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Research on the impact of additional shares of stock price behavior

Author: WangShan
Tutor: LingChunHua
School: Zhejiang University
Course: Accounting
Keywords: Equity Financing Seasoned Equity Offerings(SEO) Stock Price Behavior Demonstration Investigation
CLC: F830.91
Type: Master's thesis
Year: 2003
Downloads: 401
Quote: 0
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Abstract


With the development of refinancing in our security market, seasoned equity offerings (called SEO) has become the crucial way of equity refinancing. In recent years, more and more topics about SEO effect to stock price behavior arised. The thesis does demonstration investigation surrounding this topic aimed at explaining stock price behavior after SEO and its fluctuant reasons in both theory and demonstration.The paper reviews researches on this aspect at home and abroad. Meanwhile, it carries through both criterion analysis and demonstrational investigation. The criterion analysis makes good presentation about the important status of equity financing. It also states that SEO has become the uppermost way of equity refinancing. The demonstration investigation of thesis shows the SEO effect to stock price behavior in four different periods. This process can be concluded as: stock price rised significantly which was pulled intently until one month away from SEO declaration, the markup became small little by little till one week before SEO declaration, then the price converted to go down and the markdown became large after the declaration of SEO, it continued the situation about one month after the declaration, later the power of short position began to die down, weakening the extent of decline, the market condition turning to be fine. Finally, the paper analyzes and tests reasons of stock price going down after SEO declaration through the exertion of criterion and demonstration methods synthetically. The result is that pricing of SEO below the market price is the significant reason of the price decline after SEO declaration.

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Financial market > Securities market
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