| Summary: | 碩士 === 國立中興大學 === 財務金融學系所 === 103 === This study investigates whether industry concentrations are associated with the long-run performance of firms with seasoned equity offerings. I use Herfindahl-Hirschman Index as the proxy for the product market competition. I divide industry competition into four categories：High、Middle-High、Middle-Low and Low. Using the sample firms between 1990 and 2008, we find that when issuing firms in more competitive industry, the long-run performance after firms’ SEOs would be worse. I also use matching sample to test the difference of the long-run performance between SEOs and non-SEO firms with respect to different industry competition. The empirical results show that in the high competitive industry, the long-run performance of SEO firms will significant lower than the non-SEO firms, but not in the low competitive industry.
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