臺灣博碩士論文加值系統

本篇論文主要研究廠商發佈總部移動宣告時是否會對同產業的其他廠商造成產業效果。本文主要使用1996年至2005年的137間廠商對於總部移動宣告而造成之股價反映以驗證產業效果的存在。本研究主要發現宣告廠商與同產業敵對廠商皆具有顯著負向股價反應，此結果顯示當總部移動宣告時蔓延效果將支配著競爭效果。另外，在橫斷面分析中本研究主要探討解釋變數與敵對廠商三天期(-1,1)異常報酬之關係，並且研究指出總部移動宣告具有產業效果的存在。此結果強烈地支持敵對廠商存在顯著地三天期(-1,1)異常報酬並且與宣告廠商之累積異常報酬與相對規模存在正向關係。

This research aims to investigate intra-industry effects of headquarter relocation announcement. I examine intra-industry stock price response of 137 firms from 1996 to 2005 upon the headquarter relocation announcements. I find the market reaction is negative and significant for both the announcing firms and their industry rivals. This result suggests that the contagion effect dominates the competitive effect when the headquarter relocation announcements are proclaimed.
In a further cross-sectional analysis, the finding shows three-day(-1,1) abnormal returns of rivals are related to market reaction of announcing firms. Evidence indicates headquarter relocation announcements have disparate intra-industry attributes. The results strongly support that the three-day(-1,1) abnormal returns of rivals are positive related to the announcers’ CAR and the relative size.

Content
1. Introduction 1
2. Literature Review 2
2.1 Research on Headquarter Relocations Announcements 3
2.2 Research on Intra-Industry Effects 5
3. Date and Methodology 6
3.1 Data 6
3.2 Methodology 7
3.2.1 Event Study 7
3.2.2 Cross-Sectional Regression Analysis 8
4. Empirical Results 9
4.1 Event Study Findings 10
4.1.1 Announcement Effect of Announcing Firms 10
4.1.2 Announcement Effect of Industry Firms 11
4.2 Cross-sectional Regression Analysis 12
4.2.1 Cross-sectional Factors 12
4.2.2 Results Analisis 15
5. Conclusion 16
References 18

Table
Table 1 Sample Distribution by Industry and stated motive 20
Table 2 Average and Cumulative Abnormal Returns (CAR) for Announcement Firms 23
Table 3 Average and Cumulative Abnormal Returns (CAR) for Industry Portfolios 24
Table 4 CAR event window for announcement firms, 1996-1998, 1999-2002, 2003-2005 25
Table 5 CAR event window for industry portfolios, 1996-1998, 1999-2002, 2003-2005 27
Table 6 Analysis of Variance for Announcement Firms and Industry Portfolios 29
Table 7 Descriptive Statistics for the Industry Explanatory Variables 30
Table 8 Cross-Sectional Regression Analysis 31

Figure
Figure【1】cumulative abnormal returns to the announcement firms and rival industries, 1996-1998 32
Figure【2】cumulative abnormal returns to the announcement firms and rival industries, 1999-2002 33
Figure【3】cumulative abnormal returns to the announcement firms and rival industries, 2003-2005 34

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