Managers’ private information, investor underreaction and long-run SEO underperformance

Applying the framework of conditional event studies shows that equity issues reveal managers‟private information about stock mispricing, which investors only partially discount into stockprices at the seasoned equity offering (SEO) announcement date. Negative abnormal returnsoccur as prices fully impound the information over a 17-month post-offer period. SEOs exhibitno subsequent underperformance...

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Year of publication:	2009-11-01
Authors:	Bilinski, Pawel ; Strong, Norman
Institutions:	Manchester Business School
Subject:	Anlageverhalten \| Asymmetrische Information \| asmmetric informatin \| Aktienkurs \| Kapitalerhöhung \| market capitalisation

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Extent:	636928 bytes 56 p. application/pdf
Series:	Manchester Business School - Research - Working Papers No. 587 (2009)
Type of publication:	Book / Working Paper
Language:	English
Classification:	Financial theory ; Procurement of capital ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005870708