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The Long Run Performance Of Companies That Withdraw Seasoned Equity Offerings
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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 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 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 Long-run Performance of Seasoned Equity Offerings with Rights by : Michel Dubois
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:
Book Synopsis Long-Run Stock Returns Following Seasoned Equity Offerings by : Katherine Spiess
Download or read book Long-Run Stock Returns Following Seasoned Equity Offerings written by Katherine Spiess and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We document that firms making seasoned equity offerings during 1975-1989 substantially under-performed a sample of matching firms from the same industry and of similar size that did not issue equity. Specifically, returns in the five-year period following a seasoned equity offering are, on average, 31.2 percent lower than those of non-issuing matched firms. This long-run underperformance persists even after controlling for trading system, firm book-to-market ratio, firm size, and firm age. It is similar to that previously documented for initial public offerings, implying that managers may be able to take advantage of overvaluation in both the initial and seasoned equity offerings markets.
Book Synopsis Three Essays on the Long-run Performance of Firms Issuing Seasoned Equity Offerings by : Pawel Tomasz Bilinski
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:
Book Synopsis Long-Term Performance of Seasoned Equity Offerings by : Narasimhan Jegadeesh
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.
Book Synopsis The Performance of Seasoned Equity Offerings in the Long-term Perspective by : Adrian Cremer
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:
Book Synopsis Withdrawn and (Not) Reissued U.S. and Canadian IPOs and SEOs by : Marie Masson
Download or read book Withdrawn and (Not) Reissued U.S. and Canadian IPOs and SEOs written by Marie Masson and published by . This book was released on 2011 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: Between 1993 and 2009, 14.69% and 12.34% of all public equity offerings announced in the U.S. and Canada were eventually withdrawn, respectively. Less than 10% of all cancelled IPOs are eventually completed versus over 20% of all withdrawn SEOs. We measure the impact of issuer riskiness, issuer characteristics and timing of the offerings on the likelihoods of IPO and SEO cancelations and subsequent return of these offerings. We find that the dotcom and subprime crises have a greater positive influence on the probability of withdrawal in the United Stated than in Canada. Our results suggest that greater post-announcement changes in market and economic conditions tend to increase the probability of withdrawal and that good general market conditions subsequent to announcement and to withdrawal are positively related to the completion and reissue of offerings, respectively. Overall, cancelation of initial and seasoned equity offerings is driven by different firm- and issue-specific factors and the effect of these variables varies across countries. An analysis of stock price performance of successfully returning offerings on the three days centered on their announcements suggests that second-time successful SEOs underperform a sample of contemporaneous offerings by 2.09% and 5.76% in the U.S. and Canada, respectively. Overall, underpricing on the day of issue is not affected by prior offering cancellation. However, over the long-term, we find that U.S. equity offerings underperform their profitability-matched sample of contemporaneous offerings.
Book Synopsis The Oxford Handbook of Entrepreneurial Finance by : Douglas Cumming
Download or read book The Oxford Handbook of Entrepreneurial Finance written by Douglas Cumming and published by OUP USA. This book was released on 2012-03-22 with total page 937 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
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 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 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 Initial Public Offerings by : Michelle Lowry
Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.
Book Synopsis Long-Term Returns from Equity Carveouts by : Anand M. Vijh
Download or read book Long-Term Returns from Equity Carveouts written by Anand M. Vijh and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample of 628 carveouts during 1981-1995, this paper finds that the newly issued subsidiary stocks do not underperform appropriate benchmarks over a three-year period following the carveout. This result is in striking contrast with the documented poor performance of initial public offerings and seasoned equity offerings. I conjecture that the superior performance of subsidiary stocks arises because the subsidiary and parent firms can focus on fewer business segments after carveout, and because the parent firms continue to own a monitoring position in the subsidiary firms. I test whether the subsidiary stock performance is related to the number of business segments the parent firm has before carveout. The relationship is not always significant, which suggests another possible explanation, that the market may react efficiently to the likely future performance of carveouts.
Book Synopsis Withdrawn Initial Public Offerings by : Re-Jin Jennifer Guo
Download or read book Withdrawn Initial Public Offerings written by Re-Jin Jennifer Guo and published by . This book was released on 1999 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
