Earticle

초록

영어

Several signaling models predict that firms underprice their initial offerings of equity deeply so that they can subsequently issue seasoned equity at more favorable terms. We test the implications of those models. We find a positive relation between IPO underpricing and the possibility of and the size of subsequent seasoned equity offerings. These results tend to consistent with the implications of the signaling hypotheses. The probability and size of subsequent seasoned equity offerings are closely related to stake sold at the initial public offering and to the external corporate governance variables. Those result are in sharp contrast with the market-feedback hypothesis raised by Jegadeesh, Weinsein, and Welch (19893). Curiously, aftermarket performance is irrelevant to subsequent stock issue decisions.

목차

Abstract
 1. Introduction
 2. Hypotheses
 3. Data and methodology
 4. Empirical results
  4.1 Possibility of seasoned equity issue
  4.2 The size of seasoned equity offerings
  4.3. Time between the IPO and the first SEO
  4.4. Market reaction
 5. Conclusion
 Reference
 Table

키워드

저자

• Seung-Doo Choi [ Professor, Department of Finance, Dongeui University, Busan, Korea ]
• Jung Sun Shin [ Professor, School of Business, Ewha University, Seoul ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330