associations of capital ratio with announcement period abnormal returns, longer-term performance, as well as certain bank …-specific and non-bank specific performance measures. For banks, we find that a lower capital ratio of acquirers at the time of the …, the longer-run abnormal returns and performance are positive. The opposite is true for non-bank M&A announcements: higher …

Using a large sample of bank seasoned equity offerings (SEO) from 2002 to 2017, we first documented detailed … descriptive statistics, and showed that nonperforming assets ratio, our primary measure of bank asset quality, reached the highest … controlling for other variables, that the bank capital ratio as at the time of the SEO announcement is significantly and …