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A Comparison of the Motivations for and the Information Content of Different Types of Equity Offerings
16 references·16 citing·38 second hopsampled
A Comparison of the Motivations for and the Information Content of Different Types of Equity Offerings (2004)A Comparison of the Motivations for and t…American Economic Review (2019)American Economic ReviewIs the abnormal return following equity issuances anomalous? (2000)Is the abnormal return follow…Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Market efficiency, long-term …Earnings management and the underperformance of seasoned equity offerings11We thank Brad Barber (the referee), Randy Beatty, Vic Bernard, K.C. Chan, Kent Daniel, M. DeFond, Laura Field, David Heike, Chuan Yang Hwang, Jonathan Karpoff, S.P. Kothari, Charles Lee, Wayne Mikkelson (the editor), Tim Opler, Krishna Palepu, K. Ramesh, Jay Ritter, Terry Shevlin, Doug Skinner, Sheridan Titman, Ross Watts, Jerry Zimmerman, and seminar participants at the University of California Finance and Accounting Conference (Davis, March 1995), the NBER Corporate Finance Conference (Boston, August 1995), the Center for Research in Security Prices Seminar (Chicago, October 1995), the American Finance Association Conference (San Francisco, 1996), the American Accounting Association Conference (Chicago, August 1996), the University of Michigan, and the University of Rochester for helpful comments and discussions. (1998)Earnings management and the u…Earnings management and the performance of seasoned equity offerings1I gratefully acknowledge the comments and suggestions of Philip Berger, Patricia Dechow, Kenneth Gaver (the referee), Robert Holthausen, Wayne Mikkelson (the editor), and Richard Sloan. I also thank Andrew Alford, Brad Barber, Randolph Beatty, Ilia Dichev, Paul Fisher, Gary Gorton, Paul Griffin, David Larcker, Mark Low, Patricia O'Brien, Madhav Rajan, Jay Ritter, Mark Vargus, Robert Verrecchia, Franco Wong, and workshop participants at the 1996 American Accounting Association meetings, Columbia University, Emory University, INSEAD, London Business School, MIT, New York University, Northwestern University, Purdue University, University of California at Davis, University of Chicago, University of Michigan, University of Minnesota, University of Pennsylvania, and Yale University for useful comments. I am indebted to Mark Vargus for access to his FORTRAN sub-routines. Errors and omissions are my responsibility.1 (1998)Earnings management and the p…The Operating Performance of Firms Conducting Seasoned Equity Offerings (1997)The Operating Performance of …Timing, investment opportunities, managerial discretion, and the security issue decision (1996)Timing, investment opportunit…Detecting abnormal operating performance: The empirical power and specification of test statistics (1996)Detecting abnormal operating …Underperformance in long-run stock returns following seasoned equity offerings (1995)Underperformance in long-run …The New Issues Puzzle (1995)The New Issues PuzzleEarnings Management During Import Relief Investigations (1991)Earnings Management During Im…Valuation effects of security offerings and the issuance process (1986)Valuation effects of security…Seasoned equity offerings (1986)Seasoned equity offeringsEquity issues and offering dilution (1986)Equity issues and offering di…Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Cost of Capital, Corporat…What do insiders know? Evidence from insider trading around share repurchases and SEOs (2019)What do insiders know? Eviden…The relationship between external financing activities and earnings management: Evidence from enterprise risk management (2018)The relationship between exte…Equity Issuances and Agency Costs: The Telling Story of Shareholder Approval Around the World (2017)Equity Issuances and Agency C…Seasoned Equity Offerings: Stock Market Liquidity and the Rights Offer Paradox (2013)Seasoned Equity Offerings: St…Accelerated Equity Offers and Firm Quality (2011)Accelerated Equity Offers and…SEO Risk Dynamics (2010)SEO Risk DynamicsMANAGING THE COSTS OF ISSUING COMMON EQUITY: THE ROLE OF REGISTRATION CHOICE (2010)MANAGING THE COSTS OF ISSUING…Bought deals: The value of underwriter certification in seasoned equity offerings (2010)Bought deals: The value of un…Are Initial Returns and Underwriting Spreads in Equity Issues Complements or Substitutes? (2010)Are Initial Returns and Under…Intended use of proceeds and the long-run performance of seasoned equity issuers (2009)Intended use of proceeds and …Are the Reputations of the Large Accounting Firms Really International? Evidence from the Andersen-Enron Affair (2009)Are the Reputations of the La…The Rise of Accelerated Seasoned Equity Underwritings (2008)The Rise of Accelerated Seaso…The revival of shelf-registered corporate equity offerings (2008)The revival of shelf-register…The Rise of Accelerated Seasoned Equity Underwritings (2007)The Rise of Accelerated Seaso…The Marketing of Seasoned Equity Offerings (2007)The Marketing of Seasoned Equ…Rights Offerings and Corporate Financial Condition (2006)Rights Offerings and Corporat…Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test (1976)Earnings Management through Real Activities Manipulation (2003)Performance matched discretionary accrual measures (2005)The economic implications of corporate financial reporting (2005)CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION (1963)The Determination of Financial Structure: The Incentive-Signalling Approach (1977)Efficient Capital Markets: II (1991)Event Studies in Economics and Finance (1997)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Capital Structure Puzzle (1984)The Impact of Environmental Management on Firm Performance (1996)Using daily stock returns (1985)The effects of management buyouts on operating performance and value (1989)Size and Book-to-Market Factors in Earnings and Returns (1995)Measuring long-horizon security price performance (1997)An Examination of Long‐Term Abnormal Stock Returns and Operating Performance Following R&D Increases (2004)Dumb money: Mutual fund flows and the cross-section of stock returns (2008)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Investor Psychology and Asset Pricing (2001)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Presidential Address: Discount Rates (2011)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)The Pricing of Options and Corporate Liabilities (1973)Law and Finance (1998)Risk, Return, and Equilibrium: Empirical Tests (1973)Investor Psychology and Security Market Under‐ and Overreactions (1998)The relationship between return and market value of common stocks (1981)Investor Sentiment and the