Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Seasoned Equity Issuers Rd Investments
Download Seasoned Equity Issuers Rd Investments full books in PDF, epub, and Kindle. Read online Seasoned Equity Issuers Rd Investments ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Seasoned Equity Issuers' R&D Investments by : Hong Qian
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.
Book Synopsis Equity Issue Under-Performance and the Timing of Security Issues by : Li-Lan Cheng
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.
Book Synopsis Seasoned Equity Offerings, Investment Risk and Financial Constraints by : Cécile Carpentier
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.
Book Synopsis Strategic R&D Investment around Seasoned Equity Offerings by : Yu Wang
Download or read book Strategic R&D Investment around Seasoned Equity Offerings written by Yu Wang and published by . This book was released on 2005 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on high-technology issuers, this study provides new evidence that managers strategically overinvest in research and development (R&D) projects prior to seasoned equity offerings (SEOs). It corroborates the theoretical prediction that managers with short-term valuation pressure tend to overinvest in long-term projects to elevate investors’ growth expectations (Bebchuk and Stole, 1993). I find that issuers with more intensive pre-SEO R&D expenditures exhibit lower productivity in terms of innovative output and operating performance following offerings, which is a primary manifestation of overinvestment. Such issuers also have higher price run-ups prior to offerings and lower long-term stock returns thereafter, suggesting that investors initially overestimate the future benefits of R&D expenditures but are subsequently disappointed by their low productivity. In additional analysis, I document that analysts make higher long-term growth forecasts prior to offerings for R&D intensive issuers, whereas such issuers are more likely to miss analysts’ sales forecasts subsequently relative to non-intensive issuers. This evidence suggests that analysts fare no better than investors in correctly anticipating the future benefits of pre-SEO R&D expenditures. Further analysis of managers’ disclosure of the intended use of proceeds indicates that R&D intensive issuers tend to provide more non-financial R&D information to reinforce investors’ growth expectations. Finally, I provide evidence that the documented strategic R&D investment behavior among seasoned issuers is not explained by managerial overconfidence.
Book Synopsis Seasoned Equity Offerings in Germany. Determinants of Short- and Long-run Abnormal Return by : Andre Domes
Download or read book Seasoned Equity Offerings in Germany. Determinants of Short- and Long-run Abnormal Return written by Andre Domes and published by GRIN Verlag. This book was released on 2018-02-26 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,0, University of Warwick, course: Msc in Finance, language: English, abstract: This paper studies the abnormal returns of seasoned equity offerings over short- and long-run horizons in Germany and their determining company characteristics. Contrary to previous findings for the German market, I find that the abnormal returns around the announcement are significantly negative with Run Up, Volatility, Firm Age and Earnings per Share as explanatory variables. The long-run abnormal returns are also significantly negative. The determinants of abnormal returns in the long-run are Run Up, Firm Age, Transaction Size, Size, Leverage and Profit Margin. The findings suggest that there is a structural break in the German market in 2002/2003. Furthermore, the theoretical explanations suggested in prior research on the U.S. market are also valid for the German market.
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 THE MARKET REACTION TO SEASONED EQUITY ISSUES: THEORY AND EVIDENCE (SECURITY ISSUE). by : DAVID ARTHUR SAUER
Download or read book THE MARKET REACTION TO SEASONED EQUITY ISSUES: THEORY AND EVIDENCE (SECURITY ISSUE). written by DAVID ARTHUR SAUER and published by . This book was released on 1991 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: price effect, a.940% bond price effect, and a $-$.184% reduction in bondholder risk premium. Whereas the positive bond and adverse stock price effects documented in this paper are consistent with the redistribution hypothesis, the cross-sectional variation in stock price effects is invariant to issue size, leverage, time to maturity, and bondholder risk premium. In contrast, 11.98% of the cross-sectional variation in bond price effects can be explained by issue size and bondholder risk premium.
