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題名 Market Timing and Seasoned Equity Offerings
作者 謝淑貞
Shieh, Shwu-Jane
劉佩芸
Liu, Pei-Yun
貢獻者 國貿系
關鍵詞 Market Timing ; Seasoned Equity Offerings ; Cox Proportional Hazard Model ; Frailty
日期 2017-09
上傳時間 12-Jun-2018 11:51:35 (UTC+8)
摘要 In this article, we investigate the dynamic evolving behaviors of the probability of firms` issuing seasoned equity offerings (SEO) by using the Cox proportional hazard model with frailty effects and robust variances. The technique allows us to study the factors that influence the firms` SEO decisions and estimate the probability of issuing SEO in the market by analyzing each individual firm`s behavior without normality assumption on the variables. The empirical evidences show that among them, market-to-book ratio is not significantly related to the possibility of a firm to issue equity, so there is little empirical evidence which supports market timing theory. Nevertheless, if the return in the previous period is considered instead, it is significantly positively related to the probability. It implies that the managers want to time the market but it is too late for them to chase the market since it turns abruptly. That explains why there are negative abnormal returns after equity offerings, as is well documented in the existing financial literature.
關聯 Advances in Investment Analysis and Portfolio Management AIAPM, Vol.8, pp.41-65
資料類型 article
DOI http://dx.doi.org/10.6291/AIAPM.2017.08.02
dc.contributor 國貿系zh_TW
dc.creator (作者) 謝淑貞zh_TW
dc.creator (作者) Shieh, Shwu-Janeen_US
dc.creator (作者) 劉佩芸zh_TW
dc.creator (作者) Liu, Pei-Yunen_US
dc.date (日期) 2017-09
dc.date.accessioned 12-Jun-2018 11:51:35 (UTC+8)-
dc.date.available 12-Jun-2018 11:51:35 (UTC+8)-
dc.date.issued (上傳時間) 12-Jun-2018 11:51:35 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/117598-
dc.description.abstract (摘要) In this article, we investigate the dynamic evolving behaviors of the probability of firms` issuing seasoned equity offerings (SEO) by using the Cox proportional hazard model with frailty effects and robust variances. The technique allows us to study the factors that influence the firms` SEO decisions and estimate the probability of issuing SEO in the market by analyzing each individual firm`s behavior without normality assumption on the variables. The empirical evidences show that among them, market-to-book ratio is not significantly related to the possibility of a firm to issue equity, so there is little empirical evidence which supports market timing theory. Nevertheless, if the return in the previous period is considered instead, it is significantly positively related to the probability. It implies that the managers want to time the market but it is too late for them to chase the market since it turns abruptly. That explains why there are negative abnormal returns after equity offerings, as is well documented in the existing financial literature.en_US
dc.format.extent 173 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Advances in Investment Analysis and Portfolio Management AIAPM, Vol.8, pp.41-65zh_TW
dc.subject (關鍵詞) Market Timing ; Seasoned Equity Offerings ; Cox Proportional Hazard Model ; Frailtyen_US
dc.title (題名) Market Timing and Seasoned Equity Offeringsen_US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.6291/AIAPM.2017.08.02
dc.doi.uri (DOI) http://dx.doi.org/10.6291/AIAPM.2017.08.02