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題名 現金增資的模仿行為
Mimicking Seasoned Equity Offerings
作者 蔡宜均
貢獻者 周冠男
蔡宜均
關鍵詞 現金增資
模仿
市場擇時
Seasoned Equity Offerings
SEOs
mimicking
market timing
日期 2013
上傳時間 25-Aug-2014 15:15:10 (UTC+8)
摘要 This study aims to investigate the seasoned equity offerings (SEOs) announcements result from intra-industry wave. Bradley and Yuan (2013) examine the information spillovers to rival firms and provide evidence of industry contagion effect. Using data for seasoned equity offerings from 1990 to 2010 period, our result supports seasoned equity offerings experience lower negative abnormal returns during the SEO industry wave, which is consistent with market timing hypothesis. To understand the extent that the SEO negative returns announcements within industries, we further study the strategic interaction between intra-industry wave and concentration. We expect that, industry concentration will bring the intra-industry effect. Consistent with Ali (2012), the results support that firms are likely to mimic their competitors conducting seasoned equity offerings in less concentrated industry. As previous papers demonstrate the negative day returns on seasoned equity offerings due to pecking order theory and poor investment opportunities prospect. Our findings provide a new way that there exists the intra-industry wave on SEO decisions and strategic interaction within the industry enhances the mimicking behavior effect.
參考文獻 Ali, Ashiq, Klasa, Sandy, Yenug, Eric, 2012, Industry concentration and corporate disclosure policy, SSRN elibrary.
Asquith, and David W. Mullins, 1986, Equity issues and offering dilution, Journal of Financial Economics 15, 61-89.
Bamber, L., Cheon, Y., 1998, Discretionary management earnings forecast disclosures: antecedants and outcomes associated with forecast venue and forecast specificity, Journal of Accounting Research 36, 167-190.
Baker, M., Wurgler, J., 2002, The equity share in new issues and aggregate stock returns, Journal of Finance 55, 2219-2258.
Benveniste, Lawrence M., Walid Y Busaba, and William Wilhelm, 2002, Information externalities and the role of underwriters in primary equity markets, Journal of Financial Intermediation 11, 61-86.
Boone, A.L.,Ivanov,V., 2012, Bankruptcy spillover effects on strategic alliance partners, 2012, Journal of Financial Economics 103, 551-569.
Bradley, D., Yuan, X., Information spillovers around seasoned equity offerings, 2013, Journal of Corporate Finance 21, 106-118.
Brewer III, Elijah, William E. Jackson III, Julapa A. Jagtiani, and Thong Nguyen, 2000, The price of bank mergers in the 1990s, Economic Perspectives 24, 2-23.
Burns, Natasha, and Ivonne Liebenberg, 2011, U.S. Takeovers in foreign markets: Do they impact emerging and developed markets differently?, Journal of Corporate Finance 17, 1028-1046.
Clarke, Jonathan, Craig Dunbar, and Kathleen Kahle, 2004, The long-run performance of secondary equity issues: A test of the windows of opportunity hypothesis, Journal of Business 77, 575-603.
Dasgupta, P. and Stiglitz, J., 1980, Uncertainty, Industrial Structure and the Speed of R&D, Bell Journal of Economics 11, 1-28.
DeAngelo, Harry, Linda DeAngelo, and René Stulz, 2010, Seasoned equity offerings, market timing, and the corporate life cycle, Journal of Financial Economics 95, 275-295.
Demsetz, Harold, 1973, Industry structure, market rivalry and public policy, Journal of Law and Economics 16, 1-9.
Erwin, Gayle R., and James M. Miller, 1998, The intra-industry effects of open-market share repurchases: contagion or competitive? The Journal of Financial Research 21, 389-406.
Funke, Christian, Timo Gebken, Lutz Johanning, and Gaston Michel, 2008, Information signaling and competitive effects of M&A: long-term performance of rival companies, SSRN eLibrary.
Gomes, A., Philips, G.M., 2007, Private and public security issuance by public firms: The role of asymmetric information. Working Paper, University of Maryland.
Harris, M. H., 1998, The association between competition and managers’ business segment reporting decisions. Journal of Accounting research 36, 111-128.
Hertzel, M. G., Li, Z., Officer, M. S., Rodgers, K.J., 2006, Inter-firm linkages and the wealth effects of financial distress along the supply chain. Journal of Financial Economics 87, 374-387.
Ibbotson, Roger G., 1975,“Hot Issue” Markets, Journal of Finance 30, 1027-1042.
Jorion, Philippe, and Gaiyan Zhang, 2007, Good and bad credit contagion: Evidence from credit default swaps, Journal of Financial Economics 84, 860–883.
Lang, Larry H.P. and Rene M. Stulz, 1992, Contagion and Competitive Intra-industry Effects of Bankruptcy Announcements：An Empirical Analysis. Journal of Financial Economics 32, 45-60.
