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" (SEOs) in China during the period from 1 January 2001 to 1 July 2006. Duration analysis is applied by using the … on financing decisions in China contradicts the predictions of both the trade-off theory and the pecking order theory … China under-utilize the tax shield of debt. The most surprising finding is that profitability is positively related to the …
Persistent link: https://www.econbiz.de/10013121555
Using a sample of 6,198 US firms that went public from 1975-2004, this paper documents that firms often return for a new round of equity issuance shortly after the preceding one. First SEOs following the IPO are more likely to be conducted at a faster speed than subsequent (follow-on) SEOs....
Persistent link: https://www.econbiz.de/10013068197
We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999 - 2006, we find that firms do not use unspecified SEO proceeds on...
Persistent link: https://www.econbiz.de/10010477889
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employed by listed firms in China: public offering, rights offering, and private placements. The dominant flotation method …
Persistent link: https://www.econbiz.de/10013289473
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...
Persistent link: https://www.econbiz.de/10012938632
Persistent link: https://www.econbiz.de/10009011592
This paper examines the relation between revealed market demand and insider amendments to the number of primary and secondary shares offered during the seasoned equity offering (SEO) process. We define strong (weak) market demand for an SEO as a positive (negative) buy-and-hold abnormal return...
Persistent link: https://www.econbiz.de/10013129979
We analyze the impact of regulation and option introduction on the price effects of secondary equity offerings before and after options are introduced on the underlying stocks. After controlling for the implementation of SEC Rules 10b-21 in 1988 and 105 in 1997, we find that option availability...
Persistent link: https://www.econbiz.de/10013134044
Most of the analyses of small firms' decision to seek outside equity financing and the conditions thereof have concerned private firms. Knowledge of the risk and return of entrepreneurial ventures for outside investors is consequently limited. This paper attempts to fill this gap by examining...
Persistent link: https://www.econbiz.de/10013114776