An empirical study of the Taiwan listed companies seasoned equity offerings distributed by public drawing
碩士 === 銘傳大學 === 財務金融學系 === 86 === This paper examines the rate of expected return of drawing the Taiwan listed companies seasoned equity offerings by using Black-Scholes options pricing model. The empirical results shows that nomatter the target shares could been short or not, the rate of expecte...
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ndltd-TW-086MCU003040132015-10-13T11:03:31Z http://ndltd.ncl.edu.tw/handle/68880163105411055170 An empirical study of the Taiwan listed companies seasoned equity offerings distributed by public drawing 我國上市公司現金增資公開申購之研究 Jan Yih-Jan 詹益禎 碩士 銘傳大學 財務金融學系 86 This paper examines the rate of expected return of drawing the Taiwan listed companies seasoned equity offerings by using Black-Scholes options pricing model. The empirical results shows that nomatter the target shares could been short or not, the rate of expected retrun for investors who drawing the listed companies seasoned equityofferings were significant high. Moreover, the empirical results alsoindicate that the drawing fee was been undervalued and the offering pricesof seasoned equity offerings were been underbalued, either. A matrix was been developed for setting the optimal drawing fee and the offeringprice fo listed companies seasoned offerings under different rate of required retrun.Besides, this paper also examines the impacts fo four factors on the drawing probabilities. Findings show that the drawing probabilities onlysignificantly negative influenced by offering price discount. Chen Shen-Yuan 陳勝源 1998 學位論文 ; thesis 0 zh-TW |
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碩士 === 銘傳大學 === 財務金融學系 === 86 === This paper examines the rate of expected return of drawing the Taiwan listed companies seasoned equity offerings by using Black-Scholes options pricing model. The empirical results shows that nomatter the target shares could been short or not, the rate of expected retrun for investors who drawing the listed companies seasoned equityofferings were significant high. Moreover, the empirical results alsoindicate that the drawing fee was been undervalued and the offering pricesof seasoned equity offerings were been underbalued, either. A matrix was been developed for setting the optimal drawing fee and the offeringprice fo listed companies seasoned offerings under different rate of required retrun.Besides, this paper also examines the impacts fo four factors on the drawing probabilities. Findings show that the drawing probabilities onlysignificantly negative influenced by offering price discount.
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author2 |
Chen Shen-Yuan |
author_facet |
Chen Shen-Yuan Jan Yih-Jan 詹益禎 |
author |
Jan Yih-Jan 詹益禎 |
spellingShingle |
Jan Yih-Jan 詹益禎 An empirical study of the Taiwan listed companies seasoned equity offerings distributed by public drawing |
author_sort |
Jan Yih-Jan |
title |
An empirical study of the Taiwan listed companies seasoned equity offerings distributed by public drawing |
title_short |
An empirical study of the Taiwan listed companies seasoned equity offerings distributed by public drawing |
title_full |
An empirical study of the Taiwan listed companies seasoned equity offerings distributed by public drawing |
title_fullStr |
An empirical study of the Taiwan listed companies seasoned equity offerings distributed by public drawing |
title_full_unstemmed |
An empirical study of the Taiwan listed companies seasoned equity offerings distributed by public drawing |
title_sort |
empirical study of the taiwan listed companies seasoned equity offerings distributed by public drawing |
publishDate |
1998 |
url |
http://ndltd.ncl.edu.tw/handle/68880163105411055170 |
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