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Abnormal Volatility in Seasoned Equity Offerings During Economic Disruptions

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

Corporate transactions in hard-to-value stocks

Ben-David, Itzhak; Kim, Byungwook; Moussawi, Hala; … - 2021

Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about future events, they are contrarian and heavily...

Persistent link: https://www.econbiz.de/10012816430

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

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

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

Corporate Governance and Investor Reactions to Seasoned Equity Offerings

Huang, Rongbing - 2009

We study the role of corporate governance in abnormal returns around announcements of seasoned equity offerings (SEOs) by publicly traded U. S. firms from 2001 - 2004. We find that investors react more positively for firms in which different people hold the CEO and board chairman positions. We...

Persistent link: https://www.econbiz.de/10013158160

Market Reaction to Intended Use of Proceeds Disclosure : Evidence from Australian SEO's

Agrawal, Prerana - 2010

We study a sample of 568 Australian rights offerings made during 2003-08 to examine the market response to the reasons stated by the firm for the use of capital on announcements. We also examine the impact of the extent of disclosure of use of proceeds on market response. Using event study...

Persistent link: https://www.econbiz.de/10013139005

Is the Largest Shareholder as Underwriter Better Able to Certify a Seasoned Equity Issue?

Lee, Chin-Chong - 2014

The largest shareholder of an issuing firm in Hong Kong can be the underwriter for rights offers and open offers. We hypothesize that being an underwriter the largest shareholder who possesses more information is better than investment banks in certifying firm value and we find the evidence to...

Persistent link: https://www.econbiz.de/10013059984

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

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