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研究生:蔡宜均
論文名稱:現金增資的模仿行為
論文名稱(外文):Mimicking Seasoned Equity Offerings
指導教授:周冠男周冠男引用關係
學位類別:碩士
校院名稱:國立政治大學
系所名稱:財務管理研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
畢業學年度:102
語文別:英文
論文頁數:31
中文關鍵詞:現金增資模仿市場擇時
外文關鍵詞:Seasoned Equity OfferingsSEOsmimickingmarket timing
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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.

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

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