英语硕士论文literature review范文

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1、英语硕士论文LiteratureReview范文----文献综述论文-->正如上面提到的，短期事件研究可以在实证检验的有效市场假说被应用。在另一方面，使用长地平线（1-5年收购后的）数据事件的研究可以应用到评估并购对企业的长期股市表现一个事件的影响。这密切关系到著名的“合并后的绩差谜”在阿格拉瓦尔及谢斐（2000）提出的。在这篇文章中，他们记录了各种的研究人员对在股市收购公司的长远表现不佳的结论。不过，本节着重在研究长远的性能使用不同的经验方法。LiteratureRevieentionedabove,short-runeventstudycanbeappliedin

2、theempiricaltestforEMH.Ontheotherhand,eventstudiesusinglonghorizon(1-5yearspostacquisition)datacanbeappliedtoevaluatetheeffectofMAeventonlong-termstockmarketperformanceoffirms.Thiscloselyrelatestothefamous“post-mergerunderperformancepuzzle”proposedinAgrap;Jaffe(2000).Inthatarticle,theyd

3、ocumentedtheconclusionsmadebyvariousresearchersonthelong-rununderperformanceofacquiringfirmsinthestockmarket.Hopiricalmethodsusedbyvariousauthorsinexaminingthelong-runperformance.Thefirstdifficultyencounteredinlong-runeventstudiesisthecalculationofexpectedreturns.Differentchoicesofbench

4、markmodelscouldleadtoexactlyoppositeconclusions,sincesmallmeasurementerrorsaccumulateinthelong-run(KotharianditchellandStafford(2000)alsoshoeshigherthantheappropriatet-statistics.Fama(1998)advocatestheuseofcalendartimeportfolioincorrectingforcross-sectionalcorrelationproblem.Ontheotherh

5、and,BarberandLyon(1997)provesthattheuseofreferenceportfolioorassetpricingmodelincalculationofabnormalreturnssuffersthreetypesofbiasesinlong-runstudy.Theproposedsolutionistomatchsamplefirmstonon-sampleparablefirmsofsimilarmarketcapitalizationandmarket-to-bookratios.Theusefulnessofanother

6、benchmarkmodel--theFama-Frenchthree-factormodel–seemstobelessefficientthantheprevioustethods(BarberandLyon1997,Brav2000).Anotherdifficultyarisesfromhoulateabnormalreturnsovertime.Itismontousecumulatedabnormalreturns(CAR)forshort-runstudy,butBarberandLyon(1997)arguesthatthismeasureisconc

7、eptuallyflaeasureoresensiblebasedonconceptualgroundsisthebuy-and-holdabnormalreturns(BHAR)etricsumsofabnormalreturnsratherthanarithmeticsumsasinCAR.Hosimulationshoalreturnsmoreoften.Tocorrectf-->orsuchbias,Lyon,BarberandTsai(1999)proposesthebootstrappedskepiricalstudyinthecurre