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The Impact of Company Characteristics on Institutional Ownership Holdings before SEOs.
|關鍵字:||現金增資;機構投資人;訊息效果;Seasoned Equity Offerings;Institutional investors;Information||引用:||參考文獻 Anderson, C. W., Jandik, T., and Makhija, A. K., 2001, Determinants of Foreign Ownership in Newly Privatized Companies in Transition Economies, Financial Review 37, 161-176. Brous, Peter A., 1992, Common stock offerings and earnings expectations: a test of the release of unfavorable information, Journal of Finance 47, 1517-1536. Carleton, W., Nelson, J. and Weisbach, M. ,1998,The Influence of Institutions on Corporate Governance Trough Private Negotiations: Evidence from TIAA-CREF, Journal of Finance 53, 1335-1362. Chemmanur, T, J., Paeglis, I., Simonyan, K., 2009,The medium of exchange in acquisitions: Does the private information of both acquirer and target matter?, Journal of Corporate Finance 15, 523-542. Chemmanur, T. J., S. He, and G. Hu, 2009,The role of institutional investors in seasoned equity offerings,Journal of Financial Economics 94, 384-411. 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The existing empirical evidence shows that the institutional ownership has significantly impact on firms' long-term performance after seasonal equity offering (SEO). We analyze two important issues in this paper. The first issue is what factors affect the institutional holdings during the SEO periods. We find that if the firm had stock splits, increase in debt ratio, decrease in ROA, insider net sales or asset impairment before SEO, institutional owners would the less prefer these SEOs. It implies that they do not prefer those events. Under the regression analysis, after control other firm characteristics, we find that the institutional ownership would not prefer the increase in Debt ratio, insider net sales, asset impairment. The second issue, we test is if the level of institutional ownership changes affects the company long-term performance. Empirically, we find the degree of institutional ownership changes has significantly positive impact on SEO firms' long-term performance. In addition, under the less preferred events, the increase in institutional ownership would have significant positive effect on SEO firms' long-term performance. It implies that institutional owners have other positive information about the SEO firms and the firms have better performance in the long term.
|Appears in Collections:||財務金融學系所|
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