English, Article edition: Liquidity, Volatility and Stock Price Adjustment: Evidence from Seasoned Equity Offerings in an Emerging Market Chia-Cheng Ho; Chin-Chuan Lee; Chien-Ting Lin; ...

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Liquidity, Volatility and Stock Price Adjustment: Evidence from Seasoned Equity Offerings in an Emerging Market
Author
  • Chia-Cheng Ho
  • Chin-Chuan Lee
  • Chien-Ting Lin
  • C. Edward Wang
Physical Description
  • article
Notes
  • Using data from the Taiwanese stock market, an emerging market, this paper documents positive changes in liquidity and volatility around seasoned equity offerings (SEOs). These findings are consistent with the uncertain signal hypothesis that investors with diverse views on the information content of SEOs are likely to induce larger trading activity and subsequent higher stock return volatility. We also provide direct evidence that changes in liquidity is positively associated with stock price adjustment. However, the relations among liquidity, volatility and price movements appear to rely on how SEOs are conducted. A practical implication is that managers may influence liquidity and stock price movement through their choice of SEOs issuing methods.
  • Liquidity, volatility, seasoned equity offerings, stock price adjustment, Taiwanese stock market
  • RePEc:wsi:rpbfmp:v:08:y:2005:i:01:p:31-51
Language
  • English
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