analysis was performed. Naturally there were components formed by two or more categories which can be seen as different topics published in referred journals. Finally, in order to assess an existing relationship between obtained components and decisions made by investors, the data was analysed through a multiple linear regression using IBM SPSS Statistics. This analysis allowed to conclude that a decision whether to buy or sell a stock is influenced by news related to the actual financial crisis on the world market, by news inherent to a purchase or disposal of considerable amount of participations owned by large national companies and by "medialized" cases of crime and corruption in Portugal.
12
Kasza, Radomír. "Porovnání výše cenových podílů jednotlivých konstrukcí na celkové ceně stavby uvedené v cenovém předpisu a stanovené položkovým rozpočtem." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2015. http://www.nusl.cz/ntk/nusl-233115.
Full textAbstract:
The thesis compares the level of price of shares of individual construction of three houses, which were valued at cost method. The individual values are compared with the prices of detailed itemized budgets and assessed variations, differences and any discrepancies against to the cost method of valuation based on valuation Ministry of Finance Decree. Work also includes the concepts and terminology of engaging with this issue, which lays the foundation for a proper understanding and orientation in pricing shares buildings.
13
Codorniz, Gabriela Bonini. "Aquisição por companhias abertas de ações de sua própria emissão." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-24102016-160516/.
Full textAbstract:
A aquisição por companhias abertas de ações de sua própria emissão no Brasil constitui o núcleo de estudo desta dissertação. Também referida como recompra de ações, trata-se de operação comumente realizada por sociedades anônimas, principalmente por companhias abertas, tendo em vista os possíveis benefícios na organização da estrutura de capital da companhia, conciliados com a variedade de motivações para sua utilização. O trabalho aborda, inicialmente, o tratamento legal conferido às operações realizadas por companhias abertas e fechadas, em especial pela Lei no 6.404, de 15 de dezembro de 1976. Além da definição das operações e sua evolução legislativa, são analisadas as principais causas que levam uma sociedade anônima a adquirir ações de sua própria emissão, assim como os negócios jurídicos passíveis de realização para que uma aquisição se concretize, além do aproveitamento a ser conferido pela companhia para as ações recompradas quando estas não forem canceladas, poderão ser mantidas em tesouraria na qualidade de bens de titularidade da companhia. O estudo também dedica-se à análise específica da aquisição de ações de emissão própria por companhias abertas, sob o foco do regramento expedido pela Comissão de Valores Mobiliários CVM. Além dos atos normativos emanados pela autarquia, a análise enfatiza os principais interesses a serem tutelados nas operações, assim como aborda precedentes da CVM sobre o tema.The purchase, by publicly-held companies, of its own shares in Brazil constitutes the core area of study of this dissertation. Also referred to as stock repurchase, it consists in a transaction commonly performed by corporations, mainly the publicly traded, seeking out the benefits to the organization of the companys capital structure, combined with the variety of motivations for its use. This work initially discusses the legal treatment for stock repurchases performed by publicly-held and closely held companies, in particular by Law 6404, of December 15th, 1976. In addition to the definition of the transaction, and its legal developments, this study analyzes the main causes for a corporation to buy its own shares, as well as the legal act of the acquisition per se, and the use of the repurchased shares whenever they are not canceled, such shares will be held in treasury as assets owned by the company. The study also presents the repurchase made by publicly-held companies in view of the rules issued by the Comissão de Valores Mobiliários CVM (the Brazilian Securities and Exchange Commission). Apart from examining CVMs regulation, the study refers to a broad variety of cases decided by CVM on the subject, and investigates the main interests involved on the transactions.
14
Van, der Vyver Anton Hendrik. "N-shares versus ordinary shares." Thesis, Stellenbosch : Stellenbosch University, 2002. http://hdl.handle.net/10019.1/52967.
Full textAbstract:
Thesis (MBA)--Stellenbosch University, 2002.ENGLISH ABSTRACT: The mini study project attempted to answer questions relating to the relationship between N-ordinary shares (N-shares) and ordinary shares of the same company. Questions relating to the movement in share prices of the two types of shares were formulated. Various statistical data was used to compare the two types of shares. The study identified sixteen (16) N-share listed companies as at 12 July 2002. The results indicate that the N-shares, compared to the ordinary shares, trade at a considerable discount. Certain N- shares, on the other hand, trade at almost no discount. It was concluded that when control in a specific company is not an issue and the N-shares trade at a discount of more than three percent (3%) to the ordinary shares, the N-shares should be bought. The choice is between the two types of shares and not whether one should invest in the specific company or not. The discount should however be more than the cost of transferring from one share to another. The cost of the transfer was taken as three percent (3%) of cost.
AFRIKAANSE OPSOMMING: Die mini werkstuk probeer om die vrae rondom N-gewone aandele (N-aandele) en gewone aandele van dieselfde maatskappy te beantwoord. Vrae oor die beweging van aandeelpryse van die twee tipe aandele is saamgestel. Verskeie statistiese data is gebruik om die twee tipe aandele te vergelyk. Die werkstuk het sestien (16) N-aandeel genoteerde maatskappye soos op 12 Julie 2002 geïdentifiseer. Die resultate wys dat N-aandele in vergelyking met gewone aandele teen 'n aansienlike diskonto verhandel. Sekere N-aandele, aan die anderkant, verhandel teen feitlik geen diskonto nie. Daar is tot die slotsom gekom dat indien beheer van 'n spesifieke maatskappy nie 'n voorvereiste is nie en dat die N-aandele teen 'n diskonto van meer as drie persent (3%) verhandel, die N-aandele gekoop moet word. Die keuse is tussen twee tipe aandele en nie of daar in die spesifieke maatskappy belê moet word of nie. Die diskonto moet egter meer wees as die koste van die omskakeling van die een aandeel na die ander. Die omskakelingskoste is geraam teen drie persent (3%) van koste.
15
Tam, Chi-ho, and 譚志豪. "Market segmentation: the case of A shares andB shares." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B31954613.
Full text
16
Kruger, Sarah Debora. "The prediction value of the price/earnings ratio for headline earnings per share, dividend yields and share returns." Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/70304.
Full textAbstract:
Mini study project (MBA)--University of Stellenbosch, 2005.ENGLISH ABSTRACT: This mini study project aims to investigate the prediction value ofpricelearnings (pIE) ratios. The ability of investors to predict earnings growth is tested by examining the relationship between PIE ratios and excess earnings growth. The study further also investigates the relationship between PIE ratios and two other variables: share returns and dividend yields. The study design was based on that of two other studies: Fuller, Huberts and Levinson (1993) and Hamman, Jordaan and Smit (1995). These studies specifically tested the random walk theory of earnings. In this study all the companies were allocated to one of four PIE portfolios according to the magnitude of their PIE ratio. The relationship between PIE ratios and the dependent variables (earnings growth, share returns and dividend yields) was then analysed by comparing the medians of the dependent variables of the different quartiles (pIE portfolios). The investigation into the relation between PIE ratios and excess earnings growth indicated that companies with high PIE ratios tend to have higher excess earnings growth. The relationship, however, seemed to be more pronounced in the one year results than in the two and four year results. The share returns seemed to be randomly distributed and it was more difficult to identify the correlation with PIE ratios. For a two and four year period however, the lowest PIE quartile delivered the highest returns and the highest PIE quartile performed very poorly. Lastly it was found that companies with high PIE ratios had lower dividend yields and companies with lower PIE ratios had higher dividend yields. Even though some departures from randomness were observed when comparing the PIE quartiles, the variability of the dependant variables at individual stock level was high and indicated random distribution.
