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題名 Information Content of Offer Date Revelations: A Fresh Look at Seasoned Equity Offerings
作者 Chan, Konan
湛可南
Nayar, Nandkumar
Singh, Ajai K.
Yu, Wen
貢獻者 財管系
日期 2018-09
上傳時間 9-十一月-2018 15:05:13 (UTC+8)
摘要 Besides the offer price discount, investment bankers use revisions in offer size from the amount originally filed to signal the issuer`s quality to their buy-side clients. Unlike the offer price discount, offer size revision not only relates to the offer date price reaction, it also predicts post-SEO (seasoned equity offering) performance. Improved SEOs, whose offer size exceeds the amount originally registered, experience significantly positive returns during the registration period and on the offer date. More importantly, they do not underperform post-issuance. Their complement, regular SEOs, exhibit significantly negative returns during the registration period, on the offer date, and underperform their benchmark following issuance.
關聯 FINANCIAL MANAGEMENT, 47(3), 519-552
資料類型 article
DOI http://dx.doi.org/10.1111/fima.12186
dc.contributor 財管系
dc.creator (作者) Chan, Konan
dc.creator (作者) 湛可南
dc.creator (作者) Nayar, Nandkumar
dc.creator (作者) Singh, Ajai K.
dc.creator (作者) Yu, Wen
dc.date (日期) 2018-09
dc.date.accessioned 9-十一月-2018 15:05:13 (UTC+8)-
dc.date.available 9-十一月-2018 15:05:13 (UTC+8)-
dc.date.issued (上傳時間) 9-十一月-2018 15:05:13 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/120864-
dc.description.abstract (摘要) Besides the offer price discount, investment bankers use revisions in offer size from the amount originally filed to signal the issuer`s quality to their buy-side clients. Unlike the offer price discount, offer size revision not only relates to the offer date price reaction, it also predicts post-SEO (seasoned equity offering) performance. Improved SEOs, whose offer size exceeds the amount originally registered, experience significantly positive returns during the registration period and on the offer date. More importantly, they do not underperform post-issuance. Their complement, regular SEOs, exhibit significantly negative returns during the registration period, on the offer date, and underperform their benchmark following issuance.en_US
dc.format.extent 268055 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) FINANCIAL MANAGEMENT, 47(3), 519-552
dc.title (題名) Information Content of Offer Date Revelations: A Fresh Look at Seasoned Equity Offeringsen_US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1111/fima.12186
dc.doi.uri (DOI) http://dx.doi.org/10.1111/fima.12186