A Reexamination of the Performance of Seasoned Equity Offerings with the IPOs Effects, Growth Opportunity, and Insider Trading

[[abstract]]本研究旨在檢測SEOs績效，並探討各種特徵是否能解釋SEOs績效的變化。實證結果發現，在IPOs發行市場為贏家者，並不表示其在後續SEOs發行市場亦會是贏家。再者，成長機會較佳的公司，其SEOs長期績效表現不但能持續超越市場投資組合，更顯著高於成長機會較差的公司。此外，若內部關係人在SEO宣告日前的交易屬性為買超者，則其後續績效表現持續超越賣超者。根據上述結果，藉由檢視公司成長機會與內部人持股變化等資訊，可減輕SEOs權益融資之資訊不對稱問題，投資人可據此擬定投資操作策略。[[abstract]]The aim of this study is to examine the performance of SEOs and investigate whether the variation of SEOs' performance can be explained by firm characteristics. We find that the winners of IPOs issuing market may not always be the ones in SEOs. Long-term performance of SEOs for firms with higher growth opportunity does not only beat the market portfolio, but also significantly outperform firms with lower growth opportunity. Moreover, the subsequent performance of insiders who overbought before SEO's declaration date will be higher than those who oversold. Based on our findings, the asymmetric information on SEOs equity financing will be alleviated by investigating growth opportunity and the variation of insider' share-holdings and then investors can formulate their investing strategy accordingly