The Information Contents and Price Discounts of Companies Issuing Global Depositary Receipts
碩士 === 國立中興大學 === 財務金融系所 === 98 === This study contains a sample of 57 Taiwan`s public companies that conducted global and domestic equity offerings (i.e., issuing GDRs and SEOs) during 1994-2009. I mainly compare the differences in announcement effects and underpricing (price discounts) between th...
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ndltd-TW-098NCHU53040092015-10-30T04:05:02Z http://ndltd.ncl.edu.tw/handle/20443240576306561697 The Information Contents and Price Discounts of Companies Issuing Global Depositary Receipts 企業發行海外存託憑證的資訊內涵與折價 Hsiao-Chen Wu 吳曉蓁 碩士 國立中興大學 財務金融系所 98 This study contains a sample of 57 Taiwan`s public companies that conducted global and domestic equity offerings (i.e., issuing GDRs and SEOs) during 1994-2009. I mainly compare the differences in announcement effects and underpricing (price discounts) between these two groups. The results are summarized as follows. (1) The announcement effects of issuing equity domestically and globally are positive and negative, respectively. The regression results indicate that book-to-market ratio and returns on equity are negatively associated with the announcement effect. (2) The underpricing (price discount) of issuing GDRs appears to be less than that of conducting SEOs, indicating that GDR issuers have better negotiating power. 徐俊明 2010 學位論文 ; thesis 28 zh-TW |
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碩士 === 國立中興大學 === 財務金融系所 === 98 === This study contains a sample of 57 Taiwan`s public companies that conducted global and domestic equity offerings (i.e., issuing GDRs and SEOs) during 1994-2009. I mainly compare the differences in announcement effects and underpricing (price discounts) between these two groups.
The results are summarized as follows. (1) The announcement effects of issuing equity domestically and globally are positive and negative, respectively. The regression results indicate that book-to-market ratio and returns on equity are negatively associated with the announcement effect. (2) The underpricing (price discount) of issuing GDRs appears to be less than that of conducting SEOs, indicating that GDR issuers have better negotiating power.
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author2 |
徐俊明 |
author_facet |
徐俊明 Hsiao-Chen Wu 吳曉蓁 |
author |
Hsiao-Chen Wu 吳曉蓁 |
spellingShingle |
Hsiao-Chen Wu 吳曉蓁 The Information Contents and Price Discounts of Companies Issuing Global Depositary Receipts |
author_sort |
Hsiao-Chen Wu |
title |
The Information Contents and Price Discounts of Companies Issuing Global Depositary Receipts |
title_short |
The Information Contents and Price Discounts of Companies Issuing Global Depositary Receipts |
title_full |
The Information Contents and Price Discounts of Companies Issuing Global Depositary Receipts |
title_fullStr |
The Information Contents and Price Discounts of Companies Issuing Global Depositary Receipts |
title_full_unstemmed |
The Information Contents and Price Discounts of Companies Issuing Global Depositary Receipts |
title_sort |
information contents and price discounts of companies issuing global depositary receipts |
publishDate |
2010 |
url |
http://ndltd.ncl.edu.tw/handle/20443240576306561697 |
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