Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 麦建理教授 (金融学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1080/758535732 |
引用次数
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/0Scopus source URL
其它资讯
摘要This paper investigates the determinants for the initial market valuation of unseasoned offerings of common stock in Hong Kong over the period 198http://aims.cuhk.edu.hk/converis/portal/Publication/0-9http://aims.cuhk.edu.hk/converis/portal/Publication/0. Within this investigation, signalling arguments based upon the level of equity retained by the pre-offering entrepreneurs in the offerings, the levels of planned capital expenditures in the offering firms, the levels of debt in the offering firms, the level of underpricing in the offerings and the quality (prestige) of the advising agents chosen in the offerings figure prominently. Empirical analysis reveals significant positive associations between the market valuation (V1) of the offering firms and variables for the percentage of equity retained (a) in the offerings and the percentage of underpricing (UND). However, relatively little support is indicated for the remaining signalling arguments considered. Further analysis is then undertaken for the signalling arguments considered by focusing on further measures of insider commitment and on any interactions that may exist between signalling mechanisms. The results of this additional stage of analysis confirm the importance of insider holdings to the immediate post-issue value of unseasoned offerings and also suggest some degree of interaction between signal variables. ? 1993, Taylor & Francis Group, LLC. All rights reserved.
着者McGUINNESS P.
期刊名称Applied Financial Economics
出版年份1993
月份1
日期1
卷号3
期次3
出版社Chapman & Hall
出版地United Kingdom
页次267 - 281
国际标準期刊号http://aims.cuhk.edu.hk/converis/portal/Publication/096http://aims.cuhk.edu.hk/converis/portal/Publication/0-31http://aims.cuhk.edu.hk/converis/portal/Publication/07
语言英式英语
