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Long Run Performance And Insider Trading In Completed And Canceled Seasoned Equity Offerings
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Book Synopsis Long-Run Performance and Insider Trading in Completed and Canceled Seasoned Equity Offerings by : Kathleen M. Kahle
Download or read book Long-Run Performance and Insider Trading in Completed and Canceled Seasoned Equity Offerings written by Kathleen M. Kahle and published by . This book was released on 2015 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides evidence on managerial motives for raising equity by examining long-run performance and insider trading around canceled and completed seasoned equity offerings (SEOs). Insider selling increases prior to completed and canceled SEOs, but declines afterward only for canceled offerings. For completed SEOs, pre-filing insider trading is related to long-run performance after completion. For canceled SEOs, pre-filing insider trading is related to stock performance between filing and cancellation. Finally, changes in insider trading around SEO filing effect the probability of cancellation. Overall, the evidence is consistent with insiders exploiting windows of opportunity by attempting to issue overvalued equity, and canceling theissue when the market reaction to the announcement eliminates the overvaluation.
Author :Craig G. (Craig Gordon) Dunbar Publisher :London : Richard Ivey School of Business, University of Western Ontario ISBN 13 :9780771421631 Total Pages :23 pages Book Rating :4.4/5 (216 download)
Book Synopsis Long-run Performance and Insider Trading in Completed Vs. Cancel[l]ed Seasoned Equity Offerings by : Craig G. (Craig Gordon) Dunbar
Download or read book Long-run Performance and Insider Trading in Completed Vs. Cancel[l]ed Seasoned Equity Offerings written by Craig G. (Craig Gordon) Dunbar and published by London : Richard Ivey School of Business, University of Western Ontario. This book was released on 1999 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Vijay Singal Publisher :Financial Management Association Survey and Synthesis Series ISBN 13 :0195304225 Total Pages :369 pages Book Rating :4.1/5 (953 download)
Book Synopsis Beyond the Random Walk by : Vijay Singal
Download or read book Beyond the Random Walk written by Vijay Singal and published by Financial Management Association Survey and Synthesis Series. This book was released on 2006 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an efficient market, all stocks should be valued at a price that is consistent with available information. But as financial expert Singal points out, there are circumstances under which certain stocks sell at a price higher or lower than the right price. Here he discusses ten such anomalous prices and shows how investors might--or might not--be able to exploit these situations for profit.
Book Synopsis Seasoned Equity Offerings, Insider Trading, the Signaling Hypothesis by : Young Hwan Lee
Download or read book Seasoned Equity Offerings, Insider Trading, the Signaling Hypothesis written by Young Hwan Lee and published by . This book was released on 1992 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis First International Conference on Credit Analysis and Risk Management by : Joseph Callaghan
Download or read book First International Conference on Credit Analysis and Risk Management written by Joseph Callaghan and published by Cambridge Scholars Publishing. This book was released on 2011-10-18 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a summary of state-of-the-art methods and research in the analysis of credit. It thereby supplies very useful insights into this vital area of finance that has previously been insufficiently taught and researched in academia. The book, which includes an overview of processes that are utilized for estimating the probability of default and the loss given default for a wide array of debts, will be useful in evaluating individual loans and bonds as well as managing entire portfolios of such assets. Each of the chapters in the book is written by authors who presented and discussed their contemporary research and knowledge at the First International Conference on Credit Analysis and Risk Management that was held July 21–23, 2011 at Oakland University, Michigan, USA. This collection of writings by these experts in the field is uniquely designed to enhance the understanding of credit analysis in a fashion that permits a broad perspective on the science and art of credit analysis.
Book Synopsis The Long-Run Performance of Companies that Withdraw Seasoned Equity Offerings by : Michael J. Alderson
Download or read book The Long-Run Performance of Companies that Withdraw Seasoned Equity Offerings written by Michael J. Alderson and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the long-run stock price and operating performance of companies that withdraw seasoned equity offerings. Firms that withdraw an offering provide an opportunity to examine whether markets fully adjust to the information conveyed when managers announce the intent to issue shares, independent of any agency problems that might be intensified by the completion of the offering. As in completed seasoned equity offerings (SEOs), long-horizon event-time operating and stock price performance in sample firms is substantially lower than what is observed among control firms. Underperformance is also observed in an equal-weighted calendar-time analysis. Results are consistent with overpricing among small firms that attempt, but then withdraw, SEOs.
Book Synopsis Seasoned Equity Offerings, Managerial Opportunism, and Insider Trading by : Jan Jindra
Download or read book Seasoned Equity Offerings, Managerial Opportunism, and Insider Trading written by Jan Jindra and published by . This book was released on 2000 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major attribute of the United States capital markets is the separation of ownership and control. This separation gives insiders the opportunity to take advantage of private information not available to the market. The issue of whether insiders opportunistically take advantage of their private information is studied in two contexts: seasoned equity issues and earnings manipulation.
