臺灣博碩士論文加值系統

本研究以併購的協商方式為主要的研究對象，使用1977年到2015年主併公司與目標公司皆位於美國的併購案，測試公開收購股權要約(Tender Offer)在不同程度的區域賭博偏好中，是否會影響願意支付給目標公司的併購溢酬，還有對併購後短、長期股票報酬和長期營運績效的影響。實證結果顯示區域賭偏好越高，在此區域內的主併公司使用公開收購股權要約(Tender Offer)的意願越高。當主併公司的區域賭博偏好越高，目標公司所能獲得的併購溢酬越高。主併公司的短期宣告效果呈現明顯的正向獲益，不會受到賭博偏好的特性所影響。而主併公司在區域賭博偏好高和低的區域內，使用公開收購股權要約(Tender Offer)對長期市場績效並不存在顯著影響。然而，在併購後的長期營運績效中則發現在高賭博偏好區域的主併公司，採用公開收購股權要約(Tender Offer)會使長期營運績效顯著較佳。

Using US merger data from 1977 to 2015, this study examines whether the location of an acquirer’s headquarter will affect the incentive, offer price, and short- and long- term performance of the acquiring firm using tender offer . The empirical results show that tender offer provide significantly higher offer price when acquirers’ headquartered at higher gambling preference county. But the short-term announcement return and post-merger market performance of tender offers has no significant difference in high or low gambling preference regions. Finally, the long-term operational performance of tender offers are found a significantly positive in acquirers located at regions with high gambling preferences.

目次
致謝詞 i
摘要 ii
Abstract iii
目次 iv
表目次 v
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 4
第二章 文獻回顧與假說 5
第一節 公開收購股權要約(Tender Offer) 5
第二節 區域賭博偏好 7
第三節 目標公司併購溢酬 8
第四節 短期市場績效 9
第五節 長期績效 10
第三章 研究方法 13
第一節 資料來源與樣本分布 13
第二節 研究變數衡量 14
3.2.1 主要解釋變數衡量 14
3.2.2 併購溢酬與績效的衡量變數 15
第三節 實證模型 17
第四節 控制變數衡量 19
第四章 實證結果 20
第一節 敘述統計量分析 20
第二節 單變量分析 21
第三節 多變量迴歸分析 22
4.3.1 區域賭博偏好對使用公開收購股權要約(Tender Offer)機率的影響 22
4.3.2 公開收購股權要約(Tender Offer) 併購溢酬 22
4.3.3 公開收購股權要約(Tender Offer)對併購後短期宣告效果的影響 24
4.3.4 公開收購股權要約(Tender Offer)對併購後長期績效的影響 24
第四節 穩健性測試 26
第五章 結論 28
參考文獻 30


表目次
Table 1 Sample Distribution 34
Table 2 Descriptive Statistics 36
Table 3 Correlation Matrix 37
Table 4 Difference tests 38
Table 5 The Impact of Local Gambling Preference on Tender Offer 39
Table 6 The Impact of Tender Offer on Premium 40
Table 7 The Impact of Tender Offer on Merger Announced Return 43
Table 8 The Impact of Tender Offer on Post-Merger Market Performance 45
Table 9 The Impact of Tender Offer on Post-merger Operating Performance 46
Table 10 Robustness Check: The Impact of Local Gambling Preference on
Tender Offer 47
Table 11 Robustness check: Tender Merger Sample 48
Table 12 Robustness check: Tender Offer or Tender Merger Sample 50

