This study investigates the effect of seasoned equity offerings (SEOs) on the NASDAQ. The results confirm that, most of the time, news of a seasoned equity offering is associated with negative stock returns. This is consistent with earlier research that interpreted this effect as indicating the...

The Securities Offering Reform (SOR), promulgated by the U.S. Securities and Exchange Commission (SEC) in 2005, represents a major change in the seasoned equity offering (SEO) process. SOR eases disclosure restrictions and reduces uncertainty regarding disclosures allowed prior to an SEO. The...

The purpose of this study is to examine the impacts of alternative flotation methods on price performance of seasoned equity offerings, and to compare the competing hypotheses supported by asymmetric information theory and agency theory. Based on 385 sample issues which were listed in Taiwan...

Using various “centrality” measures from Social Network Analysis (SNA), we analyze, for the first time in the literature, how the location of a lead underwriter in its network of investment banks affects various aspects of seasoned equity offerings (SEOs). We hypothesize that investment...

We analyze rights offerings and public offerings in a setting where better informed current shareholders strategically choose to subscribe. When all current shareholders have wealth to participate, rights offerings achieve the full information outcome and dominate public offerings. When some...

We document the frequent use of lockup agreements in seasoned equity offerings (SEOs), and examine the determinants of their use, duration, and early release. From 1996 through 2006, 93.8% of all SEOs included lockups, which is comparable to the 96.6% lockup rate for IPOs during the same period....