| Summary: | 碩士 === 東海大學 === 財務金融學系 === 100 === Although there are many literatures talk about SEO, and when observed the influence what SEO brings , most of them explain it from the aspect of information asymmetry. Our paper is base on this theory and using financial constraint firms as empirical sample. We want to observe what the differences between market reaction and systematic risks after SEO. We construct model analysis first, then we separate the excess return of financial constraint firms into two parts according to our models: one is the under reaction from market, the other one is the change of systematic risks after SEO. From empirical evidences, we found out that systematic risks of highly financial constraint firms will decrease significantly after SEO. On the other hand, after SEO, market will have more positive reaction on financial constraint firms.
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