We study “At-The-Market” (ATM) equity offerings, which are direct share issuances sold in the secondary market that forgo underwriters and “dribble-out” shares over time rather than raising them all at once. Enabled in 2008, their use has increased dramatically, and in 2016 their...

Explores the relationship between the short-term and long-term returns of initial public offerings (IPOs) and the reputation of the underwriters associated with the IPOs. Previous work in this area has shown that use of reputable underwriters for the IPO leads to less short-run underpricing....