Recent univariate seasoned equity offering (SEO) research investigates the valuation impact from the change in inside ownership levels that occurs when insiders use SEOs to lower their ownership levels. We extend this research by investigating if the change in inside ownership levels is a...

This paper broadens perpetuity gain to level (GL) research by analyzing the role of growth within the capital structure model (CSM) formalized by Hull (2007). We contrast the cost of using internal equity versus external equity when expanding a firm's assets. Contrary to pecking order theory, we...

This paper uses a multivariate framework to extend the recent univariate seasoned equity offering (SEO) research by Hull, Kwak and Walker (2010) that investigates the valuation impact of inside ownership. Our multivariate findings add to the univariate findings as we show that the inside...

To what extent can hedge funds influence stock price volatility surrounding theannouncements of major corporate events? To answer this question, this paper examinesone of the more common major corporate events: seasoned equity offerings (SEOs). Wetest the impact of hedge fund variables on...

This paper broadens perpetuity gain to leverage (GL) research by analyzing the role of growth within the Capital Structure Model (CSM) formalized by Hull (2007). We demonstrate that internal equity is more expensive than external equity due to the double corporate taxation of cash flows...