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ID:33332544
大小:2.23 MB
页数:53页
时间:2019-02-24
《中国创业板上市公司高管减持市场反应研究》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、暨南大学硕士学位论文AbstractTakingthefirmswhoseexecutiveshavesoldsharesinChinaGrowthEnterprisesMarketfromNov1,2010toDec31,2013astheresearchobject,thisstudyexaminesthemarketreactiontoexecutivessellingannouncementanditsdeterminantswitheventstudyandmultivariateregression.
2、Wefindthatthemarketreactionissignificantlynegativetothesellingannouncementsofexecutives.Thecumulativeabnormalreturn(CAR)wasinarisingtrendbeforethesellingdate,andincreasesmoreasclosetothesellingpoint.Afterselling,theCARimmediatelyturnintoadownwardtrend,andreac
3、hedthelowestpointontheannouncementdateOverall,theCARpresentsainvertedv-shapedchangetrend.Ontheannouncementdate,investorsreactmorenegativelytolargersales,worseperformancecompaniesandlowergrowthcompanies.Then,wecomparethemarketreactiontotheGEMboardlistedcompany
4、executivessellingwithsmallandmedium-sizedboard,andfindnosignificantdifferencebetweenthetwoboard,beforeandafterthereductionofmarketvolatilityexecutivesalmostunanimously.ComparedwithShanghaiAshares,theGEMmarkethavegreateruncertainty.GEMexecutives’largenumberofr
5、eductionplaysaroleofearlywarningforthefuturedevelopmentofthecompanies.WehopethemarketinvestorsandrelevantregulatoryauthoritiescouldhaveabetterunderstandingofmarketeffectsofGEMexecutives'sellingthroughthisstudy.Keywords:GrowthEnterprisesMarket;ExecutivesSellin
6、g;MarketReactionII暨南大学硕士学位论文目录摘要..........................................................................................................................................IAbstract................................................................................
7、..................................................II目录.......................................................................................................................................III图表目录...............................................................
8、................................................................IV1绪论......................................................................................................................
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