Book Synopsis Private Equity by : Harry Cendrowski
Download or read book Private Equity written by Harry Cendrowski and published by John Wiley & Sons. This book was released on 2011-01-25 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Private Equity "Private Equity: History, Governance, and Operations is an invaluable guide to understanding the world of private equity investing. Harry Cendrowski and his colleagues have drawn on their extensive experience and expertise to produce a book that is remarkably comprehensive and authoritative." —Robert Larson, Chairman, Lazard Real Estate Partners LLC and Larson Realty Group Managing Director, Lazard Alternative Investments "Private Equity: History, Governance, and Operations is an essential text for any business/finance professional's library. Applicable to both seasoned private equity gurus and students of the industry, its in-depth analysis of 'Best Practices' is well researched and clearly written." —William Campbell, Managing Director, W.Y. Campbell & Company "This is an interesting and very well-written book. It not only clearly describes the history and techniques of private equity investing, it also provides a thorough examination of the rarely appreciated relationships among internal control design and operation, corporate governance and sound investment decision-making and management. It is an important contribution to the literature of finance." —Barry Epstein, PhD, CPA, Partner, Russell Novak & Company, LLP, and author of Wiley GAAP 2008, The Handbook of Accounting and Auditing, and Wiley IFRS 2008 "Harry Cendrowski really hits a homerun with his newest book about the private equity (PE) industry. A definitive, authoritative text on the subject, it answered all my questions, plus some, and gave me a complete frame of reference where I now feel well informed on PE. I would recommend this book to anyone connected to the PE industry, business advisors, academics, and business owners." —Parnell Black, MBA, CPA, CVA, Chief Executive Officer, National Association of Certified Valuation Analysts (NACVA) "The timing could not be better to learn more about the current best practices and governance in the world of private equity. What was once an exclusive asset class reserved for the largest, most sophisticated investors has now become a mainstream alternative investment option for investors of all sizes. Still, many investors do not fully understand how the business works. Private Equity: History, Governance, and Operations endows its readers with an A-to-Z education on this emerging asset class, irrespective of their previous experiences." —Maribeth S. Rahe, President and Chief Executive Officer, Fort Washington Investment Advisors, Inc. & Fort Washington Capital Partners "As a private equity practitioner in the financial services space, I found this book to be a comprehensive-and comprehendible-resource covering all relevant aspects of the business of private equity. This book provides valuable 'how-to's' for improving the likelihood of having successful portfolio companies, with successful exits. Furthermore, both veteran and prospective PE investors now have a resource available to help them screen PE opportunities that best fit with their risk and return objectives." —Scott B. McCallum, Principal, Resource Financial Institutions Group, Inc. "For years, private equity has been a misunderstood asset class. Harry Cendrowski's book defines private equity in clear, concise terms. Anyone in the financial world will benefit from the insights, guidelines, and experiences detailed in Private Equity: History, Governance, and Operations." —Bob Clone, Senior Portfolio Manager, Alternative Investments Division, Michigan Department of Treasury
Book Synopsis Empirical Issues in Raising Equity Capital by : Mario Levis
Download or read book Empirical Issues in Raising Equity Capital written by Mario Levis and published by North-Holland. This book was released on 1996 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hardbound. This volume covers issues of interest to corporate financiers, investment bankers, fund managers and investors involved in the process of raising long-term capital. The papers, which represent original contributions in their specific subject areas, cover a wide range of issues. These include initial public offerings, privatisation issues, seasoned issues and international equity offerings, with empirical evidence from more than eight countries in Europe, the Far East and the Americas. The volume makes a significant contribution to bridging the gap between modern finance theory and corporate financing practice. It is a vital book for postgraduate and Phd finance courses.
Book Synopsis Are Analysts Over-Optimistic Around Seasoned Equity Offerings by : Robert S. Hansen
Download or read book Are Analysts Over-Optimistic Around Seasoned Equity Offerings written by Robert S. Hansen and published by . This book was released on 2009 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine analysts' earnings forecast behavior around SEOs. We document that equity issuers are among the high growth IBES firms that typically have much higher forecast errors. Adjusting for this bias we find that earnings per share forecasts around equity offerings are not more favorable than forecasts for other high growth firms. Further, analysts forecasts of issuers' long run growth prospects around the SEOs are not more favorable than those of other high growth firms. This suggests that abnormal forecasts observed around equity issuance, for either short run or long run forecasts, is not unique but is instead a phenomenon that is common to high growth firms. They are not consistent with the hypothesis that equity offerings coincide with a period of overly favorable earnings expectations. We also find that firm management increases in discretionary reported earnings around SEOs, which are viewed as a proxy for earnings manipulation, do not have a significant effect on earnings forecasts. These results are consistent with analysts and their investment banks behaving credibly around SEOs. The results do not agree with the notions that management has foresight of investors' irrationally optimistic earnings expectations when their firm issues equity, and that they can influence those expectations through inflating non-cash components of reported earnings.
