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Author : David E. Allen
Publisher :
ISBN 13 : 9780729804769
Total Pages : 36 pages
Book Rating : 4.8/5 (47 download)
Download or read book Performance of Seasoned Equity Offerings in a Risk Adjusted Environment written by David E. Allen and published by . This book was released on 2000 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michel Dubois
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (248 download)
Download or read book The Long-run Performance of Seasoned Equity Offerings with Rights written by Michel Dubois and published by . This book was released on 2000 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Cécile Carpentier
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (129 download)
Download or read book Seasoned Equity Offerings, Investment Risk and Financial Constraints written by Cécile Carpentier and published by . This book was released on 2008 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We evidence that Canadian seasoned equity issuers post a significant pre-issue stock price run-up and a significant post-issue underperformance, even when controlling for an investment risk factor, as in Lyandres, Sun and Zhang (2008). Our results do not corroborate the investment/risk hypothesis; neither are our results in line with the timing hypothesis: Canadian issuers exhibit poor operating performance, are generally financially constrained or distressed, and not able to time the market. We propose that the observed pattern can be attributed to a conjunction of the positive effect of the slack in the financial constraint and irrational pricing. Our results confirm this proposition.
Author : Mario Levis
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (32 download)
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:
Author : Philip Brown
Publisher : Routledge
ISBN 13 : 1135077584
Total Pages : 443 pages
Book Rating : 4.1/5 (35 download)
Download or read book Financial Accounting and Equity Markets written by Philip Brown and published by Routledge. This book was released on 2013-06-19 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown’s career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown’s research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.
Author : Tim Loughran
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Operating Performance of Firms Conducting Seasoned Equity Offerings written by Tim Loughran and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent studies have documented that firms conducting seasoned equity offerings have inordinately low stock returns during the five years after the offering, following a sharp run-up in the year prior to the offering. This paper documents that the operating performance of issuing firms shows substantial improvement prior to the offering, but then deteriorates. The multiples at the time of the offering, however, do not reflect an expectation of deteriorating performance. Issuing firms are disproportionately high-growth firms, but issuers have much lower subsequent stock returns than nonissuers with the same growth rate.
Author : Victor Soucik
Publisher :
ISBN 13 : 9780729804745
Total Pages : 45 pages
Book Rating : 4.8/5 (47 download)
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:
Author : Narasimhan Jegadeesh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Long-Term Performance of Seasoned Equity Offerings written by Narasimhan Jegadeesh and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I investigate the long-term performance of firms that issue seasoned equity relative to a variety of benchmarks. I find that these firms significantly underperform all of my benchmarks over the five years following the equity issues. Across SEOs, I find similar levels of underperformance for both small firms and large firms, and both growth firms and value firms. The paper also shows that factor-model benchmarks are misspecified. Hence inferences on SEO underperformance based on such benchmarks are misleading. I also find that SEOs underperform their benchmarks by twice as much within earnings announcement windows as they do outside these windows.
Author : Adrian Cremer
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.:/5 (717 download)
Download or read book The Performance of Seasoned Equity Offerings in the Long-term Perspective written by Adrian Cremer and published by . This book was released on 2000 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Colm Power
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (141 download)
Download or read book The Performance of Irish Firms Conducting Seasoned Equity Offerings written by Colm Power and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gil S. Bae
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (13 download)
Download or read book Conservatism Management, Underpricing, and the Performance of Seasoned Equity Offerings written by Gil S. Bae and published by . This book was released on 2014 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a modified Khan and Watts (2009) method, we find that accounting conservatism in years during which seasoned equity offerings (SEOs) occur is significantly lower than that in the same issuers' pre-SEO periods or that for non-SEO issuers. The finding is robust to alternative conservatism measures based on the Basu (1997) method and the cumulative previous accruals method. The degree of conservatism and its changes around the time of SEOs are negatively associated with levels of governance and information asymmetry, consistent with the findings of prior studies. Issuers with low conservatism experience less underpricing, suggesting that investors naively extrapolate the effect of low conservatism on earnings. The level of conservatism during the year of an equity offering is negatively associated with post-SEO operating and stock return performance, indicating that SEO issuers with conservative accounting policies are likely to experience underperformance in the post-issue period. Our work adds to the literature by demonstrating that companies opportunistically manage levels of conservatism at the time of SEOs.
