题目: The Value Impact of Name Changes： Evidence from Chinese firms during the Technology Boom
演讲者：Liping Zou，senior lecturer，Department of Economics and Finance，Massey University
时间: 2009年9月25日（星期五）3:00—4:30PM
地点: 嘉庚二501
参加者: 对财务研究有兴趣的广大师生
主持人： 沈哲老师
论文摘要：
For a sample of US stocks in the period 1998-2000, Cooper et al. (2001) report dramatic value increases in the 10 days around the announcement of dotcom name changes. We find much smaller value changes for a sample of Chinese listed firms with changes to Internet-related dotcom names in the same period. This result is surprising given the high proportion of retail trading in China and the prohibition to short sell Chinese stocks. Also in contrast to Cooper et al. (2001), we find that most of the value increase for our sample firms is realized gradually prior to the announcement. Further investigation reveals that our sample firms experience more frequent CEO-turnover, significantly higher growth in total assets and an increase in return-on-assets around the name change event. These results suggest that the value increases for firms with name changes are the consequence of substantial and successful operational changes, and that the name change is simply part of that process.
论文作者简介：
Dr Liping Zou is a senior lecturer in Finance at the Department of Economics and Finance at Massey University, Albany Campus, New Zealand. Her research work has been published in among others, the Journal of Banking and Finance, the International Review of Financial Analysis, the Pacific Economic Review, and the New Zealand INFINZ Journal. She is also on the editorial board of Journal of Accounting and Finance.
Her research and teaching interests include areas of security market microstructure, risk management, hedging tools, derivative markets, security market volatility and corporate finance.
下载：论文.doc