會議論文
| 學年 | 108 |
|---|---|
| 學期 | 2 |
| 發表日期 | 2020-06-25 |
| 作品名稱 | Equity issuances and agency costs: additional evidences from East Asia markets |
| 作品名稱（其他語言） | |
| 著者 | Kuo-Ren Lou; Yang-Kai Lu; Cheng-Yi Shiu |
| 作品所屬單位 | |
| 出版者 | |
| 會議名稱 | The 7Th Critical and Alternative Thinking in Governance (CATG) Hosts: Corporate Governance Research Symposium |
| 會議地點 | Barcelona, Spain |
| 摘要 | We investigate the announcement returns and long run performance of SEOs conducted by public firms in four East Asia markets in the period from 2003 to 2015. The shareholder approval is required for equity issuance in our sample. The empirical results show that both the announcement and post-issue abnormal returns are significantly negative. Our findings contradict the evidences in Holderness (2018) that the announcement returns are significantly positive for SEOs when shareholders must vote to approve equity issuances. Our results of long-run underperformance also demonstrate that mandatory shareholder approval does not effectively mitigate the managerial agency problem associated with SEOs. |
| 關鍵字 | Seasoned equity offerings;Mandatory shareholder voting;Agency cost;Long-run performance |
| 語言 | en_US |
| 收錄於 | |
| 會議性質 | 國際 |
| 校內研討會地點 | 無 |
| 研討會時間 | 20200625~20200627 |
| 通訊作者 | |
| 國別 | ESP |
| 公開徵稿 | |
| 出版型式 | |
| 出處 | |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/120813 ) |