CONTENTS
摘要 I
ABSTRACT II
誌謝 III
CONTENTS IV
Chapter 1 Introduction and Motivation 1
1.1 Research Background and Motivation 1
1.2 Objectives and Major Findings 1
1.3 Importance of the Study 2
Chapter 2 literature Review and Hypotheses 4
2.1 Agency Problem of Free Cash flow 4
2.2 Mergers and Acquisitions 5
2.3 Equity-Based Compensation 6
Chapter 3 Methodology and Data 9
3.1 Methodology 9
3.2 Data 16
Chapter 4 Empirical Results and Discussion 18
4.1 The effect from equity-based compensation to premium payment 18
4.2 The performance changed from premium payment 21
Chapter 5 Conclusion 23
Reference 24
TABLE CONTENTS
Table 1 Variable Definition 27
Table 2 Summary of Sample Selection Process 28
Table 3 Summary Statistics 29
Table 4 Common Factor Analysis of Investment Opportunity Set 31
Table 5 The regression of EBC level of Premium 32
Table 6 The regression of EBC sensitivity of Premium 33
Table 7 The regression of premium of CAR 34
Table 8 The regression of premium of BHAR 35
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