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Two important findings in the IPO literature, IPO's underpricing and poor long run stock returns, are investigated by using the sample of IPOs completed in the Stock Exchange of Thailand (SET) from 1994 to 1999. The evidence suggests that Thai IPOs are underpriced and have poor long run stock returns. Rock 's (1986) model is employed to explain the underpricing of Thai IPOs. Rock's model is supported by the evidence of Thai IPOs. Past market conditions and the stock liquidity of the IPOs' industries are the main factors which affect investor demand for IPO shares. IPOs which go public in the hot market conditions (periods with high past market return) and IPOs which come from liquid industries (industries which have high stock turnover) attract more investor demand. These two factors are also positively correlated with IPO first day return. This suggests that investors have higher demand for IPOs which go public in the hot market conditions and IPOs which come from liquid industries because these IPOs are underpriced, and the underpricing of these IPOs is corrected during the first trading day. IPOs with low investor demand underperform their benchmarks in the long run. On the contrary, the long run returns of IPOs with high investor demand are not significantly different from their benchmarks. One possible explanation for the underperformance of IPOs with low investor demand is that these IPOs may be illiquid. The lack of demand during the first trading day may cause their first closing price to be different from their intrinsic value. This difference is gradually adjusted in the long run leading to the underperformance of these IPOs. This hypothesis is supported by the evidence. The sample of rights offerings announced in the SET between 1994 and 1999 also supports the role of liquidity in explaining the poor long run performance of issuers. The change in operating performance of IPOs from the IPO-year to the post-IPO years also has some power in explaining the long run underperformance of IPOs. IPOs which perform more badly after going public have poor long run returns.

Two important findings in the IPO literature, IPO's underpricing and poor long run stock returns, are investigated by using the sample of IPOs completed in the Stock Exchange of Thailand (SET) from 1994 to 1999. The evidence suggests that Thai IPOs are underpriced and have poor long run stock returns. Rock 's (1986) model is employed to explain the underpricing of Thai IPOs. Rock's model is supported by the evidence of Thai IPOs. Past market conditions and the stock liquidity of the IPOs' industries are the main factors which affect investor demand for IPO shares. IPOs which go public in the hot market conditions (periods with high past market return) and IPOs which come from liquid industries (industries which have high stock turnover) attract more investor demand. These two factors are also positively correlated with IPO first day return. This suggests that investors have higher demand for IPOs which go public in the hot market conditions and IPOs which come from liquid industries because these IPOs are underpriced, and the underpricing of these IPOs is corrected during the first trading day. IPOs with low investor demand underperform their benchmarks in the long run. On the contrary, the long run returns of IPOs with high investor demand are not significantly different from their benchmarks. One possible explanation for the underperformance of IPOs with low investor demand is that these IPOs may be illiquid. The lack of demand during the first trading day may cause their first closing price to be different from their intrinsic value. This difference is gradually adjusted in the long run leading to the underperformance of these IPOs. This hypothesis is supported by the evidence. The sample of rights offerings announced in the SET between 1994 and 1999 also supports the role of liquidity in explaining the poor long run performance of issuers. The change in operating performance of IPOs from the IPO-year to the post-IPO years also has some power in explaining the long run underperformance of IPOs. IPOs which perform more badly after going public have poor long run returns.

This study examines the market reaction to rights offering announcements in Turkey. Even though the topic is extensively studied in the finance literature, there is still research going on for emerging markets. The first part of this study measures market reaction to rights offering announcements for six different information arrival dates. The results are significantly negative except for the case of the announcement of the rights offering period. Additionally, the sample is divided into two sub-periods as before and after the 2001 crisis. The results show that there is a significant difference in market reaction and this difference is attributed to the change in economic policy after the 2001 crisis. The second part of the study examines the determinants of this market reaction and the findings suggest that bonus issues are positively related and there is also evidence that firms time their equity issues. The third part analyzes the long term performance of equity issuing firms in two subgroups as financial and non-financial firms. The results provide evidence of a negative performance and this finding is consistent with the results of previous studies.