AFRIKAANSE OPSOMMING: Hierdie ministudieprojek het ten doelom die voorspellingvermoë van prys/verdienste (PN) verhoudings te ondersoek. Die vermoë van beleggers om winsgroei te voorspel word getoets deur die verwantskap tussen PN-verhoudings en surplus winsgroei te ondersoek. Verder ondersoek die studie ook die verwantskap tussen PN-verhoudings en twee verdere veranderlikes: aandeelopbrengste en dividendopbrengste. Die ontwerp van die studie is gebaseer op dié van twee ander studies: Fuller, Huberts en Levinson (1993) en Hamman, Jordaan en Smit (1995). Die twee studies het spesifiek die ewekansige verspreiding van winste ondersoek. Alle maatskappye in hierdie studie is geallokeer aan een van vier PN-protefeuljes volgens die vlak van hulle PNverhouding. Die verwantskap tussen PN-verhoudings en die afhanklike veranderlikes (winsgroei, aandeelopbrengste en dividendopbrengste) is dan ondersoek deur die mediane van die afhanklike veranderlikes van die verskillende PN-kwartiele (portefeuljes) te vergelyk. Die analise van die surplus winsgroei het aangedui dat maatskappye met hoë PNverhoudings geneig is om beter surplus winsgroei te toon. Die verwantskap blyk egter om duideliker te wees vir 'n eenjaar-periode as vir 'n tydperk van twee of vier jaar. Die aandeelopbrengste het 'n ewekansige verspreiding getoon en dit was moeilik om 'n verwantskap met die PN-verhoudings te identifiseer. Vir 'n twee en vier jaar periode het die laagste PN-kwartiel die hoogste aandeelopbrengs gelewer en die hoogste PNkwartiel het baie sleg presteer. Laastens is daar gevind dat maatskappye met hoë PN-verhoudings laer dividendopbrengste gelewer het en maatskappye met lae PN-verhoudings hoë dividendopbrengste. Alhoewel afwykings van ewekansigheid geïdentifiseer is met die vergelyking tussen kwartiele, was die variansie van die afhanklike veranderlikes op individuele aandelevlak hoog en het gedui op 'n ewekansige verspreiding.
17
Boško, Marek. "Aplikace vybraných způsobů ocenění na rodinný dům ve vybrané lokalitě." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2018. http://www.nusl.cz/ntk/nusl-377748.
Full textAbstract:
The diploma thesis deals with determination of the price of a family house, located in Vranovice. The theoretical part discusses the basic procedures and terminology necessary for property valuation. The aim of the thesis is to use different valuation methods, to evaluate them and to determine the difficulty in terms of the job and the amount of input data needed. Property will be evaluated by direct comparison and cost method. At the end of the thesis we will assess to what extent the price shares listed in the Valuation Ordinance, correspond with the price shares in the item budget and evaluate the calculated prices of the family house.
18
Stolin, David. "Survivorship issues in share price research." Thesis, London Business School (University of London), 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.246910.
Full text
19
Ho, Kin-wai Patrick, and 何健偉. "Determination of issue price for share flotation." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1992. http://hub.hku.hk/bib/B31265327.
Full text
20
Ho, Kin-wai Patrick. "Determination of issue price for share flotation /." [Hong Kong : University of Hong Kong], 1992. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13302231.
Full text
21
Esterhuysen, Willem Derek. "Share price reaction to Financial Mail’s “Top Companies” announcements." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/23803.
Full textAbstract:
Responsible Investment considers environmental, social and corporate governance criteria. These criteria, as an investment strategy, aim to have a positive impact on society as well as maximize financial returns. The concept of Responsible Investment is becoming more prominent and important to investors, both internationally and locally, with evidence from the negative reaction of share prices to recent events such as the BP oil spill. The Johannesburg Stock Exchange, in collaboration with FTSE4Good, has developed Responsible Investment criteria. The aim of the criteria is to ensure global alignment, with regards to environmental criteria, and also ensure local relevance, with criteria that deals with issues such as black economic empowerment, skills development and HIV/Aids. This research examines the share price behaviour of companies that are recommended by analysts as ‘Top Companies’ on the basis of their compliance to set Responsible Investment criteria, with specific reference to the annual ‘Top 20 Companies’ as recommended by the Financial Mail magazine. Using event study methodology, the short- and long-term behaviour is studied for the 140 companies mentioned in the list from 2003 up until 2009. Positive, significant abnormal returns of around 2% are observed in the first 10 days following the announcement for the companies mentioned in the list for the first time. No positive abnormal returns are however observed for longer-term holding periods of up to 200 days following the announcement. The result suggests that the Financial Mail analysts’ annual recommendation is of value only to low transaction cost, short-term traders. Longer-term investors, who buy the recommended shares, generally receive returns similar to the market rate of return. CopyrightDissertation (MBA)--University of Pretoria, 2011.
Gordon Institute of Business Science (GIBS)
unrestricted
22
Gevers, Willem Rudolf. "The association between inflation-adjusted accounting income and the behaviour of share prices." Thesis, Stellenbosch : University of Stellenbosch, 1992. http://hdl.handle.net/10019.1/4865.
Full textAbstract:
Thesis (PhD (Business Management))--University of Stellenbosch, 1992.ENGLISH ABSTRACT: In this dissertation the association between inflation-adjusted data and the behaviour of share prices is investigated. The primary purpose of this investigation is to make a contribution to the body of knowledge regarding share price behaviour, and more specifically with respect to the relationship between inflation accounting and the share market. The disclosure of inflation-adjusted data is not mandatory in South Africa, and few companies have disclosed supplementary current cost income statements. A somewhat larger number of companies make provision for inflation in their financial results by revaluing their assets and accounting for additional depreciation. Prior to 1984 a fair proportion of the companies listed on the Johannesburg Stock Exchange also used the LIFO method of inventory valuation. The disclosed inflation-adjusted data is very limited, necessitating the estimation of the inflation-adjusted data. To estimate the inflation adjustments, a number of inflation accounting models were developed based either on AC 201 or other suggestions found in the literature. These models were then applied to the financial results of listed industrial companies. In the first empirical analysis contained in this dissertation the inflation adjustments generated by the various models were compared to identify unique models for further use in the market related empirical work. From this analysis it was established that AC 201 is open to such a divergent interpretation that significantly different inflation adjustments are generated. From the literature reviewed, three research designs showed promise for application to the market related empirical analyses. The first design used was the event study which was used to evaluate the share market's reaction to the abolition of the tax benefits associated with the LIFO method of inventory valuation. The share market showed no significant reaction for a period of 21 weeks surrounding the announcement, making possible statements regarding the relative efficiency of the Johannesburg Stock Exchange impossible. It was, however, established that the research design used is very sensitive to sample formation, and it is recommended that special care should be used in market related studies to ensure that both operating and holding companies are not included in the same sample. The second research design used was the incremental information content design. Limited incremental information content was found in the inflation-adjusted income for companies which disclosed no inflation adjustments. For companies that did disclose some aspects of inflation accounting, the inflation-adjusted income was often the better explanatory variable of the residual share returns, but no incremental information content could be detected. Based on analyses performed on single years of data it was found that the inflation-adjusted income was as good an explanatory variable of the residual share returns as the historic cost variable. The final research design used was the income measurement perspective. It was found that in general the historic cost income behaved as expected, but the inflation adjustment to income seldom displayed any income measuring properties. The only inflation accounting model that displayed signs of income measurement properties contained as part of its adjustment unrealised holding gains on fixed assets. This could be a indication that the disclosure of unrealised holding gains could be useful. The lack of results found for AC 201 possibly points to its inadequacy. In general the relationship between the inflation-adjusted data and the share market was found to be very weak.
