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I examine the role of investor attention on seasoned equity offerings' (SEOs) outcomes. I use an archive of Thomson Reuters' news articles and third-party newswires to proxy for investor attention. I find that the volumes of news articles prior to the offerings are positively associated with the...
Persistent link: https://www.econbiz.de/10013028714
We document that investor sentiment is positively related with pre-SEO overpricing and plays an important role in managers' equity issuance decisions. Further, we provide evidence that investor sentiment impacts the SEO discounting and underpricing. High sentiment periods are followed by low...
Persistent link: https://www.econbiz.de/10013104840
to SEO probability, and that small, high volatility, high R&D intensity, and non-dividend-paying firms are more likely to …
Persistent link: https://www.econbiz.de/10013017381
Using real estate investment trusts as a unique laboratory, we investigate the impact of investor sentiment on seasoned equity offering (SEO) price dynamics. Evidence indicates that investor sentiment is positively related to pre-SEO overpricing and probability of issuance. SEOs issued in high...
Persistent link: https://www.econbiz.de/10012925694
The post-earnings announcement drift (PEAD) first identified over 40 years ago seems to be as much alive today as it ever was. Numerous attempts have been made to explain its continued existence. In this paper we provide evidence to support a new explanation: that the PEAD is a reflection of the...
Persistent link: https://www.econbiz.de/10013121395
Recent advances in natural language processing have contributed to the development of market sentiment measures through text content analysis in news providers and social media. The effectiveness of these sentiment variables depends on the implemented techniques and the type of source on which...
Persistent link: https://www.econbiz.de/10012629835
This paper investigates market-level and private investor trading patterns and performance around earnings announcements. We document clear evidence for abnormal trading around earnings announcements for both the entire market and households in Germany and observe that private investor...
Persistent link: https://www.econbiz.de/10013114290
In this paper, we examine the economic value of a text-based measure of financial integration. Our attention measure of financial integration is a strong positive predictor of currency excess returns. Specifically, the financial integration measure is positively priced in the cross-section of...
Persistent link: https://www.econbiz.de/10014254455
Investor sentiment affects stock market liquidity by affecting noise trading and irrational market makers. Previous studies have focused on this effect with the time-series variation in sentiment and liquidity. This paper utilizes firm-specific news sentiment (FSNS) to examine its effect on...
Persistent link: https://www.econbiz.de/10013492675
We examine the impact of blockholding on shareholders' wealth in equity offerings in China. We find that investors generally react negatively to equity-offering announcements by firms with high blockholding. A one-standard-deviation (12%) increase in blockholding leads to a 0.59% reduction in...
Persistent link: https://www.econbiz.de/10013091919