An empirical study of the Taiwan listed companies seasoned equity offerings distributed by public drawing

• Main Authors: Jan Yih-Jan, 詹益禎
• Other Authors: Chen Shen-Yuan
• Format: Others
• Language: zh-TW
• Published: 1998
• Online Access: http://ndltd.ncl.edu.tw/handle/68880163105411055170

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.