The Empirical Investigation of the Relationship between Seasoned Equity Offerings and Stock Prices of Different Industries
碩士 === 中國文化大學 === 會計研究所 === 89 === This thesis examines the market reaction to a sequence of events related to sea-soned equity offerings. This study investigates the effect of seasoned equity issuances on stock prices. This study further examines the effect of electronic industry and non- electroni...
| Main Authors: | , |
|---|---|
| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2001
|
| Online Access: | http://ndltd.ncl.edu.tw/handle/07465940416517329450 |
| Summary: | 碩士 === 中國文化大學 === 會計研究所 === 89 === This thesis examines the market reaction to a sequence of events related to sea-soned equity offerings. This study investigates the effect of seasoned equity issuances on stock prices. This study further examines the effect of electronic industry and non- electronic industry when seasoned equity announcement affect exits. Additionally, we compare effect of seasoned equity issuances on electronic industry and non- electronic industry.
Using the firms’ data between 1996 and 1999, this paper examines the offering for cash event by testing the abnormal returns calculated from market model. The empirical result of this study shows that on “stockholders’ meeting authorized date”, the an-nouncement dates possess information content. The seasoned equity announcement ef-fect based on “stockholders’ meeting authorized date” is significantly negative with subscribed stock rates. On “stockholders’ meeting authorized date” the announcement effect between electronic industry and non- electronic industry does show significantly different.
|
|---|