中國上市公司股票發(fā)行中的市場擇時(shí)行為研究
定 價(jià):46 元
叢書名:中南財(cái)經(jīng)政法大學(xué)“雙一流”建設(shè)文庫
- 作者:黃勇 著
- 出版時(shí)間:2019/12/1
- ISBN:9787521811551
- 出 版 社:經(jīng)濟(jì)科學(xué)出版社
- 中圖法分類:F279.246
- 頁碼:162
- 紙張:膠版紙
- 版次:1
- 開本:16開
Managerial market timing is the subject of an extensive body of literature(Baker and Wurgler,2002;Baker,Ruback,and Wurgler,2007;Warusawitharana and Whited,2015).Baker and Wurgler(2002)suggest that corporate managers have incentives to time the market by exploiting(possibly perceived)misvaluations if they think it possible and if they care more about existing shareholders.Consistently,in their survey of 392 chief financial officers(CFOs)based in the U.S.and Canada,Graham and Harvey(2001)find that two-thirds of CFOs report that the amount by which their stock is misvalued is an important or very important consideration for equity issuance.Faced with misvaluations in the equity market,the literature suggests that managers’decision depends on the direction of the misvaluation.While overvaluation and the concentration of retail investors are associated with public offerings,undervaluation seems to be the main motivation for private placements.
黃勇 中南財(cái)經(jīng)政法大學(xué)會計(jì)學(xué)院講師研究領(lǐng)域:實(shí)證公司金融、行為公司金融教授課程:高級財(cái)務(wù)管理、會計(jì)學(xué)教育背景 2012年10月-2016年9月日本九州大學(xué)經(jīng)濟(jì)學(xué)博士 2009年9月-2012年9月中國地質(zhì)大學(xué)(武漢)管理科學(xué)與工程專業(yè)碩博連讀 2005年6月-2009年9月中國地質(zhì)大學(xué)(武漢)會計(jì)本科
1 Introduction
1.1 Literature review
1.2 Characteristics of the institutional environment for equity issues
1.3 Objectives of the dissertation
1.4 Main results and contributions
2 How can managers anticipate future stock overvaluation?
2.1 Introduction
2.2 Literature review
2.3 Sample selection and data
2.4 Stock price reactions to SEO announcements
2.5 Are SEO firms overvalued at the announcement?
2.6 Do managers successfully time the SEO market?
2.7 Summary
3 Market timing of seasoned equity offerings with long regulative process
3.1 Introduction
3.2 Literature review and hypotheses
3.3 Sample selection and data
3.4 Baseline results
3.5 Additional analyses
3.6 Further analyses
3.7 Summary
4 Market timing in private placements of seasoned equity
4.1 Introduction
4.2 The market timing hypothesis of private placements
4.3 Data and variables
4.4 Empirical results
4.5 Robustness check
4.6 Summary
5 Conclusion
Bibliography
Acknowledgements