AFRIKAANSE OPSOMMING: In hierdie proefskrif word die verwantskap tussen inflasie-aangepaste data en die gedrag van aandeelpryse ondersoek. Die primere doel met hierdie studie is om by te dra tot die kennis oor die gedrag van aandeelpryse, en dan meer spesifiek met betrekking tot die verwantskap tussen inflasie-rekeningkunde en die aandelemark. In Suid-Afrika is dit nie verpligtend om inflasie-aangepaste data bekend te maak nie, en min maatskappye publiseer 'n aanvullende inkomstestaat van huidige koste. 'n Ietwat groter aantal maatskappye maak voorsiening vir inflasie in hul finansiele resultate deur hul bates te herwaardeer en addisionele waardevermindering af te skryf. Voor 1984 het 'n aantal maatskappye wat op die Johannesburgse Effektebeurs genoteer is, ook voorraad volgens die LIEU metode gewaardeer. Slegs beperkte inflasie-aangepaste data is dus beskikbaar, wat die skatting van sodanige data noodsaak. Om die inflasie-aangepaste data te kan skat, is 'n aantal inflasie-rekeningkunde modelle ontwikkel, op grond van of RE 201 of ander voorstelle in die literatuur. Hierdie modelle is daarna toegepas op die finansiele resultate van genoteerde nywerheidsmaatskappye. In die eerste empiriese ondersoek wat in hierdie proefskrif vervat is, is die inflasieaanpassings wat deur die onderskeie modelle gegenereer is, met mekaar vergelyk om te bepaal watter uniek is vir gebruik in die markverwante empiriese ondersoek wat volg. Met hierdie ondersoek is vasgestel dat RE 201 so uiteenlopend vertolk kan word dat inflasie-aanpassings wat statisties beduidend van mekaar verskil, gegenereer word. Uit die literatuur wat bestudeer is, blyk dit dat drie verskillende navorsingsontwerpe geskik vir toepassing in die markverwante ondersoeke is. Die eerste ontwerp wat gebruik is, is die gebeurtenisstudie waarmee die effektebeurs se reaksie bepaal is op die afskaffing van die belastingvoordeel wat aan die LIEU-voorraadwaardasie gekoppel was. Die effektebeurs het gedurende die 21 weke rondom hierdie aankondiging geen betekenisvolle reaksie getoon nie. Dit maak enige afleidings oor die relatiewe doeltreffendheid van die effektebeurs onmoontlik. Daar is wel vasgestel dat die navorsingsontwerp baie sensitief vir die samestelling van die steekproef is. Dit word aanbeveel dat sorg gedra behoort te word dat 'n bedryfsmaatskappy nie saam met sy houermaatskappy in dieselfde steekproef opgeneem word nie. Die tweede navorsingsontwerp wat gebruik is, berus op die inkrementele inligtingsinhoud. Die inflasie-aangepaste inkomstesyfers van maatskappye wat geen aanpassings vir inflasie toon nie, bevat beperkte inkrementele inligting. Vir maatskappye wat wel inflasieaanpassings openbaar maak, is die inflasie-aangepaste inkomstesyfer dikwels die beste beskrywende veranderlike van die residuele aandeelopbrengste, maar geen inkrementele inligting kon gevind word nie. Uit ontledings wat op 'n jaarbasis uitgevoer is, kan daar afgelei word dat die inflasie-aangepaste inkomstesyfer net so 'n goeie beskrywende veranderlike van die residuele aandeelopbrengste as die historiesekoste-inkomstesyfer is. Die laaste navorsingsontwerp wat gebruik is, berus op die inkomstemetingsperspektief. In die algemeen is daar gevind dat die historiesekoste-inkomstesyfer volgens verwagting reageer, maar dat die inflasie-aanpassing selde enige inkomstemetingseienskappe bevat. Die enigste inflasie-rekeningkunde model wat tekens van inkomstemetingseienskappe toon, bevat ongerealiseerde houwinste op vaste bates as deel van sy regstelling. Dit kan beskou word as 'n teken dat die openbaarmaking van ongerealiseerde houwinste nuttig kan wees. Die gebrek aan betekenisvolle resultate vir RE 201 hou die moontlikheid in dat dit ontoereikend is. In die algemeen is gevind dat die verwantskap tussen inflasie-aangepaste data en die gedrag van aandele op die effektebeurs baie swak is.
23
Eklund, Michael, and Carl Johansson. "Ex-dagseffekten : Påverkar direktavkastningen storleken på prisjusteringen?" Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-314999.
Full textAbstract:
På en effektiv marknad ska förändringen i aktiepriset under ex-dagen vara sådan att en investerare är indifferent till att genomföra en transaktion inklusive eller exklusive utdelning. Trots det pekar flertalet empiriska studier på att så inte är fallet. I denna studie använder vi prisfallskvoten enligt Elton och Gruber (1970) för att undersöka kursbildning kring ex-dagen på Stockholmsbörsen åren 2013-16 samt om det finns skillnader i priskorrigering mellan olika grupper av aktier. Vi finner att aktierna på Stockholmsbörsen i genomsnitt föll med 76 % av utdelningsbeloppet och således har det funnits en ex-dagseffekt. Vidare visar studien att ex-dagseffekten är större i bolag med låga utdelningsbelopp och låg direktavkastning. Resultaten i studien visar även en signifikant positiv avvikelseavkastning under ex-dagen men avkastningen anses vara för liten för att motivera systematisk handel.
24
Råsbrant, Jonas. "The price impact of open market share repurchases." KTH, Entreprenörskap och Innovation, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-122239.
