The impacts of activities after SEOs on firm’s long run stock performance
碩士 === 國立中興大學 === 財務金融學系所 === 104 === This paper discusses whether the activities after the company’s seasoned equity would affect the company''s decision when the activities are different, thereby affecting the company''s long-term stock price performance. We use the sample of U...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/55632652284143255255 |
| Summary: | 碩士 === 國立中興大學 === 財務金融學系所 === 104 === This paper discusses whether the activities after the company’s seasoned equity would affect the company''s decision when the activities are different, thereby affecting the company''s long-term stock price performance. We use the sample of U.S. 2,178 seasoned equity offerings’ companies from 1990 to 2009, and compare with the matching companies which are without seasoned equity offerings in the same sample period. The empirical results show that when the activities after seasoned equity offerings are for diversification or mergers, the performance of company''s long-term return is relatively worse than other activities. The companies with diversified activities are tend to be over-investment than other companies during period of seasoned equity offerings. The companies with mergers activities are more likely to conduct high earnings management and be over-investment during period of seasoned equity offerings.
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