Using the Lottery-type Stock View Corporate Governance ─Example for Seasoned Equity Offerings

• Main Authors: Chen-Wei Huang, 黃政韋
• Other Authors: Chao-Shi Wang
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/x455hb

碩士 === 國立臺中科技大學 === 企業管理系事業經營碩士班 === 101 === The soundness of corporate governance, operational, will result in its shares of stock that investors have generated speculative risk, in simple terms, the company operating poor, the issue of equity shares may become a lottery, lottery-type stocks have speculative because the risk. Therefore, this study proposed by the shares issued by the Company to elect the stocks with lottery features, and then review whether the stock through lottety-type stocks poor corporate governance, leading to their shares of stock to become lottery-type stocks. This study also hope that through the perspective of corporate governance, the use of lottery characteristics of the stocks for the long-term performance of the stock lottery analysis, corporate governance of the good, the bad, will lead to the generation lottery-type stocks. But also because investors do not want to invest into a market flooded with speculative and contains a high risk transaction market, therefore, want to be able to view the lottery stocks to the soundness of corporate governance. This study was supported by the Taiwan Economic Journal database to take 265 document (s) as sample for discussion, analysis, done through seasoned equity offerings distinction lottery-type seasoned equity offerings and non- lottery-type seasoned equity offerings, and then be explored by the corporate governance variables, both empirical correlation between, and poor corporate governance will be the formation of the factors lottery-type stocks and long-term performance through to view lottery-type stock is a suitable long-term holding. The empirical results show that corporate governance is poor and lottery-type stocks with relevant and corporate governance variables can detect whether the lottery characteristics or not. Long-term performance also pointed out that the lottery is not suitable for long-term holding stocks, which, in this expected to give investors a study as reference.