Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Seasoned Equity Offering And Operating Performance
Download Seasoned Equity Offering And Operating Performance full books in PDF, epub, and Kindle. Read online Seasoned Equity Offering And Operating Performance ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis The Operating Performance of Firms Conducting Seasoned Equity Offerings by : Tim Loughran
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.
Book Synopsis Seasoned Equity Offering and Operating Performance by : Naihan Bing
Download or read book Seasoned Equity Offering and Operating Performance written by Naihan Bing and published by . This book was released on 2013 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Seasoned Equity Offerings, Operating Performance and Overconfidence by : Panagiotis Andrikopoulos
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.
Book Synopsis Seasoned Equity Offering Objectives and Operating Performance by : Wish Treesuksiriwatana
Download or read book Seasoned Equity Offering Objectives and Operating Performance written by Wish Treesuksiriwatana and published by . This book was released on 2014 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 ACCOUNTING & STOCK PERFORMANCE by : Liangyi Ouyang
Download or read book ACCOUNTING & STOCK PERFORMANCE written by Liangyi Ouyang and published by Open Dissertation Press. This book was released on 2017-01-27 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Accounting and Stock Performance of Initial Public Offerings and Seasoned Equity Offerings: Evidence in China" by Liangyi, Ouyang, 歐陽良宜, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Accounting and Stock Performance of Initial Public Offerings and Seasoned Equity Offerings: Evidence in China Submitted By OUYANG Liangyi For the Degree of Doctor of Philosophy at the University of Hong Kong in August 2004 Although it has a short history, the China stock market developed very fast in the past decade. Stock is now a primary investment instrument for Chinese. This research studies the long-term accounting and stock performance of initial public offerings and seasoned equity offerings in China. We find that operating performance of initial public offerings and seasoned equity offerings in China experience substantial deterioration in the post-issue period. Issuers typically have significant higher earnings and sales revenue than their industry peers before year 0. However, their advantages shrink to nothing in a short period. Extraordinarily high current accruals are reported in year 0, which consist of a large discretionary component after broken down by a Jones (1991) model. We attribute the unusual changes in accruals and operating performance to be a result of earnings management. Moreover, we find that both absolute and discretionary current accruals in year 0 are powerful in predicting changes of income and cash flow in the following three years. This finding further strengthens the hypothesis that managers dress up their earnings to meet the earnings threshold by recording aggressive accruals, which cause earnings reverse in the aftermarket period. Investors are surprised at the poor earnings. Earnings announcement effects, measured by 3-, 9- and 21-day market-adjusted abnormal returns are significantly negative in post-issue period. We also find stock offerings have negative buy-and-hold abnormal ii returns in a three-year window. Both IPOs and SEOs have around 30% less returns than size-matched non-issuers. However, when the matching standard changes to be size and book-to-market ratio, the abnormal returns are reduced by half and not significant for SEOs. We also apply the Fama and French (1993) model to monthly trading data of issuers. The result shows that the time-weighted abnormal return is not significant. We consider this difference to be a result of the time-clustering and cyclical pattern of stock issues in China. Due to high volumes of stock issues in periods of high past returns and low volumes in periods of low past returns, a time-weighted method may not find underperformance while an equal-weighted method may. We explain the negative cross-sectional abnormal returns as results of investor overoptimism and information asymmetry. Investors have insufficient information about issuers and overestimate issuers' future earnings. Along with new information released in earnings reports, they gradually downgrade their valuation, thus contributing to the negative cross-sectional returns. We find that the three-year buy-and-hold abnormal returns on issuers are significantly correlated with changes in net income during the same period, which is also supportive of the investor overoptimism hypothesis. This research contributes to the literature by providing new evidence from China, a major emerging economy with high growth. We suggest that earnings management could be stimulated by explicit earnings requirement and exacerbated by inve
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:
Book Synopsis Underwriting Services and the New Issues Market by : George J. Papaioannou
Download or read book Underwriting Services and the New Issues Market written by George J. Papaioannou and published by Academic Press. This book was released on 2017-07-27 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Underwriting Services and the New Issues Market integrates practice, theory and evidence from the global underwriting industry to present a comprehensive description and analysis of underwriting practices. After covering the regulation and mechanics of the underwriting process, it considers economic topics such as underwriting costs and compensation, the pricing of new issues, the stock price and operating performance of issuing firms, the evaluation of new issue decisions, and an analysis of the many choices issuers face in structuring new issues. Unlike other books, it systematically develops a critical perspective about underwriting practices, both in the U.S. and international markets, and with a level of detail unavailable elsewhere and an approach that reveals how financial institutions deliver underwriting services. Underwriting Services and the New Issues Market delivers an innovative and long overdue look at security issuance. Foreword by Frank Fabozzi - Covers underwriting contracts and arrangements on pricing and costs - Focuses on the financial consequences of the issuance decision for the firm - Describes and evaluates decisions regarding the features and structure of new security offerings.
