Moreover, we find that the combination of insider purchases and stock splits induces cumulative abnormal returns that are significantly positive. 最后,本文发现内幕交易和股票分拆结合在一起可导致显著正的累积异常收益。
Under other mode of payment, the target companies do not obtain significant cumulative abnormal returns. 在其他支付方式下,目标方公司没有获得显著地累积超额收益,同样的,由于样本量太小,这样的结果可能不具有代表性。
Using the Buy-and-hold abnormal return, Cumulative abnormal returns and Fama-French three-factor model as three indicators constant, by comparing the approval system and approval system under the IPO pricing efficiency, to illustrate the affection of the Stock Offering System reform on the efficiency of IPO pricing. 采用了买入持有超额收益、累计超额收益和Fama-French三因素模型的常数项三个指标,通过对比审批制和核准制下的新股发行定价效率,来说明发行制度改革对IPO定价效率的作用。
The empirical results find that there are significantly positive cumulative abnormal returns for the firms engaging in focus activities. 研究结果发现,企业聚焦之宣告可获得显著且正向累积异常报酬;
The result suggests that significantly negative cumulative abnormal returns arise around the publication of guarantee statements. 结果发现,上市公司发布担保公告日前后出现显著为负的累积非正常报酬。