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Abnormal Volatility in Seasoned Equity Offerings During Economic Disruptions

Prasad, Mason; Bakry, Walid; Estela Varua, Maria - 2021

show that there is an increased intensity of SEO abnormal return volatility and volume during economic disruptions. We find … evidence of abnormal return volatility and volume in standalone and restricted SEOs being higher relative to combined SEOs. We … also identify that higher performing sectors experience larger abnormal return volatility and volume. Finally, using an …

Persistent link: https://www.econbiz.de/10013230729

Does Changing Leverage Cause Miss-Specification of Long-Run Return Measures in Seasoned Equity Offerings?

McLaughlin, Robyn - 2011

We investigate the “new equity puzzle” using an approach that allows us to analyze the structural change in both alpha and systematic risk after the event. Brav, Geczy, and Gompers (2000) and Eckbo, Masulis, and Nodi (2000) cast doubt on the validity of matched-firm adjusted returns as a...

Persistent link: https://www.econbiz.de/10013128435

Shelf Versus Traditional Seasoned Equity Offerings : The Impact of Potential Short Selling

Dutordoir, Marie - 2018

Traditional SEOs elicit short selling from traders trying to increase offering discounts. Such short selling is more difficult for shelf offerings, as the time between their announcement and issuance tends to be shorter. We predict and find that firms with higher short-selling potential (SSP)...

Persistent link: https://www.econbiz.de/10012931945

The Effect of Investor Attention on the Pricing of Seasoned Equity Offerings

Pinto-Gutierrez, Cristian A. - 2015

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...

Persistent link: https://www.econbiz.de/10013028714

Order Imbalances Around Seasoned Equity Offerings

Kim, Sukwon Thomas - 2012

Using market microstructure data, we study the determinants of the buying/selling pattern around seasoned equity offerings (SEOs) and their effect on underpricing. We find that the trading pattern around SEOs is slightly positive before the issue date and heavily negative after the SEO, and this...

Persistent link: https://www.econbiz.de/10013113991

Investor Sentiment and Seasoned Equity Offerings

Deng, Xiaoying - 2012

We document that investor sentiment is positively related with pre-SEO overpricing and plays an important role in managers' equity issuance decisions. Further, we provide evidence that investor sentiment impacts the SEO discounting and underpricing. High sentiment periods are followed by low...

Persistent link: https://www.econbiz.de/10013104840

The Impact of Cost of Equity on Seasoned Equity Offerings

Zhang, Weiqi - 2014

This paper provides an empirical link between the expected cost of equity and firms' Seasoned Equity Offerings activities, using a novel measure of forward-looking cost of equity. There is a negative impact of expected cost equity on SEO likelihood and amount of proceeds, exists on both market...

Persistent link: https://www.econbiz.de/10013063078

Investor Sentiment, Market Timing and Seasoned Equity Offering

Chou, Robin K. - 2015

to SEO probability, and that small, high volatility, high R&D intensity, and non-dividend-paying firms are more likely to …

Persistent link: https://www.econbiz.de/10013017381

Investment Performance of 'Environmentally-Friendly' Firms and their Initial Public Offers and Seasoned Equity Offers

Chan, Pak To - 2014

We employ a sample of 748 environmentally-friendly (or “green”) firms listed on U.S. stock exchanges to extend studies of the effects of socially responsible investment (SRI) on stock investment returns and the performance of initial public offerings (IPOs) and seasoned equity offerings...

Persistent link: https://www.econbiz.de/10013070798

The Methodology Matters : What Influences Market Reaction, and Post-issue Returns in Seasoned Equity Offerings?

Krishnan, C. N. V.; Wu, Minghao - 2022

Using a large database of U.S. seasoned equity offering (SEO) announcements from 2010 to 2015, we examine the effects of several explanatory variables – firm specific, macroeconomic, fixed income, and stock market variables - on the announcement period abnormal stock returns and on the...

Persistent link: https://www.econbiz.de/10014236709