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Market performance of our issuance of new shares

Author: DengFaXiang
Tutor: ChenYongSheng
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Seasoned equity offerings (SEO) Performance Matching model Buy and hold abnormal returns (BHAR)
CLC: F832.51
Type: Master's thesis
Year: 2005
Downloads: 309
Quote: 2
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Abstract


Seasoned equity offerings (SEO) opposite to initial public offerings(IPO) is one way of securities issuing of listed companies,which beingdefined the listed companies again open issuing stock to public.SEO hasdifference with rights offerings.Because the object of rights offerings isonly the old shareholders,but the object of SEO may be the oldshareholders or others.In CHINA stock market,SEO has been becomethe most important channel of additional financing.But SEO has alsobeen become a big hotpot of argument and the difficulty for governmentto supervise.Now,a majority of investors almost detest SEO and deemSEO just as a tool of “trap money”.The information of SEO oftennegatively affects the secondary market.Actually,SEO is not detested byinvestors in the beginning from the fact of the history ofSEO.Especially,in recent two years,most institution investors activelytake part in SEO.So I think how to correctly understand the characters ofcurrent SEO will administer to holding the rules of SEO and moreeffectively conduct SEO in the future. The performance of SEO in the long run is the topic of this thesis.Iapply the fundamental theories of finance,relational principles andmethods of Accounting and Econometrics.I combine empirical studieswith positive studies and analyze a mass of data in this thesis.The thesisconsists the following five chapters. Chapter 1 introduces the related literature. (1) it introduces thedifferent definition of both abroad and homeland.(2) points of view:estimating abnormal returns of SEO,analyzing the potential explanatoryvariables of SEO.(3) methods of study:factor models and matchingmodels accorded to estimating abnormal returns.(4) Outcomes ofempirical studies:the mainstream attitude is that SEO underperform inthe long run . In addition , it also introduces some other reverseproductions and some domestic productions.(5) theories of SEO:summarizing five important hypotheses and models which can partiallyexplain why SEO is underperformance in the long run.(6)newly studymethods. Chapter 2 summarizes the course of SEO.the course of SEO isdivided into four periods in CHINA stock market.I briefly summarize thecharacters of each period. Chapter 3 is the design of study.First,this thesis will research thefollowing four aspect:estimating abnormal returns of SEO according totwo methods (market adjust returns method and buy and hold abnormalreturns method) , analyzing the distributing characters of abnormalreturns,testing significance of grouping effects of relative variables,inaddition the correlations and linear regression analyzing betweenrelative variables and BHAR.Second part is samples and data.This thesiswill analyze 48 SEOs during 2001~2003,with data including closingprices and various financial ratios and other fundamental data ofcompany.The period of closing prices is 240 days of SEO afterissue.Third part is method including the methods of accounting AR andBHAR,non parametric test,correlations and regression analyzing. Chapter 4 conducts empirical studies.The chapter consists threeparts.To analyses character of two abnormal returns in first part,anddraw two conclusions.There is not statistical significance differencebetween AR and BHAR,moreover SEO really underperforms in the 1year after issue and the performance takes on different characters indifferent period.In second part,testing significance of grouping effects ofthirteen relative variables and analyzing these results.In the latter twoparts,the correlations and linear regression analyzing between relativevariables and BHAR indicate which relative variables are the mainindependents to BHAR. In chapter 5 , this thesis’s conclusions and revelations areexpatiated . According to above study , this thesis draws eightconclusions.In a word,SEO really underperforms in the 1 year after issueand the performance takes on different characters in different period.Thecumulative abnormal returns exists the grouping effects of relativevariables.Linear regression indicates there are three of these relativevariables having good explanatory

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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