Timing the market for equity is an accepted practice by managers who in theory have the best interests of current shareholders in mind. It is clear that by using their superior information, managers can indeed successfully issue overvalued equity to the new shareholders. Recent research has...

We analyze and compare the underpricing and buy-and-hold abnormal returns of depositary receipt equity offerings with preceding domestic seasoned equity offerings of the same firms to identify differences and motivations for cross-listings and domestic equity offerings free of any matching bias....