We examine long-run stock and operating performance following secondary equity offerings. For a subsample of issuers in which the seller is an insider, both 3- and 5-year post-issue abnormal stock returns are significantly negative. The findings are robust to alternative long-run abnormal return...

We examine the market reaction of prices, volume, spreads, and trading location when firms experience events that are totally unanticipated by the equity market in terms of both timing and content. We find that the response time is longer than previous studies have reported. Selling pressure,...

We examine share repurchase activity in the United Kingdom over a period when the tax and regulatory environment changed drastically. We find that the form and intensity of repurchase activity in the United Kingdom is influenced by the tax consequences for pension funds. We also find that firms...