Artikel Jurnal Internasional Kinerja jangka pendek dari masalah ekuitas di Afrika Selatan: waktu yang buruk atau pilihan terakhir?

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Artikel Jurnal Internasional Kinerja jangka pendek dari masalah ekuitas di Afrika Selatan: waktu yang buruk atau pilihan terakhir?

Understanding stock market reactions to secondary equity offerings (SEO) is very important for managers who are usually assigned to decide how to finance their company's operations.
This study examines the short-term performance of companies that issue equity in PT.
Johannesburg Stock Exchange (JSE) during the period 1998-2015 by exploring rational and behavioral models in predicting SEO behavior. Analysis of studies revealed that the market
generally reacted negatively to SEO announcements with a statistically significant average of two days cumulative abnormal returns of -2.6%. We also find the probability of the company doing SEO significantly correlates negatively with the number of years registered and future stock returns. Although it would make sense that more corporate activity had taken place during the period of high investor sentiment, there was no significant evidence that the company did SEO trying to regulate market time.

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