| Summary: | 碩士 === 國立政治大學 === 會計學系 === 87 === Abstract
This study attempts to examine Taiwan's market reactions of seasoned new issues under the different ex-right processes. In Taiwan , it takes about two or three months to issue new stocks and it's not convenient for both issuers or investers .
Before the change of the ex-right process, while public companies issue new stocks , the ways to determine the issue price are different between Taiwan and the United States or Japan.
SEC has changed the ex-right process since Oct 17,1994. The study selects samples from the period between 1991 to 1998, total 419 samples , the empirical findings of this study can be summarized as follows:
n Significant difference of market reactions can be found on the ex-right date and announced day, under both the new and old ex-right process.
n No significant difference of market reactions can be found on the approved day.
n Significant difference of market reactions can be found if grouped by industry.
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