Stock Price Reactions to Unexpected Employee Bonuses
Date Issued
2007
Date
2007
Author(s)
Chen, Hsiao-Chun
DOI
en-US
Abstract
We first form an employee bonus expectation model by the previous bonus data and examine market reactions to unexpected employee bonuses by event study. We then utilize OLS Model and Fixed Effect Model to explore the relationship between unexpected employee bonuses and abnormal returns. The results show that firms which grant more employee bonuses than expected have lower abnormal returns. Also, employee stock bonuses contribute more to negative returns than employee cash bonuses. Furthermore, the negative effects of employee bonuses have seemed to dominate over the incentive effect, particularly in latest years.
Subjects
員工分紅
股價反應
事件研究
Employee Bonus
Stock Price Reaction
Event Study
Type
thesis
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