本文研究 1996 至2001 年間，894 家美國上市公司之現金增資活動及現金增資執行率之影響因子。除了重要財務會計指標，如：每股盈餘、本益比與市值之外，本研究也將增資期間的股價波動程度納入迴歸模型中。又，考量到變數間的同質性與內生性問題，本研究採用一般動差估計法估計模型參數。結果顯示，增資規模、流通在外股數的變化與公司市值對於現金增資執行率具有統計上顯著的影響力。 / This paper investigates the 894 seasoned equity offerings filed by American listed corporations from 1996 to 2001 in an attempt to identify the key determinants that may affect the execution rate of seasoned equity offerings. The impacts of share price fluctuations during offering periods and other accounting characters are also taken into consideration. Apart from the ordinary least square method, the general method of moments is applied in order to account for heteroskedasticity and endogeneity problems. The results show that total offer amount, changes in shares outstanding and market capitalization have a significant impact on determining the execution rates of seasoned equity offering.

This dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms use shelf registration. During 1990-2003 firms that make shelf filings have no immediate intent and low probability of issuance, lower pre-filing returns relative to non-shelf issuers, and often have been certified in prior SEOs. The evidence indicates that the way firms now use shelf offerings resolves the under-certification problem responsible for the shelf demise in the 1980s (Denis, 1991) and results in smaller market penalties and lower underwriter fees relative to non-shelf offerings. This allows firms with greater uncertainty to take advantage of the shelf option to defer or abandon offers. Additionally, firms often use universal shelf filings and choose between debt and equity offerings based on the prevailing relative market conditions. The second essay examines offer price discounting of traditional and shelf-registered seasoned equity offerings (SEOs). The results indicate that relative to traditional SEOs, shelf discounting during 1982 - June 2004 is similar in magnitude, is influenced by the same factors, and has increased similarly over time. Prior studies attribute the time-series increase of seasoned offer discounting to pre-offer short sale constraints (Rule 10b-21; adopted in 1988). This study provides insights about the effect of Rule 10b-21 by exploiting the fact that shelf-registered offerings were exempt from this regulation until September 2004. The analysis uses the shelf exemption as a control in testing the Rule's effect, and the elimination of the exemption as an "out-of-sample" test. The results suggest that Rule 10b-21 is not associated with the increase in seasoned offer discounts. The gradual increase in discounting over the past two decades is largely due to a shift in the composition of issuers toward firms that have greater stock volatility and pre-offer price uncertainty. / Ph. D.

本研究以羅吉斯迴歸模型探討影響上市櫃公司選擇籌資之因素，籌資工具包括股權與債務，並進一步探討若籌資工具為普通股，影響私募普通股或現金增資之因素。 實證結果發現，公司選擇以私募或公開發行管道籌措資金的決策，主要和下列因素有關：(1) 資訊不對稱程度愈高之公司，愈傾向以私募籌資；(2) 風險愈高之公司，愈傾向以私募籌資；(3) 信用品質愈差之公司，愈傾向以私募籌資；(4) 成長性愈強之公司，愈不傾向以私募籌資；(5) 股票市場情況愈好，公司愈不傾向以私募籌資。 公司選擇以私募普通股或現金增資籌措資金的決策，主要和下列因素有關：(1) 資訊不對稱程度愈高之公司，愈傾向以私募普通股籌資；(2) 風險愈高之公司，愈傾向以私募普通股籌資；(3) 股票市場情況愈好，公司愈不傾向以私募籌資。 / This research uses Logistic Model to investigate some specific factors which may influence firms’ choices between issuing securities in private market (private placement) and in public market (public offering). As for the funding mechanism, both equity securities and debt securities are included. Then the range of funding mechanism is narrowed to common stock and this research analyzes the possible factors which influence firms’ choices between issuing private equity and seasoned equity offering follows. The empirical results on the choices between issuing in private market or public market indicate the following: (1) Firms with higher information asymmetry tend to raise fund by private placement rather than by public offering. (2) Firms with higher operating risk tend to raise fund by private placement rather than by public offering. (3) Firms with worse credit quality tend to raise fund by private placement rather than by public offering. (4) Firms with stronger growth potential tend to raise fund by public offering rather than by private placement. (5) When the performance of the stock market is better, firms tend to raise fund by public offering rather than by private placement. The empirical results on the choices between issuing private equity or seasoned equity offerings indicate the following: (1) Firms with higher information asymmetry tend to raise fund by private equity rather than by seasoned equity offering. (2) Firms with higher operating risk tend to raise fund by private equity rather than by seasoned equity offering. (3) When the performance of the stock market is better, firms tend to raise fund by seasoned equity offering rather than by private equity.

