- 學位論文
企業之賭性對其使用購併謠言為策略的影響
Gambling Preference on Corporate Merger Rumor
摘要
隨著全球化提高了信息效率和資本在市場中的移動能力，併購（M＆A）活動在過去幾十年中變得特別活躍。與此同時，SDC Platinum的合併謠言數量顯著增加，從1990年的264個增加到2015年的1500多個，增長近6倍。公司有理由發布合併謠言。發布這些鮮為人知的信息的公司希望對其市場價值進行重估，認為市場是有效的(Bradley et al., 1983)。由於宗教信仰是併購項目的一個很好的衡量標準，因此合併謠言傳播等風險較高的風險投資- 具有相似特徵的企業 –應該可以用宗教信仰來解釋。受到研究人員的啟發，關於美國Kumar，2009年和Kumar等人，2011年在美國進行的賭博行為的位置差異效應，在這項研究中，地理變異對合併謠言的影響被用來衡量風險承受能力。 CP和REL比率用於衡量美國文化差異。我們發現，在較高的天主教附屬區域，那些位於那裡的總部的公司更有可能進行收購。不利的是，如果宗教信徒在某個地區採取較高的比例，那些總部設在該地區的公司不太可能進行收購。另一方面，宗教被發現影響合併謠言的釋放行為。然而，宗教性在合併和收購中的多付款中沒有任何作用。
並列摘要
As the globalization improves the information efficiency and the moving power of the capitals among markets, merger and acquisition (M&A) activities become particularly active in the last few decades. In the meantime, SDC Platinum recorded a significant increasing in number of merger rumors, from 264 in 1990 to over 1500 in 2015, which is nearly 6 times higher. There are reasons for a firm to release merger rumor. Firms issuing those little-known information expecting a revaluation on their market value, consider the market is efficient (Bradley et al., 1983). Since religiosity is a good measurement for M&A projects, higher risk ventures like merger rumor spreading - those in which share similar characteristics – should be able to be explained using religiosity. Inspired by researchers about location distinction effects on gambling behavior conducted in the U.S. from Kumar, 2009 and Kumar et al., 2011, in this study, the effects of geographical variation on merger rumors is utilized as a proxy to measure risk tolerance. CP and REL ratios are used to measure the U.S. cultural discrepancy. We found that in higher Catholic adherent areas, firms those headquarters located there are more likely to conduct acquisitions. In adversely, if religious adherents take the higher ratio in that certain region, firms those headquartered in that area are less likely to conduct acquisitions. On the other hand, religious is found to affect the merger rumor releasing behavior. Religiosity, however, plays no role in the overpayment in merger and acquisitions.