Adhikari, B. K. and A. Agrawal, 2016. Religion, gambling attitudes and corporate innovation. Journal of Corporate Finance 37, 229-248.
Antoniou, A. and H. Zhao, 2004. Long-run post takeover stock return: the impact of overlapping return, takeover premium, and method of payment. Working Paper. University of Durham.
Asker, J., J. Farre-Mensa and A. Ljungqvist, 2011. Comparing the investment behavior of public and private firms. Working Paper. New York University.
Barber, B. M. and J. D. Lyon, 1997. Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics 43, 341-372.
Betton, S. and B. E. Eckbo, 2000. Toeholds, bid-jumps and expected payoffs in takeovers. Review of Financial Studies 13(4), 841-882.
Capron, L. and J.-C. Shen, 2007. Acquisitions of private vs. public firms: Private information, target selection, and acquirer returns. Strategic Management Journal 28, 891-911.
Chang, X., K. Fu, A. Low and W. Zhang, 2014. Non-executive employee stock options and corporate innovation. Journal of Financial Economics 115(1), 168-188.
Chen, X., K. Li and J. Harford, 2007. Monitoring: Which institutions matter? Jurnal of Financial Economics 86(2), 279-305.
Chen, Y., E. J. Podolski, S. G. Rhee and M. Veeraraghavan, 2014. Local gambling preferences and corporate innovative success. Journal of Financial and Quantitative Analysis 49(1), 77-106.
Cole, R. and J. Vu, 2006. Do mergers create or destroy value? Evidence from unsuccessful mergers. Working Paper. DePaul University.
Comment, R. and G. W. Schwert, 1995. Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures. Journal of Financial Economics 39(1), 3-43.
Dong, M., D. Hirshleifer, S. Richardson and S. H. Teoh, 2006. Does investor misvaluation drive the takeover market? Journal of Finance 61(2), 725-762.
Faelten, A., M. Gietzmann and V. Vitkova, 2015. Learning from your investors: Can the geographical composition of institutional investors affect the chance of success in international M&A deals? Journal of Management & Governance 19(1), 47-69.
Fama, E. F. and K. R. French, 1997. Industry costs of equity. Journal of Financial Economics 43, 153-193.
Fu, X. and T. Tang, 2015. Corporate debt maturity and acquisition Decisions. Financial Management, 1-32.
Golubov, A., D. Petmezas and N. G. Travlos, 2012. When it pays to pay your investment banker: New evidence on the role of financial advisors in M&As. Journal of Finance 67(1), 271-311.
Grinblatt, M. and M. Keloharju, 2009. Sensation seeking, overconfidence, and trading activity. Journal of Finance 64(2), 549-578.
He, J. and X. Tian, 2013. The dark side of analyst coverage: The case of innovation. Journal of Financial Economics 109(3), 856-878.
Healy, P. M., K. C. Palepu and R. S. Rubak, 1992. Does corporate performance improve after mergers? Journal of Financial Economics 31, 135-176.
Hilary, G. and K. W. Hui, 2009. Does religion matter in corporate decision making in America? Journal of Financial Economics 93, 455-473.
Hoberg, G., G. Phillios and N. Prabhala, 2014. Product market threats, payouts, and financial flexibility. Journal of Finance 69(1), 293-324.
Ismail, A., 2011. Does the management's forecast of merger synergies explain the premium paid, the method of payment, and merger motives? Financial Management 40(4), 879-910.
Jensen, M. C. and R. S. Ruback, 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics 11, 5-50.
Kiymaz, H. and H. K. Baker, 2008. Short-term performance, industry effects, and motives: evidence from large M&As. Quarterly Journal of Finance and Accounting 47(2), 17-44.
Kumar, A., 2009. Who gambles in the stock Market? Journal of Finance 64(4), 1889-1933.
Kumar, A., J. Page and O. Spalt, 2011. Religious beliefs, gambling attitudes, and financial market outcomes. Journal of Financial Economics 102, 671-708.
Lang, L. H. P., R. Stulz and R. A. Walkling, 1989. Managerial performance, Tobin's Q, and the gains from successful tender offers Journal of Financial Economics 24(1), 137-154.
Lang, L. H. P., R. Stulz and R. A. Walkling, 1991. A test of the free cash flow hypothesis. Journal of Financial Economics 29, 315-335.
Linn, S. C. and J. A. Switzer, 2001. Are cash acquisitions associated with better postcombination operating performance than stock acquisitions? Journal of Banking & Finance 25(6), 1113-1138.
Loughran, T. and A. M. Vijh, 1997. Do long-term shareholders benefit from corporate acquisitions? Journal of Finance 52(5), 1765-1790.
Lyon, J. D., B. M. Barber and C.-L. Tsai, 1999. Improved methods for tests of long-run abnormal stock returns Journal of Finance 54(1), 165-201.
Malmendier, U. and G. Tate, 2008. Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics 89, 20-43.
Maloney, M. T., R. E. McCormick and M. L. Mitchell, 1993. Managerial decision making and capital structure. Journal of Business 66(2), 189-217.
Martin, K. J. and J. J. McConnell, 1991. Corporate performance, corporate takeovers, and management turnover. Journal of Finance 46(2), 671-687.
Martynova, M. and L. Renneboog, 2006. Mergers and acquisitions in Europe. Working Paper. Tilburg University.
McWilliams, A. and D. Siegel, 1997. Event studies in management research: theoretical and empirical issues. Academy of Management Journal 40(3), 626-657.
Megginson, W. L., A. Morgan and L. Nail, 2004. The determinants of positive long-term performance in strategic mergers: Corporate focus and cash. Journal of Banking & Finance 28, 523-552.
Morck, R., A. Shleifer and R. W. Vishny, 1990. Do managerial objectives drive bad acquisitions? Journal of Finance 45(1), 31-48.
Offenberg, D. and C. Pirinsky, 2015. How do acquirers choose between mergers and tender offers? Journal of Financial Economics 116(2), 331-348.
Offenberg, D. and C. Pirinsky, 2015. How do acquirers choose between mergers and tender offers? Journal of Financial Economics 116, 331-348.
Offenberg, D., M. Straska and H. G. Waller, 2014. Who gains from buying bad bidders? Journal of Financial and Quantitative Analysis 49(2), 513-540.
Officer, M. S., 2003. Termination fees in mergers and acquisitions. Journal of Financial Economics 69, 431-467.
Osoba, B. J., 2003. Risk preferences and the practice of religion: evidence from panel data. Working paper. West Virginia University.
Rani, N. and S. S. Yadav, 2012. Impact of mwegwes and acquisitions on returns to shareholders of acquiring firms: Indian economy in perspective. Journal of Financial Management & Analysis 25(1), 1-24.
Rau, P. R. and T. Vermaelen, 1998. Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics 49, 223-253.
Schwert, G. W., 2000. Hostility in takeovers: in the eyes of the beholder? Journal of Finance 55(6), 2599-2640.
Servaes, H., 1991. Tobin's Q and the gains from takeovers. Journal of Finance 46(1), 409-419.
Shefrin, H. and M. Statman, 2000. Behavioral portfolio theory. Journal of Financial and Quantitative Analysis 35(2), 127-151.
Slusky, A. R. and R. E. Caves, 1991. Synergy, agency, and the determinants of premia paid in mergers. Journal of Industrial Economics 39(3), 277-296.
Soongswang, A., 2013. Single tender offers: impact on target firms. Journal of Financial Risk Management 10(2), 50-61.
Travlos, N. G., 1987. Corporate takeover bids, methods of payment, and bidding firms' stock returns. Journal of Finance 42(4), 943-963.