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Illiquidity, stock return and corpor...

Zhao, Yu.

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Illiquidity, stock return and corporate capital structure: Evidence from seasoned equity offering.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Illiquidity, stock return and corporate capital structure: Evidence from seasoned equity offering./
作者:	Zhao, Yu.
面頁冊數:	72 p.
附註:	Source: Masters Abstracts International, Volume: 49-03, page: 1541.
Contained By:	Masters Abstracts International49-03.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=1483226
ISBN:	9781124352213

Illiquidity, stock return and corporate capital structure: Evidence from seasoned equity offering.
Zhao, Yu.

Illiquidity, stock return and corporate capital structure: Evidence from seasoned equity offering. - 72 p.

Source: Masters Abstracts International, Volume: 49-03, page: 1541.

Thesis (M.Sc.)--Singapore Management University (Singapore), 2010.

The post-issue underperformance of seasoned equity offering (SEO) is generally explained by asymmetric information and deteriorating operating performance. We complement these traditional explanations with a new parameter, the liquidity, which results from the change of capital structure due to equity offering. The new issuing of equity lowers the debt to asset ratio, lowers the information asymmetry, thus increasing stock liquidity, which is in accordance with the hypotheses presented by Kyle(1985)'s model; Evidence that stocks become more liquid after SEO, thus lower the expected return, resulting to underperformance, combined with the high stock illiquidity before SEO, which coincides the high return, proving that Amihud's (2002) hypothesis about the relation between liquidity and stock is applicable in explaining the stock return puzzle during SEO period.

ISBN: 9781124352213Subjects--Topical Terms:

626650
Economics, Finance.

Illiquidity, stock return and corporate capital structure: Evidence from seasoned equity offering.
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245 1 0 $a Illiquidity, stock return and corporate capital structure: Evidence from seasoned equity offering.
300 $a 72 p.
500 $a Source: Masters Abstracts International, Volume: 49-03, page: 1541.
500 $a Adviser: Jeremy Goh.
502 $a Thesis (M.Sc.)--Singapore Management University (Singapore), 2010.
520 $a The post-issue underperformance of seasoned equity offering (SEO) is generally explained by asymmetric information and deteriorating operating performance. We complement these traditional explanations with a new parameter, the liquidity, which results from the change of capital structure due to equity offering. The new issuing of equity lowers the debt to asset ratio, lowers the information asymmetry, thus increasing stock liquidity, which is in accordance with the hypotheses presented by Kyle(1985)'s model; Evidence that stocks become more liquid after SEO, thus lower the expected return, resulting to underperformance, combined with the high stock illiquidity before SEO, which coincides the high return, proving that Amihud's (2002) hypothesis about the relation between liquidity and stock is applicable in explaining the stock return puzzle during SEO period.
520 $a Keywords: illiquidity, seasoned equity offering, capital structure
590 $a School code: 1583.
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650 4 $a Business Administration, Banking. $3 1018458
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