Does market microstructure matter for corporate finance? Theory and evidence on seasoned equity offering decisions

2016 ◽  
Vol 60 ◽  
pp. 149-161 ◽  
Author(s):  
William Cheung ◽  
Scott Fung ◽  
Lewis Tam
Keyword(s):  
Corporate Finance ◽  
Market Microstructure ◽  
Seasoned Equity Offering ◽  
Finance Theory ◽  
Equity Offering

Jean Tirole: The political economy of corporate finance (On the book by J. Tirole “The theory of corporate finance”)

2017 ◽  
pp. 128-141
Author(s):  
N. Ranneva
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Graduate Students ◽  
Corporate Finance ◽  
Critical Review ◽  
The Political ◽  
Institutional Economic ◽  
New Type ◽  
Finance Theory ◽  
Empirical Material

The present article undertakes a critical review of the new book of Jean Tirole, the winner of the 2014 Nobel Prize in Economics, “The theory of cor- porate finance”, which has recently been published in Russian. The book makes a real contribution to the profession by summarizing the whole field of corporate finance and bringing together a big body of research developed over the last thirty years. By simplifying modeling, using unified analytical apparatus, undertaking reinterpretation of many previously received results, and structuring the material in original way Tirole achieves a necessary unity and simplicity in exposition of extremely heterogeneous theoretical and empirical material. The book integrates the new institutional economic theory into classical corporate finance theory and by doing so contributes to making a new type of textbook, which is quite on time and is likely to become essential reading for all graduate students in corporate finance and microeconomics and for everyone interested in these disciplines.

Evidence of Selling by Managers after Seasoned Equity Offering Announcements

1997 ◽  
Vol 26 (3) ◽  
pp. 37 ◽  
Author(s):  
Michael Gombola ◽  
Hei Wai Lee ◽  
Feng-Ying Liu
Keyword(s):  
Seasoned Equity Offering ◽  
Equity Offering

scholarly journals How international competitiveness moderates the relationship between corporate governance and seasoned equity offering underpricing

2017 ◽  
Vol 14 (4) ◽  
pp. 314-327
Author(s):  
Fu-Jiing Shiue ◽  
Yi-Yin Yen
Keyword(s):  
Corporate Governance ◽  
Stock Price ◽  
International Competitiveness ◽  
Corporate Management ◽  
International Expansion ◽  
Seasoned Equity Offering ◽  
Market Participants ◽  
Premium Price ◽  
The Relationship ◽  
Equity Offering

When a company exhibits favorable management performance, investors may have higher intention to purchase its stock at a premium price; the company may also make more desirable decisions in international expansion, attain higher international competitiveness, win the preference of investors, and thus exhibit a higher stock price, which results in higher seasoned equity offering (SEO) underpricing. Therefore, international competitiveness possibly plays a crucial moderating role between corporate governance and SEO underpricing. The empirical results of this study show that compared with government-controlled companies, international competitiveness strengthens the relationship of SEO underpricing with one-family-controlled companies, two-or-more family-controlled companies, and manager-controlled companies. Accordingly, companies should improve their international competitiveness and conduct favorable corporate management to elicit the investment intention of market participants worldwide.

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