The Reexamination of the Impact of Seasoned Equity Offerings Announcement on Stock Prices - Evidence from TSE and OTC Listed Companies

[[abstract]]摘要 本研究的目的主要是在檢定上市公司和上櫃公司在實施現金增資發行新股的宣告日對股價的影響，本研究分別檢定上市電子股及上櫃電子股的宣告效應為何。本研究的樣本範圍從民國91年1月至95年12月之上市及上櫃公司之電子股，利用事件研究法中GARCH模型進行實證。 驗證以下假說： 一、當上市公司宣告實施現金增資時，上市公司股價呈現顯著負向的異常報酬。 二、當上櫃公司宣告實施現金增資時，上櫃公司股價呈現顯著負向的異常報酬。[[abstract]]ABSTRACT This thesis aims to reexamine the impact on the electronics stock prices when TSE and OTC listed companies announce seasoned equity offerings. The data for analysis include the electronics shares issued by TSE and OTC Listed Companies from January, 2002 to December, 2006. The thesis uses the GARCH model to estimate the coefficients of the market model and uses the event study method to verify the following hypotheses. 1. There are significantly negative abnormal returns when TSE listed companies announce seasoned equity offerings. 2. There are significantly negative abnormal returns when OTC listed companies announce seasoned equity offerings