The Experts below are selected from a list of 261 Experts worldwide ranked by ideXlab platform

Chune Young Chung - One of the best experts on this subject based on the ideXlab platform.

  • estimating the model for Seasoned Equity Offering underpricing application to the chinese financial market
    Emerging Markets Finance and Trade, 2016
    Co-Authors: Chune Young Chung
    Abstract:

    We estimate the binomial probit model to examine the significance of important explanatory variables documented in Seasoned Equity Offering (SEO) underpricing literature using two statistical approaches: maximum likelihood estimation and Bayesian estimation. In particular, our estimation relies on SEO-related data in the Chinese financial market, where the pricing mechanism is less transparent compared to that in the U.S. market. We find that the signs of coefficients for the explanatory variables in each model are not different, but their magnitudes appear to be different. Our finding also shows that estimation results are generally consistent with the results observed in the U.S. market.

  • accrual quality and opportunistic Seasoned Equity Offering in the korean stock market
    Emerging Markets Finance and Trade, 2015
    Co-Authors: Chune Young Chung
    Abstract:

    We examine accrual quality (AQ) and its relationship with opportunistic Seasoned Equity Offering (SEO) in the emerging Korean stock market. According to our empirical results, SEO firms with lower AQ tend to show higher abnormal returns around SEO announcement and significantly lower long-term performance after SEO. These results are more evident for SEO firms in which influence of institutional investors is weak. These findings suggest that poor AQ may be an important predictor of incentive for opportunistic SEOs and that the incentive may strengthen when institutional investors’ monitoring role weakens.

Zhao Ya - One of the best experts on this subject based on the ideXlab platform.

  • growth opportunities scales of Seasoned Equity Offering and share price effects of listed companies
    Journal of Nanjing Audit University, 2012
    Co-Authors: Zhao Ya
    Abstract:

    Based on the examples of the A-share listed companies that succeeded in Seasoned Equity Offering from 2007 to 2009,the paper made an empirical analysis of the relationship between the scales of Seasoned Equity Offering and the share price effects.The research results showed that the scale of Seasoned Equity Offering depended on its growth opportunities,in other words,the greater the growth opportunities,the higher ratio of the number of Seasoned Equity Offering to the total Equity of the pre-Offering.The paper also indicated that the stock market would make significant negative reaction to the over-issuing of listed companies,and only weak evidence proved that cautious re-Offering would lead the stock price to drop.In addition,the paper also showed that public re-Offering companies were more inclined to over-issue than the directed re-Offering companies,and their stock prices tend to change radically.

Refina Okky Priliastuti - One of the best experts on this subject based on the ideXlab platform.

  • pengaruh manajemen laba terhadap kinerja perusahaan pada perusahaan yang melakukan Seasoned Equity Offering studi pada perusahaan non keuangan yang listed di bei tahun 2010 2017
    2018
    Co-Authors: Refina Okky Priliastuti
    Abstract:

    ABSTRAKTujuan dari penelitian ini adalah untuk mendeteksi adanya manipulasi laba dengan aktivitas riil yang berfokus pada abnormal arus kas dari operasi perusahaan non keuangan yang melakukan Seasoned Equity Offering dan juga untuk menguji pengaruh manajemen laba dengan aktivitas riil terhadap kinerja perusahaan. Penelitian ini difokuskan pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia untuk periode 2010-2017. Data penelitian ini dikumpulkan dari ICMD (Indonesian Stock Market Directory), laporan keuangan tahunan yang diterbitkan oleh IDX (www.idx.co.id) dan juga dari situs yahoo finance (www.finance.yahoo.com). Metode purposive sampling digunakan untuk mengumpulkan data dan 80 observasi telah terkumpul. Model penelitian ini menggunakan model regresi linear sederhana untuk menguji pengaruh manajemen laba melalui manipulasi aktivitas riil terhadap kinerja perusahaan. Hasil dari penelitian ini menunjukkan bahwa perusahaan cenderung melakukan manipulasi aktivitas nyata melalui manipulasi arus kas operasinya. Hasil ini mendukung hipotesis penelitian sebelumnya yang telah dilakukan oleh Roychowdhury (2006). Dalam penelitian ini juga diperoleh hasil yang menunjukkan bahwa tidak ada korelasi dan pengaruh yang signifikan antara manajemen laba terhadap kinerja perusahaan. Selain itu, variabel kontrol yang digunakan dalam penelitian ini yaitu rasio pertumbuhan penjualan (growth) dan Return On Equity (ROE) juga menunjukkan bahwa tidak ada pengaruh yang signifikan antara keduanya terhadap kinerja perusahaan yang diukur oleh Tobin’s Q. Kata Kunci: Manajemen Laba, Manajemen Laba Riil, Abnormal Arus Kas Operasi, Kinerja Perusahaan, Tobin’s Q, Seasoned Equity Offering

