Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92405
標題: 產品市場競爭程度與現金增資的長期績效
Market Product Competition and Long-run Performance of Seasoned Equity Offerings.
作者: Peng-Yu Gao
高鵬育
關鍵字: 產品市場競爭;市場占有率;現金增資;長期績效;市場獲利能力;Seasoned Equity Offerings;Product market Competition;Market Share;Market Power
引用: Carlson, M., Fisher, A., and Giammarino, R. (2006). Corporate Investment and Asset Price Dynamics: Implications for SEO Event Studies and Long‐Run Performance. The Journal of Finance, 61(3), 1009-1034. Carlson, M., Fisher, A., and Giammarino, R. (2010). SEO risk dynamics. Review of Financial Studies, 23(11), 4026-4077. Chemmanur, T. J., He, S., and Nandy, D. K. (2009). The going-public decision and the product market. Review of Financial Studies, hhp098. Chod, J., and Lyandres, E. (2011). Strategic IPOs and product market competition. Journal of Financial Economics, 100(1), 45-67. Datta, S., Iskandar-Datta, M., and Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking and Finance, 37(8), 3273-3285. Fama, E. F., and French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of financial economics, 33(1), 3-56. Fama, E. F., and French, K. R. (1997). Industry costs of equity. Journal of financial economics, 43(2), 153-193. Gaspar, J. M., and Massa, M. (2006). Idiosyncratic Volatility and Product Market Competition*. The Journal of Business, 79(6), 3125-3152. Giroud, X., and Mueller, H. M. (2011). Corporate governance, product market competition, and equity prices. The Journal of Finance, 66(2), 563-600. Hansen, R. S., and Crutchley, C. (1990). Corporate earnings and financings: An empirical analysis. Journal of Business, 347-371. Hou, K., and Robinson, D. T. (2006). Industry concentration and average stock returns. The Journal of Finance, 61(4), 1927-1956. Irvine, P. J., and Pontiff, J. (2009). Idiosyncratic return volatility, cash flows, and product market competition. Review of Financial Studies, 22(3), 1149-1177. Kale, J. R., and Loon, Y. C. (2011). Product market power and stock market liquidity. Journal of Financial Markets, 14(2), 376-410. Li, X., and Zhao, X. (2006). Propensity score matching and abnormal performance after seasoned equity offerings. Journal of Empirical Finance,13(3), 351-370. Loughran, T., and Ritter, J. R. (1995). The new issues puzzle. The Journal of finance, 50(1), 23-51. Loughran, T., and Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. The Journal of Finance, 52(5), 1823-1850. Lyandres, E., Sun, L., and Zhang, L. (2008). The new issues puzzle: Testing the investment-based explanation. Review of Financial Studies, 21(6), 2825-2855. Peress, J. (2010). Product market competition, insider trading, and stock market efficiency. The Journal of Finance, 65(1), 1-43. Rangan, S. (1998). Earnings management and the performance of seasoned equity offerings. Journal of Financial Economics, 50(1), 101-122. Schultz, P. (2003). Pseudo market timing and the long‐run underperformance of IPOs. The Journal of Finance, 58(2), 483-518. Spiess, D. K., and Affleck-Graves, J. (1995). Underperformance in long-run stock returns following seasoned equity offerings. Journal of Financial Economics,38(3), 243-267. Teoh, S. H., Welch, I., and Wong, T. J. (1998). Earnings management and the underperformance of seasoned equity offerings. Journal of Financial economics, 50(1), 63-99.
摘要: 
本文研究有關影響現金增資公司長期績效之因素,公司增資後是否會因為產品市場競爭程度差異而使長期績效有顯著的差異?運用四分位數將樣本區分成四種產品市場競爭程度,檢驗現金增資公司在高競爭與低競爭的產業之間長期績效的差異。另外,除了針對不同產業競爭性之現金增資公司的長期績效,本文運用傾向指數尋找現金增資公司的配對樣本,比較現金增資公司與配對樣本在不同產業競爭程度下的長期績效差異。本文並檢驗現金增資公司在增資前的市場占有率與市場獲利能力兩種公司特性是否影響現金增資後的長期績效。實證結果發現,當公司處於競爭性較低的產業時,現金增資後的表現較好,市場占有率越高的公司現金增資後表現較好,市場獲利能力較差的公司,若處於競爭性較低的產業,增資後長期市場表現較好。

This study investigates whether industry concentrations are associated with the long-run performance of firms with seasoned equity offerings. I use Herfindahl-Hirschman Index as the proxy for the product market competition. I divide industry competition into four categories:High、Middle-High、Middle-Low and Low. Using the sample firms between 1990 and 2008, we find that when issuing firms in more competitive industry, the long-run performance after firms' SEOs would be worse. I also use matching sample to test the difference of the long-run performance between SEOs and non-SEO firms with respect to different industry competition. The empirical results show that in the high competitive industry, the long-run performance of SEO firms will significant lower than the non-SEO firms, but not in the low competitive industry.
URI: http://hdl.handle.net/11455/92405
其他識別: U0005-2406201516555900
Rights: 不同意授權瀏覽/列印電子全文服務
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