Based on a sample of 265 Taiwan SEO firms over the period 1996-2002, we find that SEO issuers underperform common benchmarks for up to three years from the offering date.

• 根据1996-2002年间办理现金增资的公司样本，实证发现现金增资公司的三年长期绩效显著劣于配对公司组合报酬。