出版社：Higher Education Press, co-published with Springer-Verlag GmbH
摘要：This paper compares the cumulative abnormal returns and operating performance of Chinese listed firms which made seasoned equity offerings or right issues at different profitability thresholds. Results show that both the average long-term and short-term cumulative abnormal returns of these firms increase significantly after the setting of thresholds. Moreover, the accounting performances of these firms are also improved to some degree. It implies that regulations on new equity raising behavior of listed firms are necessary and effective in protecting the investors and restricting listed firms’s “money encirclement” behaviors.
关键词：seasoned equity offering (SEO); rights issue; regulation on SEO