Book Synopsis Information Content of Insider Trading Around Seasoned Equity Offering by : Oliver M. Rui
Download or read book Information Content of Insider Trading Around Seasoned Equity Offering written by Oliver M. Rui and published by . This book was released on 2003 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines insider trading around seasoned equity offering announcements in Hong Kong. Consistent with prior studies, we find positive (negative) abnormal returns associated with the announcement of placings (rights offerings). We find evidence that suggests insiders of placing firms delay trading to avoid legal and market penalties. Mature firms are more undervalued relative to growth firms in the placing sub-sample. Furthermore, insiders sell (buy) because of a negative (positive) price response for mature (growth) firms in the rights offering sub-sample. The stock price response to the information content of insider trading depends on the type of security offered. A positive price response is observed for growth firms that announce placements. In general, growth opportunities rather than insider trading explain longer-term investment returns.
Book Synopsis The Long-Run Performance of Firms that Withdraw Seasoned Equity Offerings by : Brian L. Betker
Download or read book The Long-Run Performance of Firms that Withdraw Seasoned Equity Offerings written by Brian L. Betker and published by . This book was released on 1998 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the long-run stock price and operating performance of companies that withdraw seasoned equity offerings. Firms that withdraw an offering provide an opportunity to examine the long-run impact of the intent to issue shares, independent of any agency problems that might be intensified by the actual acquisition of equity capital. As in completed SEOs, long-horizonstock returns to sample firms are substantially lower than returns to control firms. Long-run operating performance is similarly poor. Long run stock price performance is worst among high market-to-book assets firms that withdraw equity issues in hot SEO markets. The evidence is consistent with a model in which firms attempt to sell overvalued shares to a market that doesn't react sufficiently to the implications of the action, even if the shares are not actually issued.
Book Synopsis Handbook of the Economics of Finance by : George M. Constantinides
Download or read book Handbook of the Economics of Finance written by George M. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 1A covers corporate finance: how businesses allocate capital - the capital budgeting decision - and how they obtain capital - the financing decision. Though managers play no independent role in the work of Miller and Modigliani, major contributions in finance since then have shown that managers maximize their own objectives. To understand the firm's decisions, it is therefore necessary to understand the forces that lead managers to maximize the wealth of shareholders.
Book Synopsis Investment Intelligence from Insider Trading by : H. Nejat Seyhun
Download or read book Investment Intelligence from Insider Trading written by H. Nejat Seyhun and published by MIT Press. This book was released on 2000-02-28 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn how to profit from information about insider trading. The term insider trading refers to the stock transactions of the officers, directors, and large shareholders of a firm. Many investors believe that corporate insiders, informed about their firms' prospects, buy and sell their own firm's stock at favorable times, reaping significant profits. Given the extra costs and risks of an active trading strategy, the key question for stock market investors is whether the publicly available insider-trading information can help them to outperform a simple passive index fund. Basing his insights on an exhaustive data set that captures information on all reported insider trading in all publicly held firms over the past twenty-one years—over one million transactions!—H. Nejat Seyhun shows how investors can use insider information to their advantage. He documents the magnitude and duration of the stock price movements following insider trading, determinants of insiders' profits, and the risks associated with imitating insider trading. He looks at the likely performance of individual firms and of the overall stock market, and compares the value of what one can learn from insider trading with commonly used measures of value such as price-earnings ratio, book-to-market ratio, and dividend yield.
Book Synopsis Earnings Management and Insider Trading Around Seasoned Equity Offerings by : Loretta Nartekie Baryeh
Download or read book Earnings Management and Insider Trading Around Seasoned Equity Offerings written by Loretta Nartekie Baryeh and published by ProQuest. This book was released on 2000 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Long Run Underperformance of Seasoned Equity Offerings by : Victor Soucik
Download or read book Long Run Underperformance of Seasoned Equity Offerings written by Victor Soucik and published by . This book was released on 2000 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Insider Trading and New Security Issues by : Kathleen M. Kahle
Download or read book Insider Trading and New Security Issues written by Kathleen M. Kahle and published by . This book was released on 1996 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Asymmetric information models such as Myers and Majluf (1984) and Stein (1992), imply that in the absence of legal constraints and control issues, insider selling should be highest prior to equity issues and lowest prior to straight debt issues. Further, if the market uses insider trading as a signal (John and Mishra (1990)), the announcement day return should be negatively correlated with insider selling. Recent evidence (Loughran and Ritter (1995)), however, suggests that the market does not fully incorporate the information contained in a new security issue at the announcement. If this is the case, insider sales might be more closely related to long-run performance than to announcement day returns. Alternatively, if insiders are simply rebalancing their portfolios after the large price runups typically associated with new issues of equity, there should be no relation between insider trading and future stock price changes. After controlling for other factors that influence insider trading, abnormal insider sales still exist prior to convertible debt and equity issues. Although much of the increase in insider selling prior to new security issues can be attributed to portfolio rebalancing after large stock price increases, I find evidence consistent with Loughran and Ritter's overvaluation hypothesis. The firms with the highest level of abnormal insider selling underperform the most in the long-run, indicating that insiders do know when the stock is overvalued. This evidence is strongest for primary and secondary equity issues and for high market-to-book stocks.
