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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/128718

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/128718

Title:	Investor Sentiment, SEO Market Timing, and Stock Price Performance
Authors:	周冠男 Chou, Robin K. Lin, Chu-Bin Chen, Yi-Wen
Contributors:	財管系
Keywords:	Investor sentiment;Market timing;Seasoned equity offering
Date:	2019-03
Issue Date:	2020-02-20 14:29:42 (UTC+8)
Abstract:	This article details an investigation of the impact of investor sentiment on the probability of firms conducting seasoned equity offerings (SEOs) and on stock price performance around and subsequent to SEOs. The results show that investor sentiment has a positive impact on SEO probability and that this impact is stronger for small and young firms. Furthermore, firms conducting SEOs during high sentiment periods experience less severe short-run price drops around the issuance yet more severe post-issue long-run underperformance, compared with firms conducting SEOs during low sentiment periods. These effects of investor sentiment on stock price performance are stronger for small, young, and high market-to-book ratio firms.
Relation:	Journal of Empirical Finance, Vol.51, pp.28-43
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.jempfin.2019.01.008
DOI:	10.1016/j.jempfin.2019.01.008
Appears in Collections:	[財務管理學系] 期刊論文

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