Applying the framework of conditional event studies shows that equity issues reveal managers' private information about stock mispricing, which investors only partially discount into stock prices at the seasoned equity offering (SEO) announcement date. Negative abnormal returns occur as prices...

In contrast to the disappearing dividends view, we predict that variability in dividend payments increases investor demand for dividend information and analysts respond to this demand by producing informative dividend forecasts. We examine dividend payers from 16 countries spanning 2000–2013...