THE RESEARCH ON THE IMPACT ON SHAREHOLDERS’FORTUNE RESULTING FROM CHANGES IN THE RELATIONSHIPS BETWEEN CORPORATION’S AND BANKS

• Main Authors: Kuo-Cheng Kuo, 郭圀成
• Other Authors: Hsu-Huei Huang
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/41465779014319211900

碩士 === 朝陽科技大學 === 企業管理系碩士在職專班 === 90 === This thesis explores the impact on shareholders’ fortune resulting from the announcements of changes in banking relationships made by publicly traded corporations. We also went one step further to analyze the correlations between the cumulative effect on corporations’ abnormal returns and information asymmetry, growth potential, and operational performance. The research covers 152 samples between 1996 and 1999. By applying the market model, we figured out the expected rates of return and the abnormal return in and around the announcement periods, in order to oversee the stock price fluctuations wherein. This thesis adopts event research method as well as regression analysis method and generates the following findings: 1. The announcements of changes in banking relationships, positive or negative, had negative impact on stock prices, as a whole. The negative impact was amplified when the announcements were linked to worsened relationships. 2. The higher the degree of information asymmetry, the more the impact on cumulative abnormal returns resulting from the announcements of changes in banking relationships.