| Summary: | 碩士 === 淡江大學 === 會計學系 === 92 === Do new issues of seasoned securities and stock dividend cause significant price movements in neighborhood of the issue day? This study presents an empirical comparison of three conditions: the issuing firms issue seasoned securities only, stock dividend only, seasoned securities and stock dividend at the same time.
This empirical study shows abnormal returns of these issue days are -1.05%, -0.16%, -0.57% and trade volumes are all raised significantly after issue days. Moreover, we find market demand increase causes the stock price fall slowly in event period. Larger issuing scale makes lower cumulated abnormal return when issuing stock dividend in the bear market.
|
|---|
