The Post-Performance of Seasoned Equity Offerings and Institutional Trading Behavior

[[abstract]]本研究檢驗現金增資後是否存在異常報酬，並探討現金增資發行日前後機構投資人淨買超是否有差異，實證發現，不管現金增資後1、2或3年，現金增資公司的報酬率比未增資公司還差，推論公司管理者對現金增資有擇時的能力，所以公司管理者傾向在股價高估時進行現金增資，但相對財富值不管在持有1、2或3年期間，都與標準值1相當接近，無法看出長期持有現金增資股票，其財富會減少或增加。另在探討機構投資人交易行為方面，發現機構投資人於增資前後5日淨買超未存在正向關係，但機構投資人於增資前後21日淨買超存在正向關係，表示機構投資人應能判斷現金增資隱含的資訊，使其在現金增資前後的淨買超呈現一致性。[[abstract]]This study examines whether there is abnormal return after SEOs and the relationship between pre-offering and post-offering trading by institutional investors The results show that the SEOs have underperformed non-SEO firms during the three years after issuing not including the first-day return We suggest that corporate managers are able to issue SEOs when the companies’ stock is overpriced But there is no evidence shows wealth relative of the SEOs are lower For the first five days there is reverse relation between pre-offer net buy and post-offer net buy of institutional investors But for the twenty one days there is positive relation between pre-offer net buy and post-offer net buy of institutional investors The institutional investors can determine the information of SEOs There is consistency between pre-offering and post- offering trading by institutional investor