I Agung G N Suaryana - One of the best experts on this subject based on the ideXlab platform.

  • pengaruh manajemen laba terhadap kinerja saham jangka panjang perusahaan yang melakukan Seasoned Equity Offering
    E-Jurnal Akuntansi, 2016
    Co-Authors: Andika Pratama, I Agung G N Suaryana
    Abstract:

    This study aims to determine the policy of discretionary accrual of earnings management through its influence on the company's stock performance after implementing SEO. This study used 32 companies doing SEO and listed on the Indonesia Stock Exchange. Discretionary accrual by Modified Jones Model are showing  that there are discretionary accruals before dilaksanaknnya SEO shows the average value of positives which means companies tend to raise the earnings management practices earnings. This study founded that earnings management is proxied by discretionary accruals one year before SEO no significant effect on the performance of the company's shares three years after the Offering of additional shares. The management do earning management efficient where the management company wants to give a good signal to investors to demonstrate the company had a good performance. In addition, investors increasingly intelligent assess the company's financial statements.

Mark Schaub - One of the best experts on this subject based on the ideXlab platform.

  • International equities listed on the New York stock exchange: does type of issue or date of issue matter?
    Financial Markets and Portfolio Management, 2012
    Co-Authors: Mark Schaub
    Abstract:

    The initial short-term (21-day) and long-term (3-year) excess returns for foreign initial public Offering (IPO) and Seasoned Equity Offering (SEO) American depository receipts (ADRs) listed on the New York stock exchange from 1990 to 2009 are tested to determine differences in performance based on type of issue and date of issue for the decades of the 1990s and the 2000s. The overall sample outperformed the S&P 500 Index by over 5 % after the first 3 years of trading; however, SEO ADRs outperformed IPO ADRs by nearly 19 % (relative to the market index). Breaking IPO and SEO ADR returns down by decade of issue shows that those listed in the 2000s for both samples drastically outperformed those listed in the 1990s in the long term. Both samples of ADRs listed in the 2000s also significantly outperformed the S&P 500 index in the first 36 months of trading. In the short-term results, for the first 21 days of trading, the SEO ADRs significantly outperformed the market by 2.1 %, while IPO ADRs outperformed by 0.97 % (though not significant).

  • Does market timing or issue type affect the long-run performance of UK American Depository Receipts listed on the New York Stock Exchange?
    Journal of Asset Management, 2011
    Co-Authors: Mark Schaub
    Abstract:

    This study examines the long-term return performance relative to the S&P 500 Index of American Depository Receipts issued by UK firms and listed on the New York Stock Exchange. Subsamples are used to capture effects of ADR issue type (Initial Public Offering (IPO) versus Seasoned Equity Offering (SEO)) and how market timing (bull versus bear markets) affects returns. Three-year return performance suggests UK ADRs perform similar to the S&P 500 Index, underperforming by less than 5 per cent. The IPO sample underperformed the market index by nearly 18 per cent while SEOs perform very similar to the market. Breaking the sample down to capture market-timing effects, the UK ADRs trading through the bull market underperformed by nearly 13 per cent while those listed and trading through the bear market barely outperformed the S&P 500 (by 2.6 per cent).