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標題: 現金增資前公司特性對機構投資人持股之影響
The Impact of Company Characteristics on Institutional Ownership Holdings before SEOs.
作者: Li-Erh Chuang
關鍵字: 現金增資;機構投資人;訊息效果;Seasoned Equity Offerings;Institutional investors;Information
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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.
其他識別: U0005-1606201520361100
Rights: 同意授權瀏覽/列印電子全文服務,2015-06-24起公開。
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