This paper provides evidence on managerial motives for raising equity by examining long-run performance and insider trading around canceled and completed seasoned equity offerings (SEOs). Insider selling increases prior to completed and canceled SEOs, but declines afterward only for canceled...

Approximately 60% of IPO issuers adjust primary share over the registration period and 15% adjust secondary shares. I find that first day returns are significantly positive related to primary share adjustments and insignificantly related to secondary share adjustments. These relations are...

Although various income statement–based measures predict the cross section of stock returns, direct method cash flow measures have even stronger predictive power. We transform indirect method cash flow statements into disaggregated and more direct estimates of cash flows from operations and...