Book Synopsis Alternative Investments by : CAIA Association
Download or read book Alternative Investments written by CAIA Association and published by John Wiley & Sons. This book was released on 2020-09-14 with total page 960 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether you are a seasoned professional looking to explore new areas within the alternative investment arena or a new industry participant seeking to establish a solid understanding of alternative investments, Alternative Investments: An Allocator's Approach, Fourth Edition (CAIA Level II curriculum official text) is the best way to achieve these goals. In recent years, capital formation has shifted dramatically away from public markets as issuers pursue better financial and value alignment with ownership, less onerous and expensive regulatory requirements, market and information dislocation, and liberation from the short-term challenges that undergird the public capital markets. The careful and informed use of alternative investments in a diversified portfolio can reduce risk, lower volatility, and improve returns over the long-term, enhancing investors' ability to meet their investment outcomes. Alternative Investments: An Allocator's Approach (CAIA Level II curriculum official text) is a key resource that can be used to improve the sophistication of asset owners and those who work with them. This text comprises the curriculum, when combined with supplemental materials available at caia.org, for the CAIA Level II exam. "Over the course of my long career one tenet has held true, 'Continuing Education'. Since CalSTRS is a teachers' pension plan, it is no surprise that continuing education is a core attribute of our Investment Office culture. Overseeing one of the largest institutional pools of capital in the world requires a cohesive knowledge and understanding of both public and private market investments and strategies. We must understand how these opportunities might contribute to delivering on investment outcomes for our beneficiaries. Alternative Investments: An Allocator's Approach is the definitive core instruction manual for an institutional investor, and it puts you in the captain's chair of the asset owner." —Christopher J. Ailman, Chief Investment Officer, California State Teachers’ Retirement System "Given their diversified cash flow streams and returns, private markets continue to be a growing fixture of patient, long-term portfolios. As such, the need to have proficiency across these sophisticated strategies, asset classes, and instruments is critical for today's capital allocator. As a proud CAIA charterholder, I have seen the practical benefits in building a strong private markets foundation, allowing me to better assist my clients." —Jayne Bok, CAIA, CFA, Head of Investments, Asia, Willis Tower Watson
Book Synopsis Corporate Social Responsibility and Seasoned Equity Offerings by : Marie Dutordoir
Download or read book Corporate Social Responsibility and Seasoned Equity Offerings written by Marie Dutordoir and published by . This book was released on 2017 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether corporate social responsibility (CSR) creates value for seasoned equity issuers. Using a sample of SEOs made by U.S. companies between 2004 and 2013, we find that stock price reactions are less negative for SEO announcements by firms with better CSR performance. Our event study results are consistent with high CSR scores indicating lower agency costs of free cash flow. Inconsistent with this interpretation, however, further analysis shows that issuers with high CSR scores tend to increase their cash holdings and working capital after their SEOs, invest less in real assets, and have worse post-SEO operating performance than issuers with low CSR scores. Together, our findings indicate that high CSR scores mislead shareholders into attributing value-increasing motives to seasoned equity issues. Further analysis suggests that the market is not fooled repeatedly, however, as the positive impact of CSR scores on stock price reactions disappears when firms return to the capital market to make subsequent SEOs.
