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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/99329
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/99329

    Title: 市場擇時及公司財務彈性對現金增資決策影響
    Effects of market timing and corporate financial flexibility on seasoned equity offerings
    Authors: 卓宜靜
    Cho, Yi Ching
    Contributors: 陳鴻毅
    Chen, Hong Yi
    Cho, Yi Ching
    Keywords: 現金增資
    Financial flexibility
    Date: 2016
    Issue Date: 2016-07-20 17:12:50 (UTC+8)
    Abstract: 本研究主要探討公司進行現金增資之決策是否受到市場對公司的股價反

    應與公司本身財務彈性所影響。本研究以 1980 年至 2015 年間,美國證券

    市場 328 家撤銷現金增資的公司與 11,754 家完成現金增資的公司為樣本,









    The main purpose of this study is to examine whether the interaction between market reaction to the announcement and financial flexibility of seasoned equity offering (SEO) will affect the decision of SEO cancellation. This study includes 328 canceled SEOs and 11,754 completed SEOs in U.S. market from 1980 to 2015 and conducts a comprehensive analysis on the decision of SEO cancellation. We find that, consistent with market timing theory, SEO firms tend to cancel their equity offerings if the market reaction to those SEOs are negative. We further investigate determinants of the decision of SEO cancellation. We find that SEO cancellation is negatively associated with stock price reaction and the growth opportunity, and positively associated with the profitability. In addition, we show the evidence that the association between SEO cancellation decision and the market condition depends on the level of financial flexibility for SEO firms. Specifically, we find that firms with more financial flexibility tend to cancel SEOs if their stock prices experience a large decline around the filing date, while firms with less financial flexibility will complete equity issuance regardless of the market conditions.
    Reference: References

    Baker, Malcolm, and Jeffrey Wurgler (2002), “Market timing and capital structure”, The Journal of Finance, Vol.57, No. 1, pp.1-32.

    Busaba, Walid Y., Lawrence M. Benveniste, and Re-Jin Guo (2001), “The option to withdraw IPOs during the premarket: Empirical analysis”, Journal of Financial Economics, Vol. 60, No. 1, pp.73-102.

    Clarke, Jonathan, Craig Dunbar, and Kathleen M. Kahle (2001), “Long-run performance and insider trading in completed and canceled seasoned equity offerings”, Journal of Financial and Quantitative Analysis, Vol. 36, No. 4, pp.415-430.

    DeAngelo, Harry, Linda DeAngelo, and Rene M. Stulz.(2009) “Seasoned equity offerings, market timing, and the corporate lifecycle”, Journal of Financial Economics, Vol 95, Issue.3, pp. 275–295

    Dunbar, Craig G., and Stephen R. Foerster (2008), “Second time lucky? Withdrawn IPOs that return to the market”, Journal of Financial Economics, Vol.87, No.3, pp.610-635.

    Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969), “The adjustment of stock prices to new information”, International Economic Review, Vol. 10, No. 1, pp. 1-21

    Harjoto, Maretno, and John Garen.(2003) “Why do IPO firms conduct primary seasoned equity offerings?”, The Financial Review, Vol.38, Issue.1, pp.103-125.

    Hardin III, W. G., Highfield, M. J., Hill, M. D., & Kelly, G. W. (2009), “The determinants of REIT cash holdings”, The Journal of Real Estate Finance and Economics, Vol.39, No.1, pp.39-57.

    Loughran, Tim, and Jay R. Ritter (1995), “The new issues puzzle”, The Journal of Finance, Vol.50, No.1, pp.23-51.

    Loughran, Tim, and Jay R. Ritter (1997), “The operating performance of firms
    conducting seasoned equity offerings”, Journal of Finance, Vol.52, No.5, pp. 1823-1850.

    Lian, Qin, and Qiming Wang. (2009), “Does the market incorporate previous
    IPO withdrawals when pricing second-time IPOs?” Financial Management, Vol.38, No.2 pp.357 – 380

    Mikkelson, Wayne H., and M. Megan Partch (1988), “Withdrawn security offerings”, Journal of Financial and Quantitative Analysis, Vol.23, No.2, pp.119-133.

    Officer, Dennis T., and Richard L. Smith. (1986), “Announcement effects of withdrawn security offerings: evidence on the wealth redistribution hypothesis.” The Journal of Financial Research, Vol4, No3
    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103357032
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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