本研究探討市場錯誤定價如何影響成本不對稱行為，且分別探討錯誤定價對銷售與管理費用（SG&A）、銷貨成本（COGS）和營運成本的不同影響。
研究採用 Stambaugh et al.（2012）提出的複合指數來衡量錯誤定價程度，並採用Anderson et al.（2003）創建的成本僵固性架構。
實證結果顯示，在被高估的公司中，SG&A和營運成本的僵固性更強，顯示被高估公司的經理人更為樂觀，並有動機去維持公司的高估值以保障自己的利益，進而導致較高的成本僵固性。
本研究透過發現成本非對稱行為的關鍵因素，對成本管理文獻做出貢獻，並
開創了市場錯誤定價如何影響成本管理決策的新研究方向。

This research aims to investigate how mispricing affects cost asymmetry behavior. Understanding key factor shaping cost asymmetry behavior enhances the reliability of financial predictions and budgets, allowing manager to make better decision based on accurate information. The mispricing index generated by Stambaugh et al. (2012) is adopted and integrated into stickiness model created by Anderson et al. (2003).
The empirical results find that selling, general, and administrative expenses (SG&A) and operating costs are stickier in overpriced companies, suggesting that
managers in overpriced firms are more optimistic and have an incentive to maintain the company’s overvaluation, leading to cost stickiness behavior. In contrast, the research find that cost of goods sold (COGS) are less sticky in overpriced firms.
The research contributions to the cost management literature by discovering a crucial factor of cost asymmetry behavior.

Contents
論文審定書........................................................................ i
摘要........................................................................ ii
Abstract........................................................................ iii
Contents........................................................................ iv
1. Introduction……………………………………………………………………1
2. Literature Review and Hypothesis Development .......................................... 5
2.1 Cost Stickiness ........................................................................................... 5
2.2 Mispricing ................................................................................................ 12
3. Research Framework ................................................................................... 17
3.1 Cost Stickiness ......................................................................................... 17
3.2 Mispricing ................................................................................................ 17
3.3 Empirical Model ...................................................................................... 25
3.4 Control Variable ....................................................................................... 28
4. Empirical results .......................................................................................... 31
4.1 Sample Description .................................................................................. 31
4.2 Empirical Result of Cost Asymmetry Behavior....................................... 34
5. Additional Test ......................................................................................... 46
6. Conclusion ...............................................................................................50
7. Reference ..................................................................................................... 52

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