摘要
本文研究了华夏银行在定向增发过程中公告重要事项,是否会引起其他上市银行业公司的股价波动,即是否存在信息迁移效应。文章发现,上市银行投资组合对于华夏银行公告定向增发获得批准事件没有显著反应,对于华夏银行公告定向增发预案只在公告前一日和公告当日有显著反应,而对华夏银行发布股东大会公告反应明显,在多个窗口期内均有超额收益,表明"类比效应"占主导,因此同行业上市公司呈现正向市场反应。
This paper investigates that whether the information transfer effect exists during the process of the non-public offering for Huaxia Bank. The results are as follows： for the day of approval by the regulator, the portfolio of banks does not show any significant reaction; for the day of announcement of the proposed plan, the portfolio of banks only shows significant positive reaction on the day of and the day before the announcement; for the day of announcement of the approval by the stock holders, the portfolio of banks shows significant positive reaction for more than one window periods. It is revealed that the comparison effect dominates and hence the listed companies have positive reaction.
出处
《开放导报》
CSSCI
北大核心
2009年第3期102-105,共4页
China Opening Journal
关键词
银行
定向增发
信息迁移效应
市场反应
banks, non-public offering, information transfer effect, market reaction