Loughran, Tim, and Jay Ritter, 1995, The new issues puzzle, The Journal of Finance 50, 23-52.
Loughran, Tim, and Jay Ritter, 1997, The operating performance of firms conducting seasoned equity offerings, Journal of Finance 52, 1823-1850.
Massa, Massimo, Zahid Rehman, and Theo Vermaelon, 2007, Mimicking repurchases, Journal of Financial Economics 84, 624-666.
Masulis, and Ashok N. Korwar, 1986, Seasoned equity offerings: An empirical investigation, Journal of Financial Economics 15, 91-118.
Myers, Stuart, and Nicholas Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
Ritter, J., 1984, The ‘hot issue’ market of 1980, Journal of Business 57, 215-240.
Rajan, Raghuram G, 1994, Why Bank Credit Policies Fluctuate: A Theory and Some Evidence. The Quarterly Journal of Economics 109, 399-441.
Roll, Richard and Stephen A. Ross, 1980, An empirical investigation of the arbitrage pricing theory, Journal of Finance 35, 1073-1103.
Shahrur, Husayn, and Anand Venkateswaran, 2009, Industry Prospects And Acquirer Returns In Diversifying Takeovers, Journal of Financial Research 32, 23-51.
Shaked, A.,Sutton,J.,1987.Product differentiation and industrial structure, Journal of Industrial Economics 26,131-146.
Song, Moon H., and Ralph A. Walkling, 2000, Abnormal returns to rivals of acquisition targets: A test of the “acquisition probability hypothesis”, Journal of Financial Economics 55, 143-171.
Sutton, John., 1991, Sunk costs and market structure: Price competition, advertising and the evolution of concentration. Cambridge, MA: MIT Press.
描述 碩士
國立政治大學
財務管理研究所
101357014
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101357014
資料類型 thesis
dc.contributor.advisor 周冠男zh_TW
dc.contributor.author (Authors) 蔡宜均zh_TW
dc.creator (作者) 蔡宜均zh_TW
dc.date (日期) 2013en_US
dc.date.accessioned 25-Aug-2014 15:15:10 (UTC+8)-
dc.date.available 25-Aug-2014 15:15:10 (UTC+8)-
dc.date.issued (上傳時間) 25-Aug-2014 15:15:10 (UTC+8)-
dc.identifier (Other Identifiers) G0101357014en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/69190-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 101357014zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) This study aims to investigate the seasoned equity offerings (SEOs) announcements result from intra-industry wave. Bradley and Yuan (2013) examine the information spillovers to rival firms and provide evidence of industry contagion effect. Using data for seasoned equity offerings from 1990 to 2010 period, our result supports seasoned equity offerings experience lower negative abnormal returns during the SEO industry wave, which is consistent with market timing hypothesis. To understand the extent that the SEO negative returns announcements within industries, we further study the strategic interaction between intra-industry wave and concentration. We expect that, industry concentration will bring the intra-industry effect. Consistent with Ali (2012), the results support that firms are likely to mimic their competitors conducting seasoned equity offerings in less concentrated industry. As previous papers demonstrate the negative day returns on seasoned equity offerings due to pecking order theory and poor investment opportunities prospect. Our findings provide a new way that there exists the intra-industry wave on SEO decisions and strategic interaction within the industry enhances the mimicking behavior effect.en_US
dc.description.tableofcontents I. Introduction 1
II. Literature Review 4
III. Hypotheses 8
A. Market Timing Considerations for SEOs 8
B. Measures of product market concentration and　
strategic interaction 8
IV. Data and Methodology 11
A. Data selection 11
B. Variables selections 12
C. Market reactions 14
V. Empirical results 19
A. Results of Multiple Regressions 19
B. Robustness tests 20
VI. Conclusion 27		zh_TW
dc.format.extent 764852 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101357014en_US
dc.subject (關鍵詞) 現金增資zh_TW
dc.subject (關鍵詞) 模仿zh_TW
dc.subject (關鍵詞) 市場擇時zh_TW
dc.subject (關鍵詞) Seasoned Equity Offeringsen_US
dc.subject (關鍵詞) SEOsen_US
dc.subject (關鍵詞) mimickingen_US
dc.subject (關鍵詞) market timingen_US
dc.title (題名) 現金增資的模仿行為zh_TW
dc.title (題名) Mimicking Seasoned Equity Offeringsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Ali, Ashiq, Klasa, Sandy, Yenug, Eric, 2012, Industry concentration and corporate disclosure policy, SSRN elibrary.
Asquith, and David W. Mullins, 1986, Equity issues and offering dilution, Journal of Financial Economics 15, 61-89.
Bamber, L., Cheon, Y., 1998, Discretionary management earnings forecast disclosures: antecedants and outcomes associated with forecast venue and forecast specificity, Journal of Accounting Research 36, 167-190.
