- 學位論文
控制股東、市場擇時與股票發行之關聯
Controlling shareholders, Market Timing and Share Issuance
並列摘要
This dissertation analyzes the relation between stock returns and share issuance with the change of the stake of controlling shareholders by using securities market data in Taiwan from 1997 to 2013. Empirical results suggest that future returns are poor when firms experience a decline in the stake of controlling shareholders after equity issuance. This implies that controlling shareholders may be able to time the market. The findings are more significant in hot issue markets. When there is no issuance of firm stock, the relation between change in the stake of controlling shareholders and future returns is uncertain. As for firm characteristics before issuance, the higher the stock turnover, the more likely firm issues shares whether controlling shareholders decrease or increase their shares.
參考文獻
延伸閱讀
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