Full textAbstract:
This paper examines the stock performance around initiation announcements of open market share repurchase programs, the price impact of repurchase trading and the long-run abnormal stock performance following the initiation announcements in a European regulatory framework. The study uses a unique dataset on initiation announcements and actual repurchases conducted by firms listed on the Stockholm Stock Exchange during the period 2000-2009. The results show that initiation announcements of open market repurchase programs exhibit a two-day abnormal return of approximately 2%. The price impact on the actual repurchase days is positively correlated with the daily repurchase volume, and is both statistically and economically significant during the first 3 repurchase days in a repurchase program. The long-run abnormal stock performance is positively associated with the fraction of shares bought in the program and is approximately 7% the first year following the initiation announcement. The results indicate that repurchase trading provides price support and that the market participants detect and perceive the initiation announcement and the first repurchase days in a repurchase program as a signal of undervaluation.QC 20130515
25
Forslund, Gustaf, and David Åkesson. "Predicting share price by using Multiple Linear Regression." Thesis, KTH, Farkost och flyg, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-140645.
Full textAbstract:
The aim of the project was to design a multiple linear regression model and use it to predict the share’s closing price for 44 companies listed on the OMX Stockholm stock exchange’s Large Cap list. The model is intended to be used as a day trading guideline i.e. today’s information is used to predict tomorrow’s closing price. The regression was done in Microsoft Excel 2010[18] by using its built-in function LINEST. The LINEST-function uses the dependent variable y and all the covariates x to calculate the β-value belonging to each covariate. Several multiple linear regression models were created and their functionality was tested, but only seven models were better than chance i.e. more than 50 % in the right direction. To determine the most suitable model out of the remaining seven, Akaike’s Information Criterion (AIC), was applied. The covariates used in the final model were; Dow Jones closing price, Shanghai opening price, conjuncture, oil price, share’s opening price, share’s highest price, share’s lowest price, lending rate, reports, positive/negative insider trading, payday, positive/negative price target, number of completed transactions during one day, OMX Stockholm closing price, TCW index, increasing closing price three days in a row and decreasing closing price three days in a row. The maximum average deviation between the predicted closing price and the real closing price of all the 44 shares predicted were 6,60 %. In predicting the correct direction (increase or decrease) of the 44 shares an average of 61,72 % were achieved during the time period 2012-02-22 to 2013-02-20. If investing 50.000 SEK in each company i.e. a total investment of 2.2 million SEK, the total yield when using the regression model during the year 2012-02-22 to 2013-02-20 would have been 259.639 SEK (11,80 %) compared to 184.171 SEK (8,37 %) if the shares were never to be traded with during the same period of time. Of the 44 companies analysed, 31 (70,45 %) of them were profitable when using the regression model during the year compared to 30 (68,18 %) if the shares were never to be sold during the same period of time. The difference in yield in percentage between the model and keeping the shares for the year was 40,98 %.
26
Eadie, Edward Norman. "Small resource stock share price behaviour and prediction." Title page, contents and abstract only, 2002. http://web4.library.adelaide.edu.au/theses/09CM/09cme11.pdf.
Full text
27
Greyling, Christoffel Jacobus Coetzer. "Value-based management : shareholder value creation and management / Christoff Greyling." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4780.
Full textAbstract:
The objective of this study is to evaluate the value drivers that drive the value of companies, as reflected in the share-prices. Through this study, the aim is to draw conclusions on the aspects that drive the share-price of companies. A detailed literature study was performed on the value-creation process that takes place in a company. The literature study has a significant focus on Value-Based Management and the elements that should be considered when evaluating the manner in which companies create shareholder value through the operational activities that are performed. Through applying the principles of value-based management, the management of companies should maximise the value-created for shareholders by utilising company resources in the most effective and efficient way possible. Valuebased management should not be seen as a once-of initiative, but should be ingrained in the day-to-day operating and management activities of companies. The objective of applying value based management principles in a company should be to enhance the value of financial assets through the optimisation of the real assets of the company. Value is created in a company when the company can maintain a return on capital that is greater than the cost of capital. Through the literature study several value-drivers were identified that influence the shareholder value-creation process and that should be managed optimally. These value-drivers have been identified to be (1) sales growth, (2) cash profit margin - earnings before interest, tax, depreciation and amortisation (EBITDA), (3) cash tax rate, (4) working capital, (5) capital expenditure, (6) WACC- the risk and inflation adjusted weighted average cost of capital, and (7) the competitive advantage period. The competitive advantage period is defined as the time during which a company has a positive net present value when discounted at the WACC. Any actions that the management of a company can take to optimise these value-drivers will have a positive effect on the value created for shareholders. The link between shareholder value-creation and share-price was investigated in the literature study. It was found that different factors influence share prices and that some have nothing to do with the company itself, but more with investor sentiment about the economy as a whole and other socio-political factors. The empirical study was based on analysing key value-drivers and financial ratios that were identified during the literature study, in order to establish the relationship between company value-creation and the share-price. The data sample that was used in the empirical study consisted of 55 publicly listed companies that had a net asset value of one billion rand (R1, 000,000,000) or more in 1998. This data sample parameter was chosen in order to consider companies in the empirical study that have significant market presence in the respective industries, sectors and sub-sectors. The time horizon of the empirical study was over a 1 0-year period, from 1998 to 2007. The relationship that exists between the dependent variables of (1) Average Share Price (ASP) and (2) Year-End Share Price (YESP) and the independent variables of (1) net assets, (2) turnover, (3) trading profit, (4) operating profit, (5) profit before interest and tax, (6) Net Operating Profit After Tax (NOPAT), (7) retained profits, (8) free cash flow, (9) Economic Value-Added (EVA), (1 0) Earnings Per Share (EPS), (11) Cash Flow Per Share (CFPS), (12) the price earnings ratio, (13) operating assets, (14) Return On Assets (ROA), and (15) Return On Equity (ROE) were analysed during the empirical study. These dependent and independent variables were chosen based on the insights gained through the literature study and was identified as appropriate to formulate conclusions on the relationship that exists between shareholder value-creation and share-price. The distributions of the above-mentioned variables are discussed in detail and distribution figures are provided to contextualise the spread of the variables and provide background on the data that was used in the empirical study. Although the study of the variables was conducted over a 1 0-year period, from 1998 to 2007, distribution figures for the years 1998 and 2007, are depicted and discussed in order to provide a comparison of the changes that took place over the 1 0-year period.
Due to the nature of the variables analysed during the empirical study, the Spearman Rank Correlation Coefficient is used to measure the relationship that exists between the dependent and independent variables. The Spearman Rank Coefficient is a factor model that explains complex phenomena through a small number of basic causes or factors. Given the relative large number of shares available on the share market, the estimation of dependent, share-price variables cannot be performed without simplification to dimensionality, therefore the use of the Spearman Rank Coefficient. The coefficient of correlation between the dependent and independent variables was calculated for the each of the years over the 1 0-year period and the applicability to explain the relationship between shareholder value-creation and share-price was analysed. Through the statistical analyses and the interpretation of the results, it was concluded that earnings per share and cash flow per share are the most appropriate indicators for estimating the relationship that exists between shareholder value-creation and the share-price as reflected on the share market.Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.
