标题: | 投资人对现金增资股票的过度反应行为-魅力性观点 Investors' Overreaction and the Performance of SEOs: The Charisma Perspective |
作者: | 王朝仕 Chao-Shi Wang Institute of Business and Management 经营管理研究所 |
关键字: | 现金增资股票;价值高估;魅力性观点;过度反应;绩效;Seasoned Equity Offerings SEOs;Overvalued;Charisma Perspective;Overreaction;Performance |
公开日期: | 1-十月-2011 |
摘要: | 由于公司选择发行现金增资股票(SEOs)的融资方式,可能令投资人产生价值高估之疑虑。本研究援引魅力性观点,考量价值因素与投资人參与申购市场热度,期望进一步检测是否即使能在申购市场受到投资人特别偏好者,其初期亦会产生绩效下滑现象,藉此则可佐证投资人确实存在过度反应行为。实证结果发现,不論SEOs魅力性的水准,初期绩效皆明显较差。就长期绩效而言,特别是在控制发行公司负债程度后,高度与低度魅力性SEOs绩效则会产生更大规模的差異。据此,支持投资人对于公司发行SEOs传递的价值高估讯号颇为敏感,而过度反应亦系该市场普遍存在的现象。 Owing to the financing way of seasonal equity offerings (SEOs), it may bring the doubt of overvalued to investors. This paper cites the charisma perspective that considers value factors and the demand of subscription, and to confirm whether the initial performance of SEOs is worse or not even it was investors' preference. The results showed that SEOs' initial performance had downside trend obviously regardless of charisma level. In the long-term, there had been more significantly difference between high and low charisma SEOs especially after controlling the debt degree. These findings may be explained by overreaction and investors were very sensitive to the signal of overvalued in SEOs market. |
URI: | http://hdl.handle.net/11536/107848 |
ISSN: | 1023-9863 |
期刊: | 管理与系统 Journal of Management and Systems |
Volume: | 18 |
Issue: | 4 |
起始页: | 633 |
结束页: | 662 |
显示于类别: | Journal of Management and System |
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