We compare the motivations for switching underwriters between seasoned equity offerings (SEOs) for both shelf offerings and traditional offerings. Shelf offerings have risen in importance and accounted for more than 90% of SEOs in 2015. In traditional offerings, the underwriter is selected...

Shelf offerings have become the dominant method of issuing seasoned equity over the last decade. We find that the increased institutional ownership of U.S. public firms and in particular shelf issuers is the key determinant in the shift in SEO issue method over time. The increase in...