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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/124753

    Title: 董監事責任保險和併購表現:以台灣上市櫃公司為例
    Directors’ and Officers’ Liability Insurance and Acquisition Performance: Evidence from Publicly Traded Firms in Taiwan
    Authors: 鄔函靜
    Wu, Han-Ching
    Contributors: 鄭士卿
    Jeng, Shih-Ching
    Wu, Han-Ching
    Keywords: 董監事責任保險
    D&O Insurance
    Date: 2019
    Issue Date: 2019-08-07 16:15:25 (UTC+8)
    Abstract: We link the idea of directors’ and officers’ liability insurance (D&O insurance) with mergers and acquisitions (M&As) and examine how the purchase of directors’ and officers’ liability insurance may affect acquisition performance of firms in Taiwan. Using publicly-traded firms data in Taiwan from 2009 to 2016, we investigate both short-term and long-term buy and hold returns as well as announcement-period stock returns. We find that acquirers whose managers are protected by D&O insurance or carry higher policy limits experience higher announcement abnormal stock returns than do acquirers without D&O insurance or lower policy limits. We also find that acquirers with D&O insurance or higher coverage experience higher one-year buy and hold abnormal returns but lower three-year buy and hold abnormal returns. Our results show that examining long-term performance of the firm, specifically three-year performance, provides different perspectives to the current D&O insurance literatures.
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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106358004
    Data Type: thesis
    DOI: 10.6814/NCCU201900391
    Appears in Collections:[風險管理與保險學系 ] 學位論文

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