內部人士交易與債券發行後公司之長期績效

Insider Trading and the Long-run Performance of Debt Issues

張祐誠(Yu-Cheng Chang)

指導教授 ： 陳軒基

元智大學/管理學院/財務金融學系/碩士(2005年)

摘要

本論文主要探討的是債券發行公司之長期績效與發行後內部人士交易行為之關係。我們發現可轉債發行公司的長期績效表現不如其配對公司。此外，對於可轉債發行公司而言，我們發現有純粹內部人士出售的公司表現不如純粹內部人士買入的公司。這個結果符合了我們的推測：高階經理人會蓄意地出售股價高估的股票。然而，對於一般債券發行公司而言，結果卻是相反的情形：有純粹內部人士買入的公司表現不如純粹內部人士出售的公司。

關鍵字

內部人士交易, 債券發行 ,長期績效

並列摘要

This study investigates the relation between the long-run performance of debt offering firms and the insider trading followed the offering date. We find long-run performance of convertible debt offerings is underperformed compared to their industry-and-size-adjusted matching firms, but performance of straight debt offering is not. We find issuers with pure insider sales perform worse than other insider trading patterns for convertible debt offerings, which supports our conjectures that top executives knowingly sell overvalued equities. But issuers with pure insider purchases perform worse than other insider trading patterns for straight debt offerings.

並列關鍵字

insider, trading debt issues, long-run performance

參考文獻

Lee, I. and T. Loughran, 1998, “Performance following convertible bond issuance”, Journal of Corporate Finance 4, 185-207.

Clarke, J.; Dunbar, C.; and K. M. Kahle, 2001, “Long-run performance and insider trading in completed and canceled seasoned equity offerings”, Journal of Financial and Quantitative Analysis 36, 415-430.

Dann, Larry Y. and Wayne H. Mikkelson, 1984, “Convertible debt issuance, capital structure change and financing-related information”, Journal of Financial Economics 13, 157-186.

Datta, S.; Iskandar-Datta, M., and K. Raman, 2000, “Debt structure adjustment and long-run stock price performance”, Journal of Financial Intermediation 9, 427-453.

Eckbo, B. Espen, 1986, “Valuation effects of corporation debt offerings”, Journal of Financial Economics 15, 119-151.