The Motives of Seasoned Equity Offerings
碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 95 === This study employs five theoretical models to explain managerial motives for seasoned equity offerings (SEOs). These motives include capital structure adjustment, taking advantage of new shareholders due to information asymmetry, mangers’ self-interests, uti...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2007
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| Online Access: | http://ndltd.ncl.edu.tw/handle/84466058073510240057 |
| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 95 === This study employs five theoretical models to explain managerial motives for seasoned equity offerings (SEOs). These motives include capital structure adjustment, taking advantage of new shareholders due to information asymmetry, mangers’ self-interests, utilization of overpricing, and pursuits of growth. Selected company characteristics are incorporated into the logit model to estimate the strength of managerial motives. The results show that companies with low book-to-market ratio and decrease in insiders’ shareholding tend to undertake SEOs. It is consistent with the timing model (i.e., utilization of overpricing). There is also weak evidence that agency problems are also associated with managers’ SEO decisions.
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