28
Jakobsson, Robin Jari Mattias, and Leo Lundberg. "The Effect of ESG Performance on Share Price Volatility." Thesis, Umeå universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-149982.
Full textAbstract:
Environmental, Social, and Governance (ESG) investing is growing rapidly. Previous research in the area, has mostly been centered around ESG/CSR and its link to corporate financial performance, cost of capital and idiosyncratic risk. Furthermore, relevant previous research is presented that in part challenges the traditional market models and suggests that total risk is a relevant risk factor, instead of only the systematic risk, as proposed by normative theory. In this study, we develop two separate panel regression models, with separate dependent variables. Realized volatility and a GARCH (1,1) estimate of volatility. This is done in order to gain insight into if there is, as propositioned, a negative relation between high ESG/CSR performance and volatility of the shares, i.e. the total risk of the shares. The study uses ESG and financial data from Thomson Reuters Eikon database. The sample size is 481 firms from the S&P 500 Index, for the years 2009-2016. The results of this study indicate that there is a statistically significant negative relationship between high ESG/CSR performance and share price volatility. This result adds to the discussion that challenges existing theory.
29
Martynyuk, Artem. "Share price response to earnings announcements in the steel industry." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18997.
Full textAbstract:
The purpose of the thesis is to study share price response to quarterly earnings per share (EPS) announcements in the world steel industry for the last five years (from 2007 to 2011), using the event study methodology. Moreover, the paper attempts to test share price reactions to earnings releases for yearly aggregation (pre-crisis, crisis and post-crisis periods) and countries aggregation (developed and developing countries) of sample steel companies. The research is conducted employing a sample of 30 listed companies, operating in the steel industry. The steel producers’ headquarters are situated in thirteen countries; they are traded on twelve stock markets as primary listing stock exchanges and are referred to thirteen respective indexes.The thesis uses the event study methodology in order to address the purpose of the research. This methodology provides an insight on how numerous corporate events (M&As and takeovers announcements, regulatory changings and earnings announcements) influence company’s stock prices. All the announcements were divided into two groups: “negative” announcements (Group I) and “positive” announcements (Group II). By “negative” announcements it is meant, that new actual earnings per share are smaller than earnings per share from the last quarter, and vice versa for “positive” announcements. The pattern for overall aggregation of sample companies showed the significant and expected share price response to earnings announcements for Group I only. The output for Group II was puzzling. This led to the assumption of negative market perception on the steel industry stock prices as a result of 2007-2008 financial crises. Indeed, for 2007, which was determined as a pre-crisis period for the steel industry, the share price reaction was significant for both groups of EPS announcements. However, within the two other periods (crisis period of 2008-2009 and post-crisis period of 2010-2011) significant and expected pattern was obtained only for Group I once again. The 2007 yearly aggregation comprised only twenty companies due to the data availability. This revealed the assumption, that this sample of twenty steel companies should be tested for the two other periods. However, the pattern remained the same as in the overall aggregation case. Furthermore, the sample steel companies were aggregated on countries basis. The obtained response was analogous to overall aggregation response, the only difference is that Group I reaction was more significant for developed countries than for developing counties sample.
30
Tan, Tian. "Currency Expectation and A-H Share Disparity of China and Hong Kong." Thesis, Boston College, 2013. http://hdl.handle.net/2345/3076.
Full textAbstract:
Thesis advisor: Eyal DvirThis research studies the effect of exchange rate expectations on A-H share discount in China and Hong Kong. The A-H class listing of Chinese stocks offers an interesting framework to examine asset price in segmented markets. This research wants to contribute to the existing literatures by adding other currencies into the exchange rate model and verify their effect, introducing and controlling for company specific information, such as earnings. I find that the effect of both Euro and US dollar to be significant in explaining the share price disparity, and companies in different sector and with different market capitalization react to currency information differently
Thesis (BA) — Boston College, 2013
Submitted to: Boston College. College of Arts and Sciences
Discipline: Economics Honors Program
Discipline: Economics
31
Espenlaub, Susanne. "The underpricing of initial public offerings : theory and evidence of IPO signalling." Thesis, University of Oxford, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.361822.
Full text
32
Evans, Michael David. "The determinants of underpricing for initial public offerings of shares in privatised companies /." Title page, contents and abstract only, 1995. http://web4.library.adelaide.edu.au/theses/09PH/09phe926.pdf.
Full text
33
Lee, Haegyu, and Wonho Seo. "Analysis of Korean real estate investment trusts and share price determinants." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42030.
Full textAbstract:
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Architecture, 2007.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaf 53).
Korean REITs started as CR-REITs, vehicles with specific objectives to relieve real estate liabilities off the balance sheets of distressed companies and liquidize them back into the real estate market. CR-REITs were finite-lived, closed-end, passively managed vehicles with public offerings heavily weighed to institutional investors. Not only was REITs a new investment vehicle but CR-REITs and its AMC were also brand new companies with no proven track records. A finite-lived REIT has two sources of income, the first being monthly rental income which is paid out as dividends and the second being the capital gain redistributed at reversion when the REIT is terminated. Analysis shows that Korean REIT prices are more connected with appreciation earnings than rental income earnings specifically due to their finite-lived, passively managed structure. Not to be mistaken, average annual dividend yields were at historically around 9% giving them the highest REIT returns in the Asian market. This thesis aims to study the overall REITs market in Korea and conduct detailed analysis on REITs stock price determinants using various factors in the Korean financial and real estate market. Individual Korean REITs were analyzed in detail sorting out categories such as stock price, shareholder characteristics, underlying assets, Net Asset Value, Earnings and Dividends. REITs Linear regression analysis on Korean REIT stock returns were conducted to show performance relation with the financial market. Further P/NAV analysis were focused on analyzing the different P/NAV patterns and eventually developed into REIT price connected with its underlying assets, especially with the appreciation value of the land. Additional analysis on Korean REIT P/E ratios were conducted using various factors such as sales & lease back, buy-back options and asset composition.
by Haegyu Lee and Wonho Seo.
S.M.in Real Estate Development
34
Alur, Rushikesh. "Short-term share price overreaction : evidence from the Johannesburg Stock Exchange." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/21748.
Full textAbstract:
The Overreaction Hypothesis and share price overreaction has been a widely researched phenomenon since the 1980s, although most work has focused on longer-term share return reversals. As an emerging market and part of the BRICS collective, South Africa provides an interesting investment environment within which to investigate this phenomenon. Limited research has been done in South Africa on share price overreaction, again nearly all focusing on the longer term. This dissertation examined short term overreaction (over 1 and 5-day periods) on the Johannesburg Stock Exchange (JSE) over the period July 2000 to June 2015. Furthermore, periods of financial crisis were isolated from the full sample period and tested separately, in order to assess whether periods of financial instability affect the magnitude of share price overreaction on the JSE. Whereas the common approach in this field is to investigate overreaction on a relative basis (for example by ranking share returns over a prior period and focusing on extreme relative performances), this thesis follows other literature that examines share return reversals following extreme one-day share price changes beyond absolute cut-off values (in this case ±5% and ±10%). The methodology considered an abnormal returns measure based on total return index values, and used a multivariate regression to test for one day and five day share return reversals. The effect of average prior returns, market volatility, company size, value, price-to-earnings and book-to-market ratios on abnormal returns were also considered. Lastly, a portfolio strategy based on one day and five day return reversals following large positive or negative one-day returns was investigated to test for usability as a possible trading strategy.
