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The Long-Run Performance of Equity Issuances in Taiwan: A Test of Subsequent SEO Effect
Journal of Financial Studies
View Archive Info| Field | Value | |
| Title |
The Long-Run Performance of Equity Issuances in Taiwan: A Test of Subsequent SEO Effect
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| Creator |
Jeng-Ren Chiou
Ting-Kai Chou Chia-Ling Wong |
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| Description |
This study investigates the impact of seasoned equity offering after the IPO on the long-run performance. We have a sample of 206 IPOs that went public in Taiwan during the period from 1991 to 2000. The empirical results show that long-run performance of IPOs is sensitive to the benchmark portfolio chosen and that the firms with first SEO within 3 years after going public show the superior performance relative to the firms that do not return to the equity market. Furthermore, firms raised additional funds after first SEO through a second SEO outperformed the firms that return to the equity market only once. We also find the timing of the first SEO could be suited to explain the long-run underperformance following equity issuances. Keywords:IPO; SEO; Long-run Performance. |
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| Publisher |
Journal of Financial Studies
財務金èžå¸åˆŠ |
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| Date |
2011-06-22
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| Type |
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| Format |
application/pdf
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| Identifier |
http://www.jfs.org.tw/index.php/jfs/article/view/2011160
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| Source |
Journal of Financial Studies; Vol 12, No 2 (2004); 1
財務金èžå¸åˆŠ; Vol 12, No 2 (2004); 1 |
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| Language |
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