i Abstract This Master Thesis is focused on under-pricing of initial public offering. We examine the possibility of signaling by IPO under-pricing on Polish data over the period 2005 - 2010. Signaling by IPO under-pricing is analyzed using signaling model. Taking into consideration the uniqueness of Polish sample, we also analyze the signaling by IPO under- pricing used to the build up the government reputation as market-oriented. Our results suggest the statistical significant positive effect of IPO under-pricing on probability of seasoned equity issue as well as on size of seasoned issue. These findings together with negative relation between IPO under-pricing and lag between IPO and seasoned issue are consistent with predictions of signaling model. We do not find any statistical significant evidence that the Polish government tries to build up reputation for its privatization policy over time by under-pricing and selling a high fraction at the initial offer. Keywords IPO under-pricing, signaling hypothesis, Central Europe, asymmetric information, seasoned equity offering, privatization

本研究主要是探討台灣上市櫃公司從事現金增資之決策是否受公司所處生命周期及市場時機影響，並進一步探討增資公司是否因市場時機有囤積現金的現象。 本研究檢視民國83年1月1日至95年12月31日止，共十三年期間台灣發生之現金增資。本研究以羅吉斯回歸檢定企業生命週期與市場時機之替代變數，發現兩者對台灣上市櫃公司增資意願之影響皆為顯著，而企業生命週期對增資之影響比市場時機的影響更大。雖然生命週期與市場時機的替代變數皆為顯著，但迴歸的預測模型對增資機率的解釋力低，因此本研究進一步探討增資公司於增資前後的現金水準變化。最後發現台灣增資公司利用市場時機進行增資而短期現金水準提高的現象並不算常態，多數公司於增資後會用盡增資現金，且多數公司若未進行增資則可能面臨現金短缺的狀況。因此，本研究之實證結果顯示，市場時機與公司所處生命週期雖會影響現金增資之機率，但只能解釋為一小部分的增資動機，而大部分的公司之所以從事現金增資是因為面臨現金短缺，為避免進一步的財務危機而向資本市場籌資。

本研究以中國2000年至2007年間滬深上市公司為樣本，分析保薦制度對於企業在現金增資（在本研究中包含增發與配股）後經營績效的影響，其中經營績效包括稅後淨利成長率、股東權益報酬率成長率與每股盈餘成長率為衡量指標。實證結果顯示，現金增資後企業的經營績效有明顯衰退的現象，但是本研究發現這個經營績效惡化的現象在保薦制度後有顯著減緩的證據。最後，若將企業細分為增發與配股，進一步的分析顯示，保薦制度的效果在配股樣本中得到顯著結果。彙總而言，實施保薦制度能夠有效減緩企業現金增資後經營績效衰退的情形，且該效果在配股企業較為明顯。 / This study examines the impact of Sponsor’s System on operating performance of firms conducting Seasoned Equity Offerings from 2000 to 2007 in China. The performance measures include the growth of net income, the growth of ROE, and the growth of EPS. The empirical results indicate that there is significant decline in post-SEO performance. However, the phenomenon of poor performance after SEO is less severe after Sponsor’s System. In conclusion, the employment of Sponsor’s System can relief performance decline after SEO.