私募與公開發行之媒體管理

本研究主要探求私募與公開發行市場中是否存在媒體管理的現象。為了能更加準確的分析私募與公開發行市場中出現的媒體管理，本研究使用支援向量機(SVM)作為訓練新聞詞彙之辦法，並進一步建立新聞特徵分類模型。本研究使用台灣TEJ資料庫進行資料蒐集，研究期間為1996年至2016年3月。根據研究回歸結果顯示，可推論媒體管理存在於私募與公開發行市場中，此外私募市場較為偏好以增加正面新聞與降低負面新聞之方式進行媒體操弄。

關鍵字

媒體管理；私募；公開發行；支援向量機

並列摘要

This study investigates whether media management exists in private placements and public offerings. In order to precisely analyze media management on private placements and public offerings, we use Support Vector Machine (SVM) as measure to train news term so that we can establish news feature classification model. We use news, which from 1996 to March 2016 in TEJ to analyze and collect study data. We end up collect 3083 total news in “before the announcement day” period, including 586 private placement news and 2497 public offering news. In “after announcement day” period, we have 3031 total news, including 586 private placements news and 2445 public offering news. According to our regression results, we find that media management exists in private placements and public offerings. In addition, private market prefers to control news coverage by increasing positive news and decreasing negative news.

並列關鍵字

Media management ； Private Placements ； Public Offerings ； Support Vector Machine

參考文獻

Wang, M. C., Cheng L. Y. & Ko, C. C. (2015). Media Management Before Corporate Financial Distress. Journal of Accounting Review, (61), 77-119.

Ahern, K. R., & Sosyura, D. (2014). Who writes the news? Corporate press releases during merger negotiations. The Journal of Finance, 69(1), 241-291.

Antweiler, W., & Frank, M. Z. (2004). Is all that talk just noise? The information content of internet stock message boards. The Journal of Finance, 59(3), 1259-1294.

Barclay, M. J., Holderness, C. G., & Sheehan, D. P. (2007). Private placements and managerial entrenchment. Journal of Corporate Finance, 13(4), 461-484.

Beneish, M. D. (1999). The detection of earnings manipulation. Financial Analysts Journal, 55(5), 24-36.

國際替代計量

私募與公開發行之媒體管理

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