Market Product Competition and Long-run Performance of Seasoned Equity Offerings.

• Main Authors: Peng-Yu Gao, 高鵬育
• Other Authors: 徐俊明
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/00843679567092061647

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.