Baker, M., Wurgler, J., 2002, The equity share in new issues and aggregate stock returns, Journal of Finance 55, 2219-2258.
Benveniste, Lawrence M., Walid Y Busaba, and William Wilhelm, 2002, Information externalities and the role of underwriters in primary equity markets, Journal of Financial Intermediation 11, 61-86.
Boone, A.L.,Ivanov,V., 2012, Bankruptcy spillover effects on strategic alliance partners, 2012, Journal of Financial Economics 103, 551-569.
Bradley, D., Yuan, X., Information spillovers around seasoned equity offerings, 2013, Journal of Corporate Finance 21, 106-118.
Brewer III, Elijah, William E. Jackson III, Julapa A. Jagtiani, and Thong Nguyen, 2000, The price of bank mergers in the 1990s, Economic Perspectives 24, 2-23.
Burns, Natasha, and Ivonne Liebenberg, 2011, U.S. Takeovers in foreign markets: Do they impact emerging and developed markets differently?, Journal of Corporate Finance 17, 1028-1046.
Clarke, Jonathan, Craig Dunbar, and Kathleen Kahle, 2004, The long-run performance of secondary equity issues: A test of the windows of opportunity hypothesis, Journal of Business 77, 575-603.
Dasgupta, P. and Stiglitz, J., 1980, Uncertainty, Industrial Structure and the Speed of R&D, Bell Journal of Economics 11, 1-28.
DeAngelo, Harry, Linda DeAngelo, and René Stulz, 2010, Seasoned equity offerings, market timing, and the corporate life cycle, Journal of Financial Economics 95, 275-295.
Demsetz, Harold, 1973, Industry structure, market rivalry and public policy, Journal of Law and Economics 16, 1-9.
Erwin, Gayle R., and James M. Miller, 1998, The intra-industry effects of open-market share repurchases: contagion or competitive? The Journal of Financial Research 21, 389-406.
Funke, Christian, Timo Gebken, Lutz Johanning, and Gaston Michel, 2008, Information signaling and competitive effects of M&A: long-term performance of rival companies, SSRN eLibrary.
Gomes, A., Philips, G.M., 2007, Private and public security issuance by public firms: The role of asymmetric information. Working Paper, University of Maryland.
Harris, M. H., 1998, The association between competition and managers’ business segment reporting decisions. Journal of Accounting research 36, 111-128.
Hertzel, M. G., Li, Z., Officer, M. S., Rodgers, K.J., 2006, Inter-firm linkages and the wealth effects of financial distress along the supply chain. Journal of Financial Economics 87, 374-387.
Ibbotson, Roger G., 1975,“Hot Issue” Markets, Journal of Finance 30, 1027-1042.
Jorion, Philippe, and Gaiyan Zhang, 2007, Good and bad credit contagion: Evidence from credit default swaps, Journal of Financial Economics 84, 860–883.
Lang, Larry H.P. and Rene M. Stulz, 1992, Contagion and Competitive Intra-industry Effects of Bankruptcy Announcements：An Empirical Analysis. Journal of Financial Economics 32, 45-60.
Loughran, Tim, and Jay Ritter, 1995, The new issues puzzle, The Journal of Finance 50, 23-52.
Loughran, Tim, and Jay Ritter, 1997, The operating performance of firms conducting seasoned equity offerings, Journal of Finance 52, 1823-1850.
Massa, Massimo, Zahid Rehman, and Theo Vermaelon, 2007, Mimicking repurchases, Journal of Financial Economics 84, 624-666.
Masulis, and Ashok N. Korwar, 1986, Seasoned equity offerings: An empirical investigation, Journal of Financial Economics 15, 91-118.
Myers, Stuart, and Nicholas Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
Ritter, J., 1984, The ‘hot issue’ market of 1980, Journal of Business 57, 215-240.
Rajan, Raghuram G, 1994, Why Bank Credit Policies Fluctuate: A Theory and Some Evidence. The Quarterly Journal of Economics 109, 399-441.
Roll, Richard and Stephen A. Ross, 1980, An empirical investigation of the arbitrage pricing theory, Journal of Finance 35, 1073-1103.
Shahrur, Husayn, and Anand Venkateswaran, 2009, Industry Prospects And Acquirer Returns In Diversifying Takeovers, Journal of Financial Research 32, 23-51.
Shaked, A.,Sutton,J.,1987.Product differentiation and industrial structure, Journal of Industrial Economics 26,131-146.
Song, Moon H., and Ralph A. Walkling, 2000, Abnormal returns to rivals of acquisition targets: A test of the “acquisition probability hypothesis”, Journal of Financial Economics 55, 143-171.
Sutton, John., 1991, Sunk costs and market structure: Price competition, advertising and the evolution of concentration. Cambridge, MA: MIT Press.		zh_TW