THE JOURNAL OF CORPORATE FINANCE·Volume 39, August 2016, Pages 36–52

投資者會從曆史中學到教訓嗎？來自股權再融資的證據

作者：Eric Duca（Colegio Universitario de Estudios Financieros）

摘要：股票的發行通常伴随着發行人和投資者之間較大的信息不對稱。本文使用了股票重複發行的股票樣本，研究了投資者是否會根據同一公司過去發行股票的結果，形成對發行公司意圖的判斷。本文發現，發行後股票收益率和下次發行抑價率之間存在穩健的負相關關系。該結果同“市場的反饋影響投資者對公司在随後股票發行中投資機會的判斷”這一觀點相一緻。當市場的反饋包含着關于投資機會的信息，且這種信息沒有被經理們所掌控時，市場的反饋尤為重要。本文同時研究了市場的反饋對未來發行股票成本的影響。

關鍵詞：反饋，投資者學習，SEO後的收益、抑價

Do investors learn from the past? Evidence from follow-on equity issues

Eric Duca (Colegio Universitario de Estudios Financieros)

ABSTRACT

Equity offerings are usually characterized by large information asymmetries between issuers and investors. Using a sample of repeat equity issues, I examine whether investors form beliefs of corporate intentions based on the outcomes of past offerings by the same firm. I document a robust negative relationship between post-issue returns and underpricing in a follow-on offering. The evidence is most consistent with the idea that market feedback influences investor beliefs of a firm's investment opportunities in a subsequent offering. Feedback is particularly important when it contains information about investment opportunities that managers do not possess. The results also provide insights into the impact of market feedback on the cost of issuing further equity.

Keywords: Feedback, Investor learning, Post-SEO returns, Underpricing

原文鍊接：http://ac.els-cdn.com/S0929119916300669/1-s2.0-S0929119916300669-main.pdf?_tid=275b9156-5954-11e6-97bb-00000aab0f6b&acdnat=1470213045_d63cc5a7fcb19841688c2119cabbe3da

翻譯：田佳琪