臺灣博碩士論文加值系統

心理學研究發現，人們擁有好心情時，會以樂觀的態度看待任何事物；然而，當擁有壞心情時，則會產生悲觀看法。情緒影響決策過程的現象，將造成投資人對於風險性資產評估差異。本研究以現金增資宣告為依變數，分析天氣效應與宣告期間異常報酬的關係。參考過去文獻，選用氣壓、氣溫、溼度、風速、日照時數與日照率，來當作本文所使用之天氣變數，探討天氣變數是否會影響累積異常報酬。本研究以 1983年到 2012 年於臺灣證券交易所進行現金增資的公司進行研究。實證結果發現，溫度及日照時數對於現金增資宣告具負相關，而濕度對於現金增資宣告具正相關。

Researches in psychology have shown that when people have a good mood, they have optimistic attitudes towards anything; however, when they are in a bad mood, they tend to have pessimistic views. The phenomenon that the motion influences the decision may cause investors to assess risk assets differently. In this study, we use seasoned equity offerings announcement event to test the relationship between weather effect and announcements abnormal returns. According to the past literature, pressure, temperature, humidity, wind speed, sunshine hours and sunshine rate were used as the weather variables to explore whether they have an effect on the announcement of seasoned equity offerings .Our samples consist of those in Taiwan Stock Exchange from 1983 to 2012.The analysis result shows that the temperature and sunshine hours for SEO have a negative correlation, while the humidity for SEO announced is positively related.

中文摘要　　　　　　　　　　　　　　　　　　　　　 iii
英文摘要　　　　　　　　　　　　　　　　　　　　　 iv
誌謝　　　　　　　　　　　　　　　　　　　　　　 v
目錄　　　　　　　　　　　　　　　　　　　　　　　 vi
圖目錄　　　　　　　　　　　　　　　　　　　　　　 viii
表目錄　　　　　　　　　　　　　　　　　　　　　　 ix

第一章　緒論
第一節 研究動機　　　　　　　　　　　　　　1
第二節 研究目的　　　　　　　　　　　　　　3
第三節 研究架構流程　　　　　　　　　　　　3
第二章　文獻回顧
第一節 行為財務學探討　　　　　　　　　　　6
第二節 現金增資宣告效果　　　　　　　　　　11
第三節 天氣與股票市場　　　　　　　　　　　15
第三章　研究方法
第一節 資料來源及樣本選取標準　　　　　　　19
第二節 變數定義　　　　　　　　　　　　　　20
第三節 分析方法與流程　　　　　　　　　　　24
第四章　研究結果分析
第一節 敘述性統計　　　　　　　　　　　　　29
第二節 變數相關性分析　　　　　　　　　　　31　　　　　　　　　
第三節 現金增資宣告效果　　　　　　　　　 34
　　　　　　　　
第四節 天氣因子與累積異常報酬之分析　　　 37
第五節 多變量迴歸分析　　　　　　　　　　　40
第五章　結論與建議
第一節 結論　　　　　　　　　　　　　　　　44
第二節 研究貢獻與後續研究者的建議　　　　　45　　

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