邱顯比臺灣大學：財務金融學研究所范宇珊Fan, Yu-ShanYu-ShanFan2007-11-282018-07-092007-11-282018-07-092005http://ntur.lib.ntu.edu.tw//handle/246246/60645This paper studies the relation between the premiums in mergers and acquisitions bids involving listed firms from 1992 to 2004 and the pre-announcement stock price runups. Furthermore, I also analyze the determinants that influence the premiums most. The evidence shows that the pre-bid runup and post-bid markup increase in the target’s stock price are positively correlated. With almost no substitution between the runup and the markup, the runup is an added cost to the bidder. This result has important implication for assessing the costs of insider’s trading. I also find out that the targets whose insider’s shareholding of the equity structure is higher than others tend to get significantly higher premiums.ABSTRACT 1 1. INTRODUCTION 1 2. LITERATURE REVIEW 3 3. DATA SOURCES 8 4. METHODOLOGY AND HYPOTHESIS 9 4.1 FIRST MODEL-EVENT STUDY 9 4.2 SECOND MODEL-MARKUP PRICING ANALYSIS 10 4.3 THIRD MODEL- THE DETERMINANTS OF MERGER’S PREMIUM 10 4.4 HYPOTHESIS 11 5. RESULTS 14 5.1 FIRST MODEL-EVENT STUDY 14 5.2 SECOND MODEL-MARKUP PRICING ANALYSIS 24 5.3 THIRD MODEL-THE DETERMINANTS OF MERGER’S PREMIUM 27 6. CONCLUSIONS 32 6.1 EVENT STUDY 32 6.2 MARKUP PRICING ANALYSIS 32 6.3 THE DETERMINANTS OF MERGER PREMIUM 33 7. REFERENCE 34 APPENDIX 36899251 bytesapplication/pdfen-US購併溢價事件研究法市場模型價格加成假說內部人交易多變量分析mergers and acquisitionpremiumsevent studymarket modelmarkup pricing hypothesismultivariate analysisthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/60645/1/ntu-94-R92723001-1.pdf