Seasoned Equity Offerings or Capital Deductions? The Reaction of Stock Prices: Evidence from Taiwan

被引：4
|
作者：
Chen, Suduan [1 ]
机构：
[1] Natl Taipei Univ Business, Dept Accounting Informat, 321 Sec 1,Jinan Rd, Taipei 100, Taiwan
来源：
EMERGING MARKETS FINANCE AND TRADE | 2017年 / 53卷 / 03期
关键词：
capital deductions; event study; Generalized Autoregressive Conditional Heteroscedasticity (GARCH) models; Seasoned Equity Offerings (SEOs); EMPIRICAL-EVIDENCE; ISSUES; INFORMATION; ANNOUNCEMENTS; INVESTMENT; EARNINGS; COSTS; SIZE;
D O I：
10.1080/1540496X.2015.1097991
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study explores the influence of the announcement of seasoned equity offerings (SEOs) and capital deductions on stock prices by listed and OTC companies on the Taiwan Stock Market. It applies the event study to examine stock price fluctuations and estimates the regression coefficient of the market model with generalized autoregressive conditional heteroscedasticity (GARCH) models. The empirical results show that despite different implications of SEOs and capital deductions, there is a positive and significant influence on average abnormal returns rate and average cumulative abnormal returns rate on stock prices during the short term, medium term, and the long term.
引用
收藏
页码：644 / 660
页数：17
相关论文
共 50 条
12345