Book Synopsis Market Volatility by : Robert J. Shiller
Download or read book Market Volatility written by Robert J. Shiller and published by MIT Press. This book was released on 1992-01-30 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market Volatility proposes an innovative theory, backed by substantial statistical evidence, on the causes of price fluctuations in speculative markets. It challenges the standard efficient markets model for explaining asset prices by emphasizing the significant role that popular opinion or psychology can play in price volatility. Why does the stock market crash from time to time? Why does real estate go in and out of booms? Why do long term borrowing rates suddenly make surprising shifts? Market Volatility represents a culmination of Shiller's research on these questions over the last dozen years. It contains reprints of major papers with new interpretive material for those unfamiliar with the issues, new papers, new surveys of relevant literature, responses to critics, data sets, and reframing of basic conclusions. Included is work authored jointly with John Y. Campbell, Karl E. Case, Sanford J. Grossman, and Jeremy J. Siegel. Market Volatility sets out basic issues relevant to all markets in which prices make movements for speculative reasons and offers detailed analyses of the stock market, the bond market, and the real estate market. It pursues the relations of these speculative prices and extends the analysis of speculative markets to macroeconomic activity in general. In studies of the October 1987 stock market crash and boom and post-boom housing markets, Market Volatility reports on research directly aimed at collecting information about popular models and interpreting the consequences of belief in those models. Shiller asserts that popular models cause people to react incorrectly to economic data and believes that changing popular models themselves contribute significantly to price movements bearing no relation to fundamental shocks.
Book Synopsis The Post-issue Operating Performance of Seasoned Equity Issuers in Hong Kong by : Wai-chung Yip
Download or read book The Post-issue Operating Performance of Seasoned Equity Issuers in Hong Kong written by Wai-chung Yip and published by . This book was released on 2004 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings Management and the Operation Performance of Seasoned Equity Offerings by :
Download or read book Earnings Management and the Operation Performance of Seasoned Equity Offerings written by and published by . This book was released on 2008 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 Do Firms Time Seasoned Equity Offerings? Evidence from SEOs Issued Shortly after IPOs by : Yi Jiang
Download or read book Do Firms Time Seasoned Equity Offerings? Evidence from SEOs Issued Shortly after IPOs written by Yi Jiang and published by . This book was released on 2014 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether firms take advantage of brief windows of opportunity to time seasoned equity offerings (SEOs) when their equity is substantially overvalued given managers' private information. We find that firms experiencing larger IPO underpricing, larger stock price run-ups after the IPO, and larger IPO offer size tend to return to the market with an SEO earlier than the others. Firms which issue SEOs quickly after an IPO underperform in comparison to their peers. The mean three-day abnormal return of firms issuing SEOs within six months of IPOs is 2.69% lower than that of firms issuing SEOs six months or more following their IPOs. Firms issuing SEOs shortly after their IPOs also exhibit worse long-run stock returns and operating performance. The results are most consistent with the hypothesis that managers with private information time SEOs in ways that benefit existing shareholders.
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:
Book Synopsis Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance by : Wolfgang Bessler
Download or read book Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance written by Wolfgang Bessler and published by . This book was released on 2002 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to investigate the long-run performance of initial public offerings in Germany for the period from 1977 to 1995. Of particular interest is to examine whether underpricing and the timing of subsequent seasoned equity offerings may help to explain why some firms have substantial positive and others substantial negative long-run abnormal holding period returns after going public. We find significant empirical evidence that firms that raised additional funds after an IPO through a seasoned equity offering outperformed the market. There is a significant difference in returns to the firms that had no subsequent equity offering. A comparison of seasoned equity offerings of IPOs and of established firms suggests that the information asymmetry is more pronounced for IPO firms.
Book Synopsis Post Offering Earnings Performance of Firms that Issue Seasoned Equity by : Hei Wai Lee
Download or read book Post Offering Earnings Performance of Firms that Issue Seasoned Equity written by Hei Wai Lee and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study finds that growth firms experience significant unanticipated deterioration in their earnings performance following their seasoned equity offerings (SEO), but mature firms do not share the same negative experience. This finding is consistent with the findings of long run post offering stock price underperformance documented in the literature. However, it is inconsistent with the findings of a weak positive impact of growth opportunities on the stock price reaction to the SEO announcement. The negative role of growth opportunities also contradicts the predictions of signaling models that growth potential of the issuing firm has a positive impact on the information content of the SEO. Overall, the findings in this study are consistent with the general implication of the overvaluation hypothesis that managers issue equity securities when they know their firm is not as valuable as what the market believes.
