We document that a substantial fraction of seasoned equity issuers have large pre-offering excess cash holdings. Cash-rich seasoned equity issuers are not easily reconcilable with the traditional pecking order theory, or with recent empirical findings suggesting that urgent cash requirements...

We document that a substantial fraction of seasoned equity issuers have large pre-offering excess cash holdings. Cash-rich seasoned equity issuers are not easily reconcilable with the traditional pecking order theory, or with recent empirical findings suggesting that urgent cash requirements...