本系擬於 9/30 (五) 邀請中央大學的徐政義教授至本所進行專題演講，相關訊息如下：

時間: 9/30 (五) 10:30-12:00

地點: 管理學院一號館4樓405教室

講者: 徐政義教授

講題: Does Equity Financing Really Underperform in the Long-run? Evidence from Private Placements and Public Offerings in Taiwan

Abstract:

Many believe that increased investment in capital expenditure is what causes the long-run underperformance of initial public offerings (IPOs) and seasoned equity offerings (SEOs). We argue that such underperformance is caused by the agency costs of managerial discretion on free cash flow, rather than capital expenditure per se. The results of the empirical examination of a sample of 418 private placements and 416 public offerings by firms on the Taiwan stock markets confirm our hypothesis. We show that placements characterized by increased capital expenditure are associated with better long-run performance, whereas public offerings have significantly negative abnormal returns.