Title page for etd-0525118-184606


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URN etd-0525118-184606
Author Yu-Hsuan Chih
Author's Email Address No Public.
Statistics This thesis had been viewed 5350 times. Download 0 times.
Department Finance
Year 2017
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title The Impact of Financial Analyst Coverage in M&A
Date of Defense 2018-06-26
Page Count 42
Keyword
  • mergers
  • acquisitions
  • financial analyst coverage
  • information asymmetry
  • method of payment
  • stock swap
  • M&A
  • Abstract This study mainly discusses the influence of the target company financial analyst coverage and the bidder company financial analyst coverage on methods of payment and bidders’ abnormal returns in mergers and acquisitions. In the empirical research results, first, we found that when the target company financial analyst coverage is high, the probability of using cash payment will increase as well as the value of bidders’ abnormal return. Also, the research analyses investigate the relation between the bidder company financial analyst coverage and method of payment. The result shows that when the bidder company financial analyst coverage is high, the probability of using cash payment will increase and the bidder will have less incentive to have market timing behavior. As the similar reason above, when the bidder company financial analyst coverage is high, due to the higher transparency these companies have, they will have higher abnormal return and mitigate the negative signal effect when using stock swap.
    Advisory Committee
  • Pei-Fen Chen - chair
  • Chih-Wei Wang - co-chair
  • Y. Chris Liao - advisor
  • Files
  • etd-0525118-184606.pdf
  • Indicate in-campus at 5 year and off-campus access at 5 year.
    Date of Submission 2018-06-25

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