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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/69190
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/69190


    Title: 現金增資的模仿行為
    Mimicking Seasoned Equity Offerings
    Authors: 蔡宜均
    Contributors: 周冠男
    蔡宜均
    Keywords: 現金增資
    模仿
    市場擇時
    Seasoned Equity Offerings
    SEOs
    mimicking
    market timing
    Date: 2013
    Issue Date: 2014-08-25 15:15:10 (UTC+8)
    Abstract: 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.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    101357014
    102
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101357014
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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