https://scholars.lib.ntu.edu.tw/handle/123456789/414405
標題: | The Wealth Effects of Operational Risk Announcements on Intra-Industry Competitors | 其他標題: | 作業風險事件宣告對產業內競爭對手財富效果之影響 | 作者: | Sheng-Syan Chen KENG YU HO Po-Hsin Ho SHENG-SYAN CHEN |
關鍵字: | Operational risk;Competitive effect;Wealth Effect;作業風險;競爭效果;財富效果 | 公開日期: | 2018 | 卷: | 30 | 期: | 4 | 起(迄)頁: | 1 | 來源出版物: | 證券市場發展季刊 | 摘要: | This study investigates the wealth effects on announcements of operational risk events for intra-industry competitors in the U.S. during the period 1980 to 2012. We find that competitors face a significantly positive wealth effect, but the event firms experience a negative wealth effect. The results suggest that the competitive effect dominates the contagion effect. We further examine various determinants that affect the strength of the competitive effect from three perspectives. For the event characteristics, we find that the competitive effect for competitors is stronger when the event's loss amount is higher and the event firm's occurrence frequency is higher. For the industry characteristics, we show that competitors experiencing stronger competitive effects tend to be in industries with higher concentration. For the competitors' firm characteristics, we find that competitors with higher research and development (R&D) expenditure, lower firm complexity, better corporate governance mechanisms, and lower chief executive officer (CEO) equity incentive are more likely to have stronger competitive effects. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414405 | DOI: | 10.6529/RSFM.201812_30(4).0001 |
顯示於: | 財務金融學系 |
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