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標題: 借殼上市公司之盈餘持續性探討
The Study of Earnings Persistence for the Reverse Merger Firms
作者: Chia-Han Wu
關鍵字: reverse merger firms;earnings persistence;stock abnormal returns;seasoned equity offerings;借殼上市公司;盈餘持續性;股價異常報酬;現金增資
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This study compared the earnings persistence of IPO companies and backdoor listed companies. The study use the abnormal returns and seasoned equity offerings to be variables to measure that impact of earnings persistence of backdoor listing firms. In this study, including all listed companies in the sample from 1996 to 2013, and use Sloan (1996) model to estimate the company's earnings persistence.

The empirical results show that earnings persistence of IPO firms is higher than reverse merger firms. In addition, the degree of stock abnormal returns and whether issue seasoned equity offerings are no statistically significant impact on earnings persistence of reverse merger firms.


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