Using a large sample of U.S. firms during 1987–2011, we find robust evidence that the issuance of seasoned equity is associated with abnormally high future stock price crash risk. The association between seasoned equity offerings and crash risk is stronger among offerings that involve the sale...

We analyze the relationship between the primary market characteristics and the secondary market trading frictions of new stocks. We identify major differences across portfolios of IPO stocks grouped by market heat, underpricing, offer price, underwriter prestige, and VC backing. IPOs issued in...

Long-run performance is reexamined following stock splits during 1950 to 2000. Significantly positive and robust equally weighted abnormal returns are documented during the first year following the announcement month; however, significant value weighted long-run abnormal returns are largely...