本文旨在探討經理人的五大人格特質與股票市場反應之關係，藉由量化分析，討論是否特定的經理人個性會影響到併購宣告後的股票市場反應，希望能夠了解個人層面的因素例如個性，能夠多大程度的去影響到市場及投資人之反應。本篇研究觀察了1992至2015之間S&P 1500的公司經理人，以及他們所曾做過的併購宣告共3662個樣本，研究結果顯示當公司的經理人具有較高的外向性分數時，將會與併購宣告後的股票市場反應呈現正相關，此外，當公司經理人的親和度越高時，則與併購宣告後的股票市場反應呈現負相關，然而其他三項個性包含盡責性、神經質、開放性則在統計上未達顯著水準，因此無法被證實與併購宣告後的市場反應有顯著的關聯。

This thesis discusses the relationships between the CEOs’ Big Five personalities and the stock market reaction after the merger and acquisition announcements (M&A). The time period of the sample ranges from 1992 to 2015, focusing on the S&P 1500 companies’ CEOs. The results show that the M&A announcements made by more extroverted CEOs are related to greater and positive stock market reactions. Whereas, agreeableness is negatively associated with stock market reactions. However, the rest of the Big Five personalities (Openness, Conscientiousness, and Neuroticism) do not show a significant influence on the stock market reactions after the M&A announcements were released.

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