Book Synopsis Capital Markets Handbook by : John C. Burch
Download or read book Capital Markets Handbook written by John C. Burch and published by Wolters Kluwer. This book was released on 2005-01-01 with total page 1458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Markets Handbook, Sixth Edition is the definitive desk reference for capital market professionals and a complete resource for anyone working in the financial markets field. Written by seasoned professionals in association with the SIA, Capital Markets Handbook covers the latest developments in major securities legislation, and all aspects of documentation, underwriting, pricing, distribution, settlement, immediate aftermarket trading of new issues, compliance issues, a glossary, a bibliography, and appendices containing the full text of the primary statutes and regulations. The Sixth Edition includes coverage of new developments, including compliance issues such as: New amendments to NASD Rule 2710 ("The Corporate Financing Rule") governing underwriting compensation Updates on PIPE and Registered Direct Transactions Amendments to Rule 10b-18 governing corporate repurchase of equity securities Online Dutch auction procedures in use for the Google, Inc. IPO United Kingdom Financial Service Authority guidance on conflict of interest regarding pricing and allocation issues which have been adopted by one major U.S. investment bank Amendments to Rule 105 Regulation M concerning short selling in connection with public offerings Currency conversion in settlement of a global offering NASD Rule 2790-Restriction on the Purchase and Sale of IPO equity securities NASD IPO Distribution Manager procedures for filing with NASD Corporate Financing Proposed NASD Rule 2712 concerning allocation and distribution of shares in an initial public offering A reorganized compliance chapter in a checklist format designed to ease and enhance CEO and CFO Compliance Certification required by a proposed amendment to NASD Rule 3010 (Supervision) and the adoption of Interpretive Material 3010-1 And more
Book Synopsis The Investor's Guidebook to Equities by : Stuart R. Veale
Download or read book The Investor's Guidebook to Equities written by Stuart R. Veale and published by Penguin. This book was released on 2014-01-07 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise, yet comprehensive, guidebook to understanding equity investments. This authoritative guide provides all the information that both the professional and individual investor will need to succeed in today’s equity market, including: • The role that equities play in a company's capital structure and in a portfolio • Determining and optimizing a company's weighted average cost of capital • The role of preferred stock within a company's capital structure • The various types of preferred stock • How new stocks are issued • The top ten equity strategies • Alternative ways to obtain equity exposures [box] The Investor’s Guidebook series presents investment vehicles and strategies from both the issuers’ and the investors’ perspectives. Starting with basic concepts and then building to state of the art pricing models, strategies, and tactics, these succinct handbooks will be useful for everyone from new hires through experienced professionals. Unlike most books, which are read once and sit on the shelf, professionals will refer to these books repeatedly throughout their careers. [end box] A concise, yet comprehensive, guidebook to understanding equity investments.
Book Synopsis The Role of Private Equity Investments in Public Firms by : Sandeep Dahiya
Download or read book The Role of Private Equity Investments in Public Firms written by Sandeep Dahiya and published by . This book was released on 2013 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders attempt to time the markets, firms issuing SEOs are preceded by a significantly higher run-up in stock price compared with those issuing PIPEs. This result is consistent with the undervaluation hypothesis that states that firms are more likely to issue PIPEs when they perceive their stock to be undervalued. In contrast to the United States where this undervaluation appears to be driven by financial distress and asymmetric information, the results show PIPE and SEO issuers to be statistically undistinguishable from each other. The announcement of a PIPE offering is on average associated with a significantly higher stock market reaction compared with an issue of a SEO, suggesting that private equity investors may play a certification or monitoring role. However, a comparison of PIPE issuers' operating performance and stock market returns in the pre-issue and the post-issue periods does not detect any significant improvements.
Book Synopsis Seasoned Equity Issues in a Closely Held Market by : Jean-Francois Gajewski
Download or read book Seasoned Equity Issues in a Closely Held Market written by Jean-Francois Gajewski and published by . This book was released on 2015 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the shareholder wealth effect associated with 278 seasoned equity issues in France from 1986 to 1996. The sample includes public offerings and rights issues of common stock alone and of unit. On average, there is a negative stock price change of 0.58% at the first announcement date of common stock rights issues. There is no significant return at the announcement date of public offerings or unit rights issues. We find strong evidence of negative abnormal returns at the issue date and during the subscription period for common stock issues, whether rights or public. Abnormal returns at the announcement and issue dates are related to the main characteristics of the offerings and especially to the corporate control mechanisms. In France, public offerings are chosen by larger firms and result in a more diffuse ownership. Furthermore, abnormal returns at the announcement of a public offering are not related to company specific risk, but are negatively related to the expected take-up of the current shareholders. In a closely held market such as the French market, public offerings result in a less concentrated ownership, which is better news for investors than rights issues. Conversely, the expected shareholder take-up does not affect abnormal returns in the case of rights issues. In this case, the market reacts less negatively when company specific risk is lower, stock price performance prior to the announcement is weaker and the aim of the issue concerns either an investment project or an acquisition. These results shed new light on the equity financing paradox in a closely held market.
Book Synopsis Seasoned Equity Offerings by Small and Medium-sized Enterprises by : Cécile Carpentier
Download or read book Seasoned Equity Offerings by Small and Medium-sized Enterprises written by Cécile Carpentier and published by . This book was released on 2010 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
