A Study of the effect of the Host Dealers’ Buying and Selling on the Long-run Stock Performance of Post SEO Companies
Date Issued
2015
Date
2015
Author(s)
Ye, Shin-Yi
Abstract
This paper researches the buying and selling of host dealers in the financial conglomerates by OLS method sampling SEO stocks from 2001 to 2012 in Taiwan. We try to predict their long-term stock performance via trading amounts of host dealers, and assessed whether information advantage exist or not in this context via this factor. We find that actions of host dealers are significantly relevant to the long-term stock performance. In addition, we find that stock price has significantly negative announce effect when enterprises undertake SEO. Maybe affiliated dealers own information accessibility from clients and potential bidders under current condition of bookbuilding, and they also serve as an influential institutional investor in Taiwan financial market. Therefore, information advantage would exist.
Subjects
SEO
Host information advantage
Announce effect
Book-building
Dealer
Type
thesis