managinginternalequityandse-免費(fèi)閱讀
【正文】 假說 1b：配股以后長(zhǎng)期投資的增加越多，業(yè)績(jī)下滑的幅度越大。 a positive MKT reaction The ownership structure hypothesis: anticipate change of managerial performance The infor. hypothesis: assessment of investment opportunities Hertzel and Smith (1993) SEO ? Methods of SEO stock and stock option grant, employee stock ownership plans (ESOP) and dividend reinvestment plans (DRIPs) Rights offering have a deeply negative market reaction general public offering Incentive 。 otherwise, tend to be diversified. SEO infant star dog cash cow Investment opportunities Profitability of existing business If internal CF is Insufficient, SEO may have a positive react If SEO, MKT may have a negative react SEO ? What’s the influence of SEO? ownership structure capital structure interest shift between old and new shareholders SEO ? Methods of SEO private placement。 increasing the bargaining ability with underwriter Restrictive requests for candidate。 假說 3b：在存在過度投資可能性的情況下，大股東受到的制約越小，配股以后業(yè)績(jī)下滑的幅度越大。 19631981, only less than 5% firms selected rights offering after 1982, no rights offering ? Japan B SEO: the cost of issuing ? Underwriter spread: a percentage of offering proceeds ? Adverse selection costs: negative mkt reaction ? Warrants to underwriter SEO ? Underwrite methods Firm mitment Best effort ? Issuing methods traditional shelf registration: matching with capital expenditures。Managing Internal Equity and SEO Chapter Objective ? The equity management perspective ? Internal capital market theory ? The process of issuing SEO ? Underwriter fee in SEO ? Mkt e
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