35
Beneke, John Diederik. "An analysis : economic value added and share price movement / John Diederik Beneke." Thesis, North-West University, 2007. http://hdl.handle.net/10394/1063.
Full textAbstract:
Value-based management was developed to determine whether companies, through management actions, can create value for their shareholders. Value is created when capital is invested at returns higher than the cost for that capital. The concept of creating value for shareholders has its origins in 1776, when Adam Smith wrote in his An inquiry into the Nature and Causes of the Wealth of Nations, that investors require a return on capital.
Since value-based management has appeared in the 1980s, various consulting firms have developed and popularised metrics that can assist management in measuring economic profit. One of the most popular metrics developed was Economic Value Added (EVA) by Stern and Stewart. While value-based management is used to increase shareholder value, one of its serious drawbacks is its short-term focus on immediate results to the detriment of long-term sustainable competitive advantage.
The main goal of this study is to investigate and determine whether investors can use economic profit as an indicator for share price movement of non-mining and non-financial South African companies listed on the Johannesburg Securities Exchange. This was done through multiple regression models, in order to determine whether investors can use value-based management measurement to predict share price movement. Value-based measurements selected were Economic Value Added (EVA), Return On Capital Employed, and Return On Equity. Income statement, balance sheet, cash flow statement items, as well as Earnings Per Share were also selected as independent variables in the multiple regression models. The results from this study indicate that the only real measure that can be used for predicting share price movement is Earnings Per Share (EPS). EVA is good for determining shareholder value, but not adequate for determining stock performance.
Even though it was found that investors should only use EPS for predicting share prices, companies should still focus on creating value for their shareholders. It is beneficial to investors to understand what value-based management is, and to understand management actions in terms of value creation. South Africa has seen over 30 consecutive quarters of economic growth, which was found in this study to have a good correlation with company performance - not only in terms of EPS, but also in terms of EVA.Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2008.
36
Xu, Dan. "Superstatistics and symbolic dynamics of share price returns on different time scales." Thesis, Queen Mary, University of London, 2017. http://qmro.qmul.ac.uk/xmlui/handle/123456789/24873.
Full textAbstract:
Share price returns on different time scales can be well modeled by a superstatistical dynamics. We provide an investigation which type of superstatistics is most suitable to properly describe share price dynamics on various time scales. It is shown that while chi-square-superstatistics works well on a time scale of days, on a much smaller time scale of minutes the price changes are better described by lognormal superstatistics. The system dynamics thus exhibits a transition from lognormal to chi-square-superstatistics as a function of time scale. We discuss a more general model interpolating between both statistics which fits the observed data very well. We also present results on correlation functions of the extracted superstatistical volatility parameter, which exhibits exponential decay for returns on large time scales, whereas for returns on small time scales there are long-range correlations and power-law decays. We also apply the symbolic dynamics technique from dynamical system theory to analyse the coarse-grained evolution of share price returns. A nontrivial spectrum of Renyi entropies is found. We study how the spectrum depends on the time scale of returns, the sector of stocks considered, as well as the number of symbols used for the symbolic description. Overall our analysis confirms that in the symbol space transition probabilities of observed share price returns depend on the entire history of previous symbols, thus emphasizing the need for a model of share price evolution based on non-Markovian stochastic processes. Our method allows for quantitative comparisons of entirely different complex systems, for example the statistics of coarse-grained share price returns using 4 symbols can be compared with that of other complex systems.
37
HSU, YUN-CHEN, and 許紜禎. "Stock price reaction per share of changes in net of treasury shares." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/87935565922766599095.
Full textAbstract:
碩士逢甲大學
會計所
100
The aim of this study from the perspective of the book value per share changes, investigate the company declared treasury shares, the actual redemption and subsequent cancellation of treasury shares of its stock performance response. This article focuses on the cancellation of shares in treasury, the per share net change and the stock price reaction to explore. Event Study Evidence found that the declaration and cancellation of significant abnormal returns, and to declare that the abnormal returns than buy back the cut-off and canceled. In addition, the equity valuation model proposed by Ohlson (1995) empirical, cancellation of treasury shares are released from the net change in a positive significant impact on share price performance, that is, when the cancellation of treasury shares are released from the net change is positive help to improve the stock price up changes the contrary, if canceled the release of a decrease in net, caused the stock price downward revision. Above, this study found that the company declared a stock repurchase when the stock performance better. When the Company for cancellation to recover the cost of treasury stock is lower than the net, help to enhance the stock price, past research did not address some of the, also the greatest contribution of this paper, while investors may be as an investment decision making.
38
Huang, Chia-Hui, and 黃佳慧. "The Relationship Between the Large Share Holders’ Weekly Change of Shares and Stock Price." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/50437843521836894074.
Full textAbstract:
碩士國立臺灣科技大學
財務金融研究所
104
This research intends to investigate the relationship between the stock prices and the weekly change of shares in individual securities, and use the relationship to build an investment strategy to know if the strategy could make profit. Also, we will examine those significant samples to understand their features. This research studied the securities of Taiwan stock market and analyzed historical data from May, 2015 to May, 2016, analyzing the change of the large share holders’ weekly change of shares with daily and weekly return of stocks. The results of the analysis are as following: 1. The change of the large share holders’ weekly change of shares with daily return in positive sign stands for 6-7% of the population; Meanwhile, the change of the large share holders’ weekly change of shares with weekly return in positive sign stands for 6-12% of the population. 2. Most of the evidence indicates that the change of the large share holders’ weekly change of shares with daily return and weekly return in positive sign do not concentrate on specific industries, total market value and beta.
39
"Market shares of price setting firms and trade unions." Inst. für Volkswirtschaftstheorie und -politik, 1998. http://epub.wu-wien.ac.at/dyn/dl/wp/epub-wu-01_166.
Full text
40
Chiou, Cheng-Hsiang, and 邱振祥. "An Analysis of the Price Difference of A shares and H shares of Dual-listed Companies." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/15315325061264313495.
Full textAbstract:
碩士臺灣大學
國際企業管理組
98
Due to differences of market characteristics in terms of market condition, investors structure and inconvertibility between A shares and H shares between China and Hong Kong stock markets, prices on A shares and H shares representing the same company are different. Normally A shares are higher than H shares. In this report, we aim to analyze the determinants of price discount on H shares. From all fifty-nine companies our empirical results show that H shares discount can be explained by supply hypothesis, one variable of Hong Kong index from market effect hypothesis, asymmetric information hypothesis and liquidity hypothesis. However investors speculative trading hypothesis is not consist with our expectation. From eight financial institutions samples our empirical results represent that supply hypothesis, market effect hypothesis, asymmetric information hypothesis do affect H shares discount. While investors speculative trading hypothesis is not consist with our expectation and liquidity hypothesis has little relationship with H shares discount rate. From industry respect, financial industry has lowest discount rate on six percent, properties and construction industry ranked at number two with twenty-three percent and other industries have even higher discount rate. We would conclude to invest in H shares of financial institutions and to avoid A and H shares with high discount rate would be a better option.
