Managerial Financial Education and the Valuation Effects of Seasoned Equity Offerings: Evidence from Taiwan

被引：0

作者：

Chen, Ching-Yen ^{[1
]}

Su, Xuan-Qi ^{[1
]}

Chen, Chin-Ming ^{[1
]}

Chen, Mei-Shih ^{[1
]}

机构：

[1] Natl Kaohsiung Univ Sci & Technol, Coll Finance & Banking, 1 Univ Rd, Kaohsiung 824, Taiwan

来源：

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2019年 / 48卷 / 06期

关键词：

Financial education; Seasoned equity offerings; Information asymmetry; Earnings management; Overvaluation; LONG-RUN PERFORMANCE; EARNINGS MANAGEMENT; STOCK RETURNS; AGENCY COSTS; INVESTMENT OPPORTUNITIES; CORPORATE-FINANCE; INFORMATION; FIRM; ISSUES; OWNERSHIP;

D O I：

10.1111/ajfs.12281

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper tests how managerial financial education explains the valuation effects of seasoned equity offerings (SEOs). Using a sample of Taiwanese listed firms during 2007-2018, our results show that investors react more negatively to SEO announcements by firms with more financially educated managers (MFEMs). Such a negative effect is more pronounced for firms with a higher information asymmetry and more earnings management. Further evidence indicates that SEO firms with MFEMs are substantially overvalued and thus experience a significantly long-run post-SEO underperformance. MFEMs are also found to reduce their ownership prior to SEOs. Our overall results support the opportunism-based information advantage hypothesis.

引用

页码：844 / 868

页数：25

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