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研究生:何安玉
研究生(外文):Aulia Herdiani
論文名稱:公司治理的交互監控:從內線交易的觀點
論文名稱(外文):Cross-Monitoring of Corporate Governance: From the Insider Trading Prospective of IPO Firms
指導教授:吳瑞萱吳瑞萱引用關係
指導教授(外文):Ruei-Shian Wu
口試委員:黃宜侯陳一如
口試委員(外文):Alex HuangI-Ju Chen
口試日期:2015-01-08
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融暨會計碩士班(會計學程)
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
畢業學年度:103
語文別:英文
論文頁數:48
外文關鍵詞:Insider TradingInternal GovernanceReputable UnderwriterCross-Monitoring
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The purpose of this study is to examine and distinguish different role of different corporate governance mechanisms in mitigating insider trading. Internal and external governance have different problems and mechanisms in limiting the extent of exploiting of private information by insiders. We found that better-governed firms could mitigate insiders’ profitability more effective than poorer-governed firms. Besides, the more reputable underwriters hired during IPO events, the lower the abnormal returns gained by insiders. In some extent, we emphasize in revealing which mechanism is more influential than the other one. The results show that better external governance mechanism plays active roles in mitigating insider trading when internal mechanism is less pronounced. Hence, we highlight that the quality of internal governance and reputable underwriters hired are more likely as substitutes rather than complements.
In addition, we extend our analysis to examine whether internal and external governance, through cross-monitoring, could be a vigorous mechanism in mitigating the activities of insiders in profiting themselves. Reversely, we found that when better-governed firms work together with reputable underwriters during IPO events, it will be less effective in discouraging insider trading, moreover, it could give chances managers to earn short-term benefits.
English Abstract iii
Acknowledgement iv
Table of Contents v
List of Tables vi
CHAPTER 1 INTRODUCTION 1
CHAPTER 2 LITERATURE REVIEW 6
2.1 Insider Trading 7
2.2 Internal Corporate Governance 8
2.3 External Corporate Governance 10
2.4 Hypotheses Development 11
2.4.1 Corporate Governance and Insider Trading 11
2.4.2 Cross-Monitoring Mechanism and Insider Trading 15
CHAPTER 3 RESEARCH DESIGN 17
3.1 Research Model 17
3.2 Samples and Data Collection 17
3.3 Measure of Insider Trading Profitability 18
3.4 Measure of Corporate Governance 18
3.5 Empirical Methodology 20
CHAPTER 4 EMPIRICAL RESULTS 23
4.1 Descriptive Statistics 23
4.2 Regression Results 25
4.2.1 Corporate Governance and Insider Trading 25
4.2.2 Cross-Monitoring Mechanism and Insider Trading 26
4.2.3 Additional Analysis 27
4.3 Discussion and Implications 29
CHAPTER 5 CONSLUSIONS 32
REFERENCES 34
APPENDIX 47

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