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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
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.

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.
其他識別: U0005-2406201516555900
Rights: 不同意授權瀏覽/列印電子全文服務
Appears in Collections:財務金融學系所

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