File Download
  Links for fulltext
     (May Require Subscription)
Supplementary

postgraduate thesis: Do financial firms exhibit any special acumen? : evidence from accelerated seasonsed equity offerings

TitleDo financial firms exhibit any special acumen? : evidence from accelerated seasonsed equity offerings
Authors
Issue Date2013
PublisherThe University of Hong Kong (Pokfulam, Hong Kong)
Citation
Xu, S. [徐淑婧]. (2013). Do financial firms exhibit any special acumen? : evidence from accelerated seasonsed equity offerings. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR. Retrieved from http://dx.doi.org/10.5353/th_b5089954
AbstractAccelerated bookbuilding method, a streamlined equity offering process, shortens the period for underwriters to exert marketing effort and perform due diligence in seasoned equity offerings. This leads to reduced efforts in minimizing information asymmetry between the issuer, underwriter and investors. My results show that financial issuers have a higher tendency to accelerate the SEO process after controlling for other firm-level offering characteristics. I hypothesize that financial issuers by their nature enjoy less information asymmetry and greater financial expertise, thus they derive only smaller benefit from costly bookbuilding process. Using a sample of financial and non-financial SEOs, I test the equity offering agency model by examining issuers’ decision to accelerate and the accompanying floatation costs. My tests show that only financial issuers can save costs in accelerated SEOs, while non-financial issuers incur higher flotation costs when shortening the bookbuilding process. Further evidence on accelerated SEO post-issue long-run performance shows that financial issuers are better at timing their equity issuance compared with their size and book-to-market matched non-financial counterparts. My results are consistent with Baron’s (1982) agency model in equity offering and Myers and Majluf’s (1984) information asymmetry model of the decision to issue security.
DegreeDoctor of Philosophy
SubjectCorporations - China - Finance
Dept/ProgramEconomics and Finance
Persistent Identifierhttp://hdl.handle.net/10722/202254

 

DC FieldValueLanguage
dc.contributor.authorXu, Shujing-
dc.contributor.author徐淑婧-
dc.date.accessioned2014-08-29T23:12:35Z-
dc.date.available2014-08-29T23:12:35Z-
dc.date.issued2013-
dc.identifier.citationXu, S. [徐淑婧]. (2013). Do financial firms exhibit any special acumen? : evidence from accelerated seasonsed equity offerings. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR. Retrieved from http://dx.doi.org/10.5353/th_b5089954-
dc.identifier.urihttp://hdl.handle.net/10722/202254-
dc.description.abstractAccelerated bookbuilding method, a streamlined equity offering process, shortens the period for underwriters to exert marketing effort and perform due diligence in seasoned equity offerings. This leads to reduced efforts in minimizing information asymmetry between the issuer, underwriter and investors. My results show that financial issuers have a higher tendency to accelerate the SEO process after controlling for other firm-level offering characteristics. I hypothesize that financial issuers by their nature enjoy less information asymmetry and greater financial expertise, thus they derive only smaller benefit from costly bookbuilding process. Using a sample of financial and non-financial SEOs, I test the equity offering agency model by examining issuers’ decision to accelerate and the accompanying floatation costs. My tests show that only financial issuers can save costs in accelerated SEOs, while non-financial issuers incur higher flotation costs when shortening the bookbuilding process. Further evidence on accelerated SEO post-issue long-run performance shows that financial issuers are better at timing their equity issuance compared with their size and book-to-market matched non-financial counterparts. My results are consistent with Baron’s (1982) agency model in equity offering and Myers and Majluf’s (1984) information asymmetry model of the decision to issue security.-
dc.languageeng-
dc.publisherThe University of Hong Kong (Pokfulam, Hong Kong)-
dc.relation.ispartofHKU Theses Online (HKUTO)-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsThe author retains all proprietary rights, (such as patent rights) and the right to use in future works.-
dc.subject.lcshCorporations - China - Finance-
dc.titleDo financial firms exhibit any special acumen? : evidence from accelerated seasonsed equity offerings-
dc.typePG_Thesis-
dc.identifier.hkulb5089954-
dc.description.thesisnameDoctor of Philosophy-
dc.description.thesislevelDoctoral-
dc.description.thesisdisciplineEconomics and Finance-
dc.description.naturepublished_or_final_version-
dc.identifier.doi10.5353/th_b5089954-
dc.date.hkucongregation2013-

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats