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Cline, Brandon N.; Fu, Xudong; Tang, Tian; Wiley, … - In: Journal of Financial Research 35 (2012) 4, pp. 497-519

Persistent link: https://www.econbiz.de/10010641824

Do investors value SEO lockup agreements?

Cline, Brandon N.; Fu, Xudong; Tang, Tian - In: Journal of Business Research 68 (2015) 2, pp. 314-321

The lockup is an agreement between issuing firms and underwriting investment bankers that prohibits firm insiders from selling shares prior to lockup expiry. Using a manually corrected sample of 7546 SEOs between 1988 and 2007, this study investigates the role of these agreements by separately...

Persistent link: https://www.econbiz.de/10011117169

Valuation Effects for Asset Sales

Wiley, Jonathan; Cline, Brandon; Fu, Xudong; Tang, Tian - In: Journal of Financial Services Research 41 (2012) 3, pp. 103-120

Persistent link: https://www.econbiz.de/10010863600

Insider Trading in REITs: Evidence from Informed Stock Option Exercise Around Seasoned Equity Offerings

Cline, Brandon; Fu, Xudong; Springer, Thomas M.; Tang, Tian - In: Journal of Real Estate Research 36 (2014) 4, pp. 511-540

By merging REIT SEO data with executive option exercise data, we investigate insider trading implications around REIT SEOs. Event study results show persistent negative abnormal returns for long-term SEO aftermarket performance. After isolating "strategic" option exercises of REIT insiders...

Persistent link: https://www.econbiz.de/10011132576

The effect of liquidity and solvency risk on the inclusion of bond covenants

Cook, Douglas O.; Fu, Xudong; Tang, Tian - In: Journal of Banking & Finance 48 (2014) C, pp. 120-136

Studies have analyzed the impact of firm and issue characteristics but not liquidity and solvency components of financial distress on the use of bond covenants. Using a comprehensive database of corporate bonds from 2001 to 2012, we find that firm liquidity, measured by standardized Lambda, has...

Persistent link: https://www.econbiz.de/10011077970

Day-of-the-week effect in the seasoned equity offering discount

Jones, Travis L.; Fu, Xudong; Tang, Tian - In: Managerial Finance 35 (2009), pp. 48-62

Purpose -The purpose of this paper is to examine whether or not a calendar time anomaly exists in the number and discount of seasoned equity offerings (SEOs) from 1980-2004. Design/methodology/approach - Regression analysis was used on data from SEOs offered from 1980 to 2004 to determine the...

Persistent link: https://www.econbiz.de/10010761738

Executive Stock Option Exercise and Seasoned Equity Offerings

Cline, Brandon N.; Fu, Xudong - In: Financial Management 39 (2010) 4, pp. 1643-1670

Persistent link: https://www.econbiz.de/10009210533

The Learning Process and Technological Change in Wind Power: Evidence from China's CDM Wind Projects

Tang, Tian; Popp, David - National Bureau of Economic Research (NBER) - 2014

The Clean Development Mechanism (CDM) is a project-based carbon trade mechanism that subsidizes the users of climate-friendly technologies and encourages technology transfer. The CDM has provided financial support for a large share of Chinese wind projects since 2002. Using pooled...

Persistent link: https://www.econbiz.de/10010950861

The Learning Process and Technological Change in Wind Power: Evidence from China's CDM Wind Projects

Tang, Tian; Popp, David - CESifo - 2014

Persistent link: https://www.econbiz.de/10010752785

The Impact of Regulation FD on Institutional Investor Informativeness

Cook, Douglas O.; Tang, Tian - In: Financial Management 39 (2010) 3, pp. 1273-1294

"Although there is conflicting evidence and resulting skepticism regarding the value provided by professional investment management, Gibson, Safieddine, and Sonti (2004) document institutional investor informativeness relative to seasoned equity offering (SEO) purchases. We find that Regulation...

Persistent link: https://www.econbiz.de/10008676234