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題 名 | 現金增資採用公開申購除權後之機構法人與散戶處分效果之研究=The Disposition Effect of Institutional and Individual Investors Resulting from Fixed-price Seasoned Equity Offering after Ex-right |
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作 者 | 吳桂燕; 江淑貞; 蔡友詮; | 書刊名 | 企業管理學報 |
卷 期 | 88 2011.03[民100.03] |
頁 次 | 頁69-90 |
分類號 | 563.5 |
關鍵詞 | 現金增資; 除權; 處分效果; Seasoned equity offering; Ex-right; Disposition effect; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究嘗試從行為財務學論點,探討公司以公開申購辦理現金增資時,投資人在除權後是否存在處分效果。研究結果顯示現金增資在除權後存在處分效果,但增資新股上市後之處分效果顯著低於除權後至新股上市前,顯示投資人為免於後悔未賣出之心態,對於在利得情況下有提前實現獲利的處分效果現象。其次,散戶與法人的處分效果行為無顯著差異。各類投資人的處分效果與來自認購價與市價的價差比率有正相關,但不會因認購比率的高低而有差異。 |
英文摘要 | The purpose of the research is to investigate the disposition effect of the investors when the SEO firms adopt fixed-price method from the view point of behavioral finance. The disposition effect exhibits after the ex-right date. However, the disposition effect after the new shares offered to the market is significantly lower than that after the period from the ex-right date to the date of new shares offered. Investors are eager to realize the gain and fear that they regret not selling the stocks. Besides, both the individual and the institutional investors exhibit the same disposition effect from the ex-right date to the date of new shares offered. In addition, the discount rate between subscription price and market price is positively related to the disposition effect, and the cash subscription ratio is unrelated to the disposition effect. |
本系統中英文摘要資訊取自各篇刊載內容。