주주배정 유상증자와 제3자 배정 유상증자 방식에 따른 기업특성과 자본시장의 반응 he effects of seasoned equity offering methods on firm characteristics and stock market reactions: Shareholder priority public offering and Allotment to the third party
The purpose of this study is to examine whether firms have different characteristics by the type of seasoned offering methods(the shareholder priority public offering, allotment to the third party) and whether their type of seasoned offering methods impact differently on capital market. To investigate the effect of announcement of equity issues on capital market, we were conducted on the sample of 140 firms announced equity issue on KSE(Korean Stock Exchange) from 2000 to 2007 and used market adjusted return model. The results are as follows,First, we achieve to find the difference between the type of seasoned offering methods, firms have different leverage and owner shareholder ratio. But we failed to find the difference on other characteristics(CFO, income, total accurals, total assets, age)Second, we find the different result about the reaction of capital market to prior studies. At the method of the shareholder priority public offering, negative abnormal returns were observed on the day after announcement day(+1). But at the method of allotment to the third party, positive abnormal returns were observed on the date of announcement. This results means the type of seasoned offering methods differently effects on capital market.
The purpose of this study is to examine whether firms have different characteristics by the type of seasoned offering methods(the shareholder priority public offering, allotment to the third party) and whether their type of seasoned offering methods impact differently on capital market. To investigate the effect of announcement of equity issues on capital market, we were conducted on the sample of 140 firms announced equity issue on KSE(Korean Stock Exchange) from 2000 to 2007 and used market adjusted return model. The results are as follows,First, we achieve to find the difference between the type of seasoned offering methods, firms have different leverage and owner shareholder ratio. But we failed to find the difference on other characteristics(CFO, income, total accurals, total assets, age)Second, we find the different result about the reaction of capital market to prior studies. At the method of the shareholder priority public offering, negative abnormal returns were observed on the day after announcement day(+1). But at the method of allotment to the third party, positive abnormal returns were observed on the date of announcement. This results means the type of seasoned offering methods differently effects on capital market.
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