THE JOURNAL OF CORPORATE FINANCE·Volume 39, August 2016, Pages 36–52

投资者会从历史中学到教训吗？来自股权再融资的证据

作者：Eric Duca（Colegio Universitario de Estudios Financieros）

摘要：股票的发行通常伴随着发行人和投资者之间较大的信息不对称。本文使用了股票重复发行的股票样本，研究了投资者是否会根据同一公司过去发行股票的结果，形成对发行公司意图的判断。本文发现，发行后股票收益率和下次发行抑价率之间存在稳健的负相关关系。该结果同“市场的反馈影响投资者对公司在随后股票发行中投资机会的判断”这一观点相一致。当市场的反馈包含着关于投资机会的信息，且这种信息没有被经理们所掌控时，市场的反馈尤为重要。本文同时研究了市场的反馈对未来发行股票成本的影响。

关键词：反馈，投资者学习，SEO后的收益、抑价

Do investors learn from the past? Evidence from follow-on equity issues

Eric Duca (Colegio Universitario de Estudios Financieros)

ABSTRACT

Equity offerings are usually characterized by large information asymmetries between issuers and investors. Using a sample of repeat equity issues, I examine whether investors form beliefs of corporate intentions based on the outcomes of past offerings by the same firm. I document a robust negative relationship between post-issue returns and underpricing in a follow-on offering. The evidence is most consistent with the idea that market feedback influences investor beliefs of a firm's investment opportunities in a subsequent offering. Feedback is particularly important when it contains information about investment opportunities that managers do not possess. The results also provide insights into the impact of market feedback on the cost of issuing further equity.

Keywords: Feedback, Investor learning, Post-SEO returns, Underpricing

原文链接：http://ac.els-cdn.com/S0929119916300669/1-s2.0-S0929119916300669-main.pdf?_tid=275b9156-5954-11e6-97bb-00000aab0f6b&acdnat=1470213045_d63cc5a7fcb19841688c2119cabbe3da

翻译：田佳琪