Models of seasoned equity offerings (SEOs) such as Myers and Majluf (1984) assume that all investors in the economy pay immediate attention to SEO announcements and the pricing of SEOs. In this paper, we analyze, theoretically and empirically, the implications of only a fraction of investors in...

I examine the role of investor attention on seasoned equity offerings' (SEOs) outcomes. I use an archive of Thomson Reuters' news articles and third-party newswires to proxy for investor attention. I find that the volumes of news articles prior to the offerings are positively associated with the...

Much of the new equity declined by existing shareholders in UK SEOs is bought in a few large blocks, both by other existing holders and by new investors. The paper argues that a placing process via negotiation with investors facilitates the purchase of large blocks better than the alternative...

Die Autorin untersucht die Auswirkungen von Bezugsrechtsemissionen auf die Entwicklung der Börsenkurse kapitalerhöhender Gesellschaften. -- In dem theoretischen Teil werden Erklärungsansätze für die Signalwirkung von Kapitalveränderungen, insbesondere der Effekt bei der Ausgabe neuer...