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    ASIA unversity > 管理學院 > 財務金融學系 > 會議論文 >  Item 310904400/38907


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/38907


    Title: Hot-Issue in SEOs Market and the Benefit
    Authors: 余智生 Chih-Shen Yu, 李麗蘋 Li-Ping Lee,王朝仕 Chao-Shi Wang
    Contributors: Business Administration, National Taichung University
    Keywords: Seasoned equity offerings (SEOs), hot issue, cluster, timing
    Date: 2012-05-01
    Issue Date: 2013-07-26 11:22:27 (UTC+8)
    Publisher: Business Administration, National Taichung University
    Abstract: The stock market provides companies with a channel and means for equity financing. However, previous studies have indicated that when companies issue seasoned equity offerings (SEOs) to obtain funds, they release a signal of stock overestimation that causes negative reactions to performance. Considering this background, we explored whether companies can ease stock price overestimation doubts using hot issue measures; namely, choosing the optimal time to sell the SEOs when the market is hot. This study considered the cluster issuance and timing issuance criteria of the characteristics of hot issue operations. The empirical results revealed that some evidences indicated that selling SEOs using the hot issue method helps to improve the investors’ willingness to buy, especially when the economy, overall stock
    -2-
    market performance, or individual stock performance are functioning effectively. For investors who have successfully procured SEOs, their profitability is related to whether the stocks have hot issue characteristics. This result is produced through overall stock market performance- and individual stock performance-defined hot issues. However, according to the measurement of the original shareholders’ wealth conducted by this study, hot issues cannot eliminate the price overestimation doubts derived from equity financing. Long-term observation indicated that original shareholders’ wealth does not grow because of a company’s hot issue strategy.
    Relation: 2012中部學術財金研討會 論文發表
    Appears in Collections:[財務金融學系] 會議論文

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