원문정보
초록
영어
SEO registrations galvanize information gathering about issuing firms. Issuers also provide additional information in the registration period. We posit that market reaction to such new information influences issuers’ decision about their final offer size. The offer size relative to the amount filed initially further reveals the quality of the issuing firm and helps predict subsequent firm performance. Improved offerings, whose offer size exceeds the amount registered originally, record significantly positive price reaction on the offer date and do not underperform post- issuance. The converse is true for their complement: Regular offers experience significantly negative reaction on the offer date and underperform their benchmark following issuance.
목차
1. Introduction
2. Literature review and Revised Proceeds Hypothesis
2.1. Literature review
2.2. Revised Proceeds Hypothesis
2.3. Predictions of the Revised Proceeds Hypothesis
3. Data
3.1. Sample selection
3.2. Firm characteristics
4. Stock price response
4.1. Market reactions surrounding SEO announcement and offer dates
4.2. SEO classification and offer-date returns
5. Long-run performance
5.1. Long-run post-issuance stock returns
5.2. Operating performance
5.3. Analyst forecast errors and revisions
5.4. Corporate Investment
6. Institutional demand and robustness tests
6.1. Aggregate institutional investor demand for SEOs
6.2. Robustness tests
7. Conclusion
References
Table