現金增資股票之安定操作行為

Underwriter Price Stabilization of Seasoned Equity Offerings The Evidence from Transactions Data

新上市股票或現金增資股票發行後若市場價格下跌，其承銷商可能會有護盤之安定操作行為，以防止市價近一步的下跌。本文率先探討承銷商安定操作現金增資股票的動機以及影響承銷商進行安定操作的因素。我們發現現金增資股票亦存在安定操作現象，承銷商對於現金增資股票的安定操作行為與發行證券之發行價格、交易量及價格波動性成反比，但與登記發行到正式發行期間之持有報酬成正比。

Underwriters of initial public offerings (IPO) and seasoned equity offerings (SEO) often engage in price stabilization to prevent significant declines in the market after a new security is issued. This paper examines the aftermarket price dynamics of companies offering SEOs to understand the motivations for stabilization and the characteristics of firms that have their securities stabilized. We find that the likelihood of price stabilization is negatively related to the magnitude of the offer price, the amount of trading and the volatility of transaction returns, and positively related to the holding period return between the time when the offer is registered and when the offer is priced.