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- W1553803442 abstract "This paper investigates the behavior of a subsidiaryfs trading in parent stocks. Empirical results are compared to those of open-market repurchases and seasoned equity offerings. We find several interesting observations. First, the trading behavior is not consistent with the signaling hypothesis implicated in open-market repurchases or seasoned equity offerings. Second, large shareholdersf stock collateral ratio, a proxy for agency problem, is positively correlated with buying and net buying ratios. This finding is consistent with the prediction of entrenchment hypothesis. Third, the subsidiaries tend to trade less actively on parent stocks if the parent company is closely held. Fourth, during the Asian Financial Crisis, the subsidiaryfs trading in parent stocks is significantly less active if the parent firm is a conglomerate. The overall evidence suggests that the investment decisions of subsidiaries are deeply influenced by their parent companies and therefore lends support to our institutional insider hypothesis.Key words:subsidiary, repurchase, seasoned equity offering, collateral, entrenchment hypothesis" @default.
- W1553803442 created "2016-06-24" @default.
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- W1553803442 date "2001-12-30" @default.
- W1553803442 modified "2023-09-28" @default.
- W1553803442 title "Subsidiary Trading in Parent Stocks: Trading Behavior of Major Taiwan Corporations" @default.
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