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標題: The Long-Run Performance of Firms Issuing Equity Shortly after Their IPOs: Evidence from Taiwan
作者: 楊文彬
Wen-Ben Yang
Jun-Ming Hsu
關鍵字: 上市櫃;增資;長期績效;IPOs;SEOs;long-run performance
Project: 臺灣管理學刊, Volume 14, Issue 2, Page(s) 51-72.

This study investigates the long-run stock performance of Taiwanese firms that conduct seasoned equity offerings (SEOs) in one year after their initial public offerings (IPOs). On average, these IPO-SEO firms underperform the market, their industries, and the matching sample. We hypothesize that these firms would perform differently according to the reasons behind their fast reissues. To examine this issue, we divide the sample into three groups: growth, timing, and unattractive firms. The results show that growth firms perform best and low-quality firms worst. We also find that pre-issue profitability and managerial ownership are positively associated with IPO-SEO firms' performance, while large-block individuals' and affiliated companies' ownership negatively affects their longrun performance. These results imply that managerial alignment and corporate governance are associated with the firm value.
DOI: 10.6295/TAMJ.2015.1402.03
Appears in Collections:第14卷 第02期

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