The Impacts of Business Diversification and M&As on the Stock Performance of SEO Firms

Autor:	Chih-Chieh Huang, 黃志傑
Rok vydání:	2016
Druh dokumentu:	學位論文 ; thesis
Popis:	104 This study investigates the impacts of firms'' pre-issue mergers and acquisitions (M&As) and business diversification on the long-run performance following their seasoned equity offerings (SEOs). The empirical results show that firms engaged in diversification before SEOs tend to under perform than their matching firms and firms without M&As or business diversification. This result implies that these seo firms use the proceeds from SEOs to support their diversified businesses. The investment, however cannot improve their operating efficiency of those firms. We find that institutional investors therefore decrease their ownership of those firms after SEOs. Finally, firms with pre-issue M&As and business diversification tend to inflate their earnings and invest over the optimal level.
Databáze:	Networked Digital Library of Theses & Dissertations
Externí odkaz:	http://ndltd.ncl.edu.tw/handle/30748365985335656438 Zobrazit plný text záznamu