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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/120810

    Title: Equity issuances and agency costs: Additional evidence from East Asia markets
    Other Titles: 證券發行與代理成本:東亞市場的實證
    Authors: Lou, Kuo-Ren;Lu, Yang-Kai;Shiu, Cheng-Yi
    Keywords: Seasoned equity offerings;Mandatory shareholder voting;Agency cost;Long-run performance;現金增資;強制性的股東同意權;代理成本;長期績效
    Date: 2018-06
    Issue Date: 2021-05-11 12:11:48 (UTC+8)
    Abstract: 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.
    Relation: 風險管理學報 20(1),頁29-49
    Appears in Collections:[Department of Management Sciences] Journal Article

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