Equity issuances and agency costs: additional evidences from East Asia markets
學年 108
學期 2
發表日期 2020-06-25
作品名稱 Equity issuances and agency costs: additional evidences from East Asia markets
作品名稱（其他語言）
著者 Kuo-Ren Lou; Yang-Kai Lu; Cheng-Yi Shiu
作品所屬單位
出版者
會議名稱 The 7Th Critical and Alternative Thinking in Governance (CATG) Hosts: Corporate Governance Research Symposium
會議地點 Barcelona, Spain
摘要 We investigate the announcement returns and long run performance of SEOs conducted by public firms in four East Asia markets in the period from 2003 to 2015. The shareholder approval is required for equity issuance in our sample. The empirical results show that both the announcement and post-issue abnormal returns are significantly negative. Our findings contradict the evidences in Holderness (2018) that the announcement returns are significantly positive for SEOs when shareholders must vote to approve equity issuances. Our results of long-run underperformance also demonstrate that mandatory shareholder approval does not effectively mitigate the managerial agency problem associated with SEOs.
關鍵字 Seasoned equity offerings;Mandatory shareholder voting;Agency cost;Long-run performance
語言 en_US
收錄於
會議性質 國際
校內研討會地點 無
研討會時間 20200625~20200627
通訊作者
國別 ESP
公開徵稿
出版型式
出處
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