Author : Rodney D. Boehme
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (13 download)
Download or read book Crash Risk and Seasoned Equity Offerings written by Rodney D. Boehme and published by . This book was released on 2018 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 of secondary shares (existing shares sold by insiders or large blockholders). We also find that recent seasoned equity issuers are far less likely to experience sudden positive price jumps relative to firms that have not recently issued equity. Our findings of elevated crash risk and diminished jump risk, when taken together, are consistent with a heightened propensity for firms to hoard bad news but not good news when issuing equity. In analyses of open market insider trading prior to crashes, we find that net selling by CEOs and CFOs is abnormally high in years succeeded by crashes relative to years not succeeded by crashes and is especially high among seasoned equity issuers that subsequently crash, which is consistent with crashes, especially those that occur after SEOs, resulting from bad news hoarding.
Author : Pawel Tomasz Bilinski
Publisher :
ISBN 13 :
Total Pages : 179 pages
Book Rating : 4.:/5 (643 download)
Download or read book Three Essays on the Long-run Performance of Firms Issuing Seasoned Equity Offerings written by Pawel Tomasz Bilinski and published by . This book was released on 2008 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Panagiotis Andrikopoulos
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Seasoned Equity Offerings, Operating Performance and Overconfidence written by Panagiotis Andrikopoulos and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research on seasoned equity offerings in UK shows that equity issuers report a significant long-term under performance in the period following the event. However, the factors contributing to such under performance are not yet fully explored. Using a sample of rights issues for the period 1988-1998, this study suggest that the long-term under performance is significantly related to a deterioration of companies' operating fundamentals in the post-offering period. Further comparison between quot;Bestquot; and quot;Worstquot; post-issue performers reveals that long-term under performance is predominantly robust in the case of fast growing firms with over-optimistic management. This evidence is consistent with the managerial overconfidence and quot;empire-buildingquot; hypotheses.
Author : Liangyi Ouyang
Publisher :
ISBN 13 :
Total Pages : 274 pages
Book Rating : 4.:/5 (611 download)
Download or read book Accounting and Stock Performance of Initial Public Offerings and Seasoned Equity Offerings written by Liangyi Ouyang and published by . This book was released on 2004 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Li-Lan Cheng
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Equity Issue Under-Performance and the Timing of Security Issues written by Li-Lan Cheng and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Earlier studies have shown that seasoned equity offerings (SEO) are poor investments. For up to five years after the SEO, they significantly under-perform the market indexes as well comparable-sized non-issuers. This paper extends these studies and shows evidence of intentional timing by equity issuers. For up to three years after the SEO, the under-performance is much more severe for the stocks of issuers that do not use the proceeds for capital investment than those that invest the proceeds. This suggests that firms that have no good use for the proceeds may offer equities just to take advantage of over-pricing of their stock by the market. The use of proceeds can be predicted using information available at the time of issue, thus avoiding using ex post information to predict returns. Furthermore, the stocks of bond issuers do not under-perform the market; and the difference between the investing and non-investing bond issuers is not significant.
Author : Hong Qian
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (129 download)
Download or read book Seasoned Equity Issuers' R&D Investments written by Hong Qian and published by . This book was released on 2014 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well-known that investors often react negatively to the announcements of seasoned equity offerings (SEOs). We posit that issuers can use positive discretionary (higher-than-expected) Ramp;D investments before the SEO to signal their investment prospects to mitigate the negative announcement effect. Alternatively, positive discretionary Ramp;D may be attributed to managerial over-optimism about future returns of Ramp;D investments. We find strong support for signaling hypothesis among high-tech issuers: Investors respond more favorably to the SEO announcements of high-tech issuers with positive discretionary Ramp;D; these issuers are more likely to use new capital in future Ramp;D; and they produce better post-SEO operating performance. In contrast, we find some evidence of managerial over-optimism among low-tech issuers: Investors tend to penalize low-tech firms with positive discretionary Ramp;D at SEO announcements; they are more likely to hold new capital as cash; and they fail to produce better post-SEO operating performance.
