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

共 50 条

[31] Agency Theory and Flotation Methods in Seasoned Equity Offerings: The Case in Taiwan
Wang, Kehluh
Chen, Yi-Hsuan
Huang, Szu-Wei
[J]. REVIEW OF PACIFIC BASIN FINANCIAL MARKETS AND POLICIES, 2008, 11 (04) : 555 - 567
[32] Analyst coverage and the cost of raising equity capital: Evidence from underpricing of seasoned equity offerings
Bowen, Robert M.
Chen, Xia
Cheng, Qiang
[J]. CONTEMPORARY ACCOUNTING RESEARCH, 2008, 25 (03) : 657 - +
[33] Role of market timing and market conditions: Evidence from seasoned equity offerings
Wadhwa, Kavita
Syamala, Sudhakara Reddy
[J]. NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2019, 48 : 555 - 566
[34] Cross-Country Variability in Cost of Raising Equity: Evidence from Seasoned Equity Offerings
Gupta, Manu
Prakash, Puneet
Rangan, Nanda K.
[J]. INTERNATIONAL REVIEW OF FINANCE, 2019, 19 (04) : 821 - 850
[35] What motivates seasoned equity offerings? Evidence from the use of issue proceeds
Bayless, Mark
Jay, Nancy
[J]. MANAGERIAL FINANCE, 2013, 39 (03) : 251 - 271
[36] The cost of raising capital — New evidence from seasoned equity offerings in Switzerland
Christoph Kaserer
Fabian Steiner
[J]. Financial Markets and Portfolio Management, 2004, 18 (1): : 24 - 38
[37] Venture Capital Backing and Issuance of Seasoned Equity Offerings: Evidence from China*
Yang, Songling
Li, Hemei
Li, Juncheng
Zhang, Qiuyue
Shi, Qianqian
[J]. ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 2020, 49 (06) : 884 - 910
[38] Corporate social responsibility in the tourism industry: evidence from seasoned equity offerings
Feng, Zhi-Yuan
Tseng, Yen-Jung
[J]. CURRENT ISSUES IN TOURISM, 2019, 22 (01) : 91 - 106
[39] Bank regulation, financial crisis, and the announcement effects of seasoned equity offerings of US commercial banks
Li, Hui
Liu, Hong
Siganos, Antonios
Zhou, Mingming
[J]. JOURNAL OF FINANCIAL STABILITY, 2016, 25 : 37 - 46
[40] Discussion of "Analyst Coverage and the Cost of Raising Equity Capital: Evidence from Underpricing of Seasoned Equity Offerings"
Lang, Mark H.
[J]. CONTEMPORARY ACCOUNTING RESEARCH, 2008, 25 (03) : 701 - 706

← 1 2 3 4 5 →