Download or read book Earnings Around Seasoned Equity Offerings written by Srinivasan Rangan and published by . This book was released on 1995 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Seasoned Equity Offerings and Their Impact on the Firm Value written by Pierre Jeanneret and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Marketing of Seasoned Equity Offerings written by Xiaohui Gao and published by . This book was released on 2007 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: ABSTRACT: Accelerated seasoned equity offerings (SEOs), which include bought deals and accelerated bookbuilt offers, have increased dramatically in the U.S. and globally recently. Accelerated offers are cheaper than traditional fully marketed offers in terms of direct issue costs. To explain why some issuing firms choose a fully marketed offer instead of an accelerated offer, we develop a model in which marketing flattens the issuer's demand curve. Empirical analysis shows that the pre-issue elasticity of the issuing firm's demand curve and the relative offer size are important determinants of the offer method. In our analysis, the elasticity of demand at the time of issuance is endogenous.

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.

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:

Download or read book Handbook of Research on Crowdfunding written by Hans Landström and published by Edward Elgar Publishing. This book was released on 2019 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crowdfunding is a hot topic and this Handbook provides a service to the research community by codifying, discussing and examining research in this area. It will be a starting point for researchers seeking high quality research in this new and important area.

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:

Download or read book Seasoned Equity Offerings in an Emerging Market written by Polwat Lerskullawat and published by LAP Lambert Academic Publishing. This book was released on 2012-03 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis considers three empirical areas of seasoned equity offering (SEO): (1) SEO stock price reaction, (2) the determinants of SEO underpricing and (3) the post-issuing performance of SEO. During the period 1999 to 2006 in Thailand, we identified 126 companies issuing via common stocks, which illustrated four different issuing methods. We found in the first context that there is a negative reaction of stock prices to SEO announcements. The issuing methods can reduce the offering dilution caused by these announcements. We also noticed that there is no relationship between short- and long-term stock price reactions. In the context of the determinants of SEO underpricing, the evidence reported contrasting aspects to those noted in the existing literature, particularly in the area of asymmetric information. Nevertheless, some factors that we examined provided different discussions regarding trading. Finally, we found underperformance of SEO firms during the post-issue period. This confirms the results when a different methodology is employed.

Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over

Download or read book Contemporary Financial Intermediation written by Stuart I. Greenbaum and published by Academic Press. This book was released on 2019-05-14 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contemporary Financial Intermediation, 4th Edition by Greenbaum, Thakor, and Boot continues to offer a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that puts information and economic reasoning at the core. Instead of primarily naming and describing markets, regulations, and institutions as is common, Contemporary Financial Intermediation explores the subtlety, plasticity and fragility of financial institutions and credit markets. In this new edition every chapter has been updated and pedagogical supplements have been enhanced. For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve they do, why we suffer recurring financial crises occur and how we typically react to them. Our textbook demands more in terms of quantitative skills and analysis, but its ability to teach about the forces shaping the financial world is unmatched. Updates and expands a legacy title in a valuable field Holds a prominent position in a growing portfolio of finance textbooks Teaches tactics on how to recognize and forecast fluctuations in financial markets

Download or read book Essays on Seasoned Equity Offerings written by Huajing Hu and published by . This book was released on 2013 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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.

Download or read book The Marketing of Seasoned Equity Offerings written by Xiaohui Gao and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Seasoned Equity Offerings Market Timing and the Corporate Lifecycle written by Harry DeAngelo and published by . This book was released on 2010 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper gauges the importance of market timing for the decision to conduct a seasoned equity offering by testing whether SEO decisions are better explained by timing opportunities or by a simple fundamentals-based theory in which firms sell stock primarily in the early stages of their lifecycle, when growth opportunities exceed internally generated cash flow. We measure timing opportunities using market-to-book ratios and prior and future stock returns (and other equity mispricing proxies advanced in the literature), and lifecycle stage by the number of years listed. Both timing and lifecycle proxies have a significant influence, with the lifecycle effect quantitatively stronger, but neither adequately explains SEO decisions because (i) a near-majority of issuers are not growth firms, and (ii) the vast majority of firms with high M/B ratios and high recent and poor future stock returns fail to issue stock. Since a full 62.6% of issuers would run out of cash by the year after the SEO without the offer proceeds (and 81.1% would have subnormal cash balances at that time), we conclude that a near-term cash need is the primary SEO motive, with market-timing opportunities and lifecycle stage exerting economically significant ancillary influences on the SEO decision.

Download or read book Timing of Seasoned Equity Offerings written by Yan Zhao and published by . This book was released on 2007 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Price Impacts of Seasoned Equity Offerings in Distinct Market Segments written by Edward Frederic Straube and published by . This book was released on 1987 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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.