This paper uses a simple approach to capture time-varying risks surrounding seasoned equity offerings to shed further light on SEO timing and post-issue underperformance. We find that a steady decline in issuing firms' cost of equity capital to its lowest point prompts them to file SEOs. The...

This paper develops a general equilibrium model and provides empirical support that the market volatility-of-volatility (VOV) predicts market returns and drives the time-varying volatility risk. In asset pricing tests with the market, volatility, and VOV as factors, the risk premium on VOV is...

Patent thickets, a phenomenon of fragmented ownership of overlapping patent rights, hamper firms' commercialization of patents and thus deliver asset pricing implications. We show that firms with deeper patent thickets are involved in more patent litigations, launch fewer new products, and...