41
LUO, JHIH-WEI, and 駱志威. "Correlation and Price Discount between A Shares and H Shares in Chinese and Hong Kong Stock Markets." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/81996786691609376478.
Full textAbstract:
碩士國立臺北大學
企業管理學系
98
In the early period of China’s stock market, transactions of A shares in China were limited to Chinese citizens, while transactions of H shares in Hong Kong were limited to HK citizens, or foreigners from other countries. However, these restrictions have been gradually lifted in recent years, progressively shifting China’s stock market. Thus study adopts the Johansen co-integration test, the Granger causality test, and the panel data model to analyze the collected data from 2005 to 2009, discuss the long- term trends of A and H shares, the interaction between them, and the influence of the price spread factor before and after exercising a qualified domestic institutional investor (QDII) policy. The results represent a more co-integrational relationship between the two segmented stock prices after enforcing the policy, which indicates that the segmentation of the two markets had gradually shrunk. In addition, in the price signaling aspect, the price of A shares exhibited a leading position rather than the price of H shares. On the other hand, information asymmetry, investment demand difference hypothesis, and the liquidity of the stock market, significantly affected the price spread of A and H shares, powerfully explaining the price difference between the two markets.
42
LI, XIN-WEI, and 李信緯. "Size, Price, and Outstanding Shares Effects:An Empirical Analysis of Taiwan Stock Market." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/2k9u5u.
Full textAbstract:
碩士國立宜蘭大學
應用經濟與管理學系應用經濟學碩士班
107
The purpose of this study is to investigate whether there exists effects of size, price and outstanding shares in the stock market in Taiwan. The samples are taken from the period between 1996 to 2018, and two methods are used to investigate whether there exists such effects. The first method is by adopting the concept proposed by Banz (1981), and second is by establishing a single factor portfolio. Finally, the study establishes a style portfolio to investigate whether such a portfolio is capable of beating the stock market in the long-term. This study has found that when applying the Banz (1981) concept, only the price effect is present in the Taiwan stock market, and not the size effect nor the effect of outstanding shares. Subsequently, we have found that by establishing a single factor portfolio, all three variable effects are present in the stock market. In other words, an investment portfolio characterized by small size, low price and small outstanding shares can result in better annual return. Finally, after comparing our style portfolios to average market return rates, we have found that three style portfolios were significantly defeated by the market in 1996, 1999 and 2011. However, the study shows that better excess return rates can generally be achieved by applying the style portfolios.
43
Yen, Ming-Hung, and 顏明宏. "The Stock Price Reactions and Effects of Employee Bonus Shares in Taiwan." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/28228279419517433607.
Full textAbstract:
碩士國立臺灣大學
財務金融學研究所
91
We first examine market reactions to employee bonus shares around the board meeting and the shareholder meeting dates. We then explore the relationship between bonus shares and stock returns. Following that is a matching approach investigating if corporate performance is improved after bonus shares. The results show negative effects of bonus shares on stock returns. After excluding the impact of stock dividends, the negative effects become more significant. The matching approach indicates no obvious improvement in firm performance after bonus shares.
44
Piyackis, Alessandra. "The effect of analysts' stock recommendations on shares' performance on the JSE securities exchange in South Africa." Thesis, 2016. http://hdl.handle.net/10539/20984.
Full textAbstract:
A research report submitted to the Faculty of Commerce, Law and Management at the University of the Witwatersrand in partial fulfilment of the requirements for the degree of MM in Finance and Investment
March 2015Individual investors often do not have access to share trading information and even if they do, they may not be able to understand or accurately interpret this information. Investors rely on financial analysts’ forecasts and stock recommendations in order to make profitable investment decisions. The role of the financial analyst is an important one with two key objectives: earnings forecasts and stock recommendations (Loh and Mian 2006). These financial analysts play a significant role in the efficient functioning of global stock markets. The aim of the financial analyst is to evaluate shares trading on the stock market and their future price appreciation or depreciation to develop new buy, hold or sell recommendations to maximize shareholder wealth. The extant literature recognizes that new buy, hold and sell recommendations made by financial analysts have a substantial impact on the market (Womack, 1996). Research on financial analysts has become prevalent in financial literature with the promotion of financial analysts to the level of integral economic proxies worthy of individual examination (Bradshaw, 2011). The aim of this research report is to investigate whether financial analysts’ stock recommendations enhance or destruct shareholder wealth. The extant literature on financial analysts’ stock recommendations and forecasts suggests that the analysts’ recommendations have both a significant and an insignificant effect on stock prices in the market following the months after the change in recommendation is made. The accuracy of the financial analysts’ stock recommendations are measured in the months following the change in recommendation through determining if the recommendation outperforms the market benchmark. This report examines the effects of analysts’ recommendations on the performance of stocks on the Johannesburg Stock Exchange and concludes through determining if the share underperforms or outperforms the market benchmark surmising that to a varying degree there is value to be found in financial analysts’ stock recommendations for the individual investor.
45
Miller, Craig Elie. "The market impact on shares entering or leaving JSE indices." Diss., 2012. http://hdl.handle.net/2263/26517.
Full textAbstract:
This study attempts to measure the effects on the share price of companies entering and exiting four FTSE/JSE indices; the J200, J210, J213 and J260. While results showed only weak statistical significance, systematic patterns were observed during the event window. Share prices of companies entering and exiting value weighted indices responded consistently with the investor awareness hypothesis. Share prices of companies entering and exiting indices weighted by fundamental factors responded consistently with the information hypothesis. The cumulative average abnormal returns (CAARs) were permanent and did not reverse within the first 200 days after the index change for all indices. Abnormal returns were calculated by using the market model and a one factor CAPM model. The market model was a superior benchmark in this study. This study found that the CAARs for index changes became positive only after the date of the index change. This implies that either the effect of passive index funds on the JSE is not significant, or that passive funds are allowed to incur tracking errors in order to trade strategically to secure the best price for a reconstituted portfolio. This conclusion is supported by the fact that there was no observable change in the index premium over time. The findings of this study may indicate market inefficiency, which means that arbitrage opportunities may exist around index changes.Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
46
HUANG, HSIN-NING, and 黃歆甯. "Effect on the Shares Price from an Evaluation Results of the Corporate Governance." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/54396w.
Full textAbstract:
碩士國立雲林科技大學
財務金融系
107
This study uses the website of TWSE to publish the results of the first edition to fourth edition corporate governance assessments from 2015 to 2018. Through the event study, the results of the corporate governance evaluation revealed that the company with good results on the day and the five days before and after the evaluation showed positive abnormal returns. The empirical analysis shows that after the investors learned the results of the corporate governance evaluation were announced. The excellent companies ranked in the corporate governance evaluation were 11 days before and after the incident, and the average abnormal return rate was positive and negative, and many of them were quite the significance, especially one day after the event, they can be known as the result reveals that the disclosure of the results of the corporate governance evaluation can indeed cause stock price fluctuations in the companys stock, which means that the results of corporate governance evaluation will have a positive impact on the stock price in the short term. That is, investors in the market will use this message as an investment strategy, and this information is connotative.