Book Synopsis Seasoned Equity Offerings and the Short and Long-run Performance of Initial Public Offerings by : Mario Levis
Download or read book Seasoned Equity Offerings and the Short and Long-run Performance of Initial Public Offerings written by Mario Levis and published by . This book was released on 1993 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Art of Investing written by Tony Pow and published by . This book was released on 2020-06-07 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insider trading is legal once the material information has been made public, at which time the insider has no direct advantage over other investors. The SEC, however, still requires all insiders to report all their transactions. So, as insiders have an insight into the workings of their company, it may be wise for an investor to look at these reports to see how insiders are legally trading their stock."My additions to conventional insider tradingHopefully my additions improve the performance of this strategy that has already been proven to work most of the time.-I add market timing to Insider Trading. You need to sell most stocks except contra ETFs before or during a market plunge and buy them back as indicated by the chart; I provide a simple marketing technique without charts. -Diversify your portfolio. Keep 10 stocks for a portfolio less than a million. Ensure that there are not more than 3 stocks in the same sector. Keep 20 stocks for portfolio over a million. Too many stocks would require more of your time that would be better spent in evaluating individual stocks. However, keeping too few of stocks would impact your portfolio when one stock has a big loss. It is just a recommendation. Vary your holding size and holding period according to your time, your portfolio size and your knowledge in investing. -Stick with stocks over $2, average daily volume over 12,000 shares (8,000 for stock prices over $20) and market cap over 200 million. Most big winners usually are in the price range between the $2 and $15 price and market cap between 200 million to 800 million. They represent the stocks that institutional investors are ignoring due to their restrictions. This is just a general guideline and there are always exceptions. Change them according to your requirements.I prefer to skip stocks from most emerging countries, especially the smaller companies, as I do not trust their financial statements.-Ignore the subscription services or books claiming they are making over 30% consistently. Some even have examples of making 5,000%. Most likely they tell you their winners but not their losers. It is easy to pick up winners that fit their strategies, but they do not tell you the real performance. Check whether their portfolio uses cash, as it cannot be manipulated such as using the best prices of the day to trade. I bet that most portfolios consistently making over 30% are not real. Alternatively, they have 10 portfolios, and they only show you the one that makes a good profit. When they back test their strategies, they cheat their performances with survivor bias (i.e. those bankrupt stocks are not in the historical database). If their returns are that great, do you think they will share their secrets with you?Many made real a great fortune, but lost it all on a bad bet. So, the turtle investors who make small profits consistently fare far better than making millions in a year and losing it all in the next year. Market timing and diversifying our portfolio are our tools and they will make beat the market in the long run.Size: 65 pages (6*9).Initial date: 06/2020
Book Synopsis Two Essays in Seasoned Equity Offerings by :
Download or read book Two Essays in Seasoned Equity Offerings written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay one investigates registered insider sales as stated in the final prospectus filed with the Securities and Exchange Commission (SEC) to test managerial market timing ability during the Seasoned Equity Offering (SEO) process. Using a comprehensive sample of 1,051 SEOs between 1997 and 2005, the findings suggest that the initial market reaction and the long-run post-issue performance of issuers are negatively related to C-level executive insider sales, but unrelated to sales by non-executive insiders. Overall, the findings are consistent with the notion that executive insiders are aware of the mispricing in their firm's securities and successfully time their sales by participating in the secondary components of SEOs. The implication is that SEOs with C-level executive sales are overvalued relative to both SEOs without insider sales and SEOs with only non-executive insider sales. In the second essay, we compare shareholder wealth effects of dual-class and single-class Seasoned Equity Offerings (SEOs) between 1997 and 2005. While there is no difference in pre-issue stock performance or the initial market reaction to the SEO announcements, dual-class issuers significantly underperform single-class issuers in the post-issue years. The mean three-year underperformance of dual-class firms relative to single-class is a significant 28.93% (30.45%) in buy-and-hold raw (abnormal) stock returns, and robust to alternative model specifications. We document that this relative long-run stock underperformance is related to differences in the impacts of post-issue capital expenditures and acquisitions for dual and single-class issuers. Similarly, post-issue corporate cash holdings also contribute less to the shareholder wealth for dual-class firms.
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