THE JOURNAL OF CORPORATE FINANCE ·Volume 36, February 2016, Pages 1–14

法人股東和SEO擇時

作者：Bernadette A. Minton，Catherine Schrand

摘要：優序融資理論和市場擇時理論假設公司在進行融資決策時，會以現有股東的利益為出發點。文章發現：就平均而言，機構投資者會在公司SEO時顯著的增持股票，即使當時公司的股票被高估，如發行前收益率和市值賬面價值比過高。文章進一步發現，先前被越多機構投資者持股的公司，出現SEO擇時的情況越少。總體來說，本文的研究結果提出以下質疑：進行SEO的公司是否會利用股票擇時犧牲SEO時買入投資者的利益，從而使現有的股東獲益。

關鍵詞：SEO擇時，股票發行擇時，市場擇時，機構投資者持股

Institutional shareholders and SEO market timing

Bernadette A. Minton，Catherine Schrand

ABSTRACT

Pecking order and market timing theories assume that corporate financing decisions are made in the interests of existing shareholders. We find that existing institutional investors, on average, significantly increase their share ownership at the time of the SEO, including SEOs that would be classified as overpriced based on ex-ante measures of mispricing, such as pre-issue returns and market-to-book ratios. We further find that higher pre-existing institutional shareholdings lead to less SEO timing. Overall, the results question whether firms engage in equity timing to benefit existing shareholders at the expense of investors buying shares in the SEOs.

Keywords: SEO timing, Equity issue timing, Market timing, Institutional ownership

原文鍊接：http://ac.els-cdn.com/S0929119915001212/1-s2.0-S0929119915001212-main.pdf?_tid=ae430b9c-4507-11e6-bcdc-00000aab0f6b&acdnat=1467981177_6ba1f1bf33d1774b70f13ae392824a23

翻譯：田佳琪