47
Yang, Chia-Yen, and 楊家彥. "The Impacts of the Opening-up Policy of China Capital Market on Price Differential Between A Shares and H Shares Co-Listed Companies." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/40234796086990969478.
Full textAbstract:
碩士實踐大學
財務金融與保險研究所
97
As China capital market did not formerly open its capital account up, A shares and H shares market was continually segmented, on account of their calculated price in different exchange rate、existence of non-transfer of shares in A share market、much distinction of stock demand and risk aversion among those investors、information asymmetry between domestic investors and foreign investors in China ,as well as relative freedom of Hong Kong capital market than China one. These above description led to the companies co-listed in the A-H share markets with a great deal of price premiums, therefore violation of 「The Law of One Price」is necessary. The study draws sixteen co-listed companies in A-H share markets with the entire period of research being from January-2000 to December-2008. We will examine whether these factors generate different significant correlation with A-H share price premiums by means of “panel random effect model”, after China QFII policy have been performed. The empirical result manifests that, firstly, irrespective of whether the opening-up policies of QFII policy has executed or not ,both Price Earnings Ratio between Shanghai A share index and Hong Kong H share index ,as well as turnover ratios among the companies co-listed in the A-H share markets are significantly positive correlation with its price premiums. Secondly, volume ratios among the companies co-listed in the A-H share markets and outstanding shares/non-outstanding shares ratio in A share market are significantly negative correlation with its price premiums. Apart from that, ahead of QFII policy, RMB versus HKD exchange rate is significantly negative correlation with price premiums among the companies co-listed in the A-H share markets；Market capitalization in A share market is significantly positive correlation with its price premiums；Outstanding shares ratio among the companies co-listed in the A-H share markets is not significantly correlation with its price premiums. Nevertheless, along with QFII policy open-up, considerable amount of funds have been remitted to China’s stock markets, it causes that market demand exceed supply, simultaneously, larger market capitalization in A share market is hard to be manipulated its stock price by speculator. Consequently, RMB versus HKD exchange rate and outstanding shares ratio among the companies co-listed in the A-H share markets turn into significantly positive correlation. On the contrary, Market capitalization in A share market convert into significantly negative correlation. As far as China QFII policy concern, it effectively reduces unreasonable pricing in A share market. As a result, A-H share price premiums are able to diminish gradually. However, outstanding shares/ non-outstanding shares ratio in the A shares market has less impact on A-H share price premiums, after reform for non-tradable shares policy. Based on that result, the policy is not capable of fully contracting its premiums.
48
Lin, Jyuan-Huei, and 林娟卉. "The Impact of Shanghai-Hong Kong Stock Connect Policy on Price Difference, Announcement Effects and Market Efficiency of A Shares and H Shares." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/74818467324284739606.
Full textAbstract:
碩士中原大學
國際商學碩士學位學程
103
The purpose of this paper is to investigate the impact of “Shanghai-Hong Kong Stock Connect Policy” on price difference, announcement effects and market efficiency of A Shares and H Shares, using daily data covering the period from Aug., 2014 to Feb., 2015 from Bloomberg. To be comparability, we collect the day which has trading simultaneously. First of all, we aim at investigating the factors, which have the impact on the price difference of A Shares and H Shares during “Shanghai-Hong Kong Stock Connect Policy”. We find that “listed time” and “SSE 180 sample share” variables have a significant effect on price difference. Moreover, we find that the price difference after “Shanghai-Hong Kong Stock Connect Policy” is bigger than the price difference before “Shanghai-Hong Kong Stock Connect Policy”. Secondly, we examine the announcement effects. We find that the implementation of “Shanghai-Hong Kong Stock Connect Policy” really has the announcement effects. Lastly, this paper explores the market efficiency related to “Shanghai-Hong Kong Stock Connect Policy”. We take past stock returns to test weak form market efficiency and use stock order imbalance to test strong form market efficiency. We find that the market efficiency has changed.
49
Huang, Chun-Hsun, and 黃俊勳. "A Study of Correlations in Price Changes and Volatility Between TDRs and Underlying Shares." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/24133530729510461048.
Full textAbstract:
碩士東海大學
高階經營管理碩士在職專班
101
Taiwan depositary receipts(TDRs) are equity securities issued by listed companies outside Taiwan in order to obtain funds on the Island. As Taiwan’s authorities have removed regulations on listing by non-Taiwanese firms, TDRs have become a popular investment vehicle. This study aims to examine the price volatility correlation between TDRs and the underlying shares in Hong Kong and to investigate the impact of the day-of-the-week effect, January effect, and error correction on returns for both assets. Major empirical findings are as follows: 1. Most TDRs are co-integrated with the underlying shares, implying a long-term equilibrium. 2. In the mean equation of the multivariate GARCH model, both January and day-of-the-week effects on returns are absent. In contrast, error correction significantly affects returns. 3. In the variance equation of the CCC-GARCH model, for both assets, contemporaneous returns are sensitive to unexpected volatility in the previous period whereas contemporaneous volatility changes volatility in the next period. 4. In the variance equation of DCC-GARCH model, significant volatility contagion and the cluster effect are found for both assets.
50
Hung, Yu-Shan, and 洪玉珊. "The Affect of the Shares Price from an Evaluation Results of the Corporate Governance." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/93832101149120367401.
Full textAbstract:
碩士輔仁大學
會計學系碩士班
104
After the 1997 Asian financial crisis, there are a series of financial fraud cases aroung the world. In respond to the financial fraud cases caused from poor corporate governance, the Executive Yuan set up a "corporate governance reform group" in January 7, 2003; the Financial Supervisory Commission has also published a five-year term of "strengthening corporate governance blueprint " in December 2013, and organized"corporate governance evaluation." Through all publicly traded companies hoping to compare the results of corporate governance, encourage enterprises value and improve corporate governance, and keep up with international standards. The first evaluation results of corporate governance published on April 30, 2015, exposing a list of the top 20% of enterprises; second released on April 8, 2016, exposing a list of the top 50% of enterprises. The top 5% of both years’ companies, each for 70 and 72, is considered as "excellent corporate governance enterprise." Prior academic research reveals that the investor would be willing to pay more premium to companies with better corporate governance, so the stock price will be higher. In this study, the results of empirical event study found that the top 5% of both years’ companies - on the day of event, having a positive abnormal rewards, but not significant; the top 20% of both years’ companies - on the day of event, 5% of the first year on the significant level, having abnormal returns of 0.385, the second year also have abnormal returns of 0.127, but not significant at traditional level. Abnormal returns of the top 20 firms observed for the two years are 0.258, also reached to significant levels of 10%, consistent with our expectation.