Media Attention and SEO Announcement Effect
碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 102 === This paper tests information signaling hypothesis by studying the impact of the pre-announcement media attention on share-price reaction during seasoned equity offerings (SEOs) announcements. In a sample of Taiwan firms that under take SEOs announcements fro...
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Other Authors: | |
Format: | Others |
Language: | zh-TW |
Published: |
2014
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Online Access: | http://ndltd.ncl.edu.tw/handle/36682311104037929825 |
Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 102 === This paper tests information signaling hypothesis by studying the impact of the pre-announcement media attention on share-price reaction during seasoned equity offerings (SEOs) announcements. In a sample of Taiwan firms that under take SEOs announcements from 1996 through 2011, we find that the average pre-announcement abnormal return for firms with pre-announcement media attention (positive) is significantly higher. Consistent with the information signaling hypothesis, our evidence suggests that market investors tend to view media attention as a channel to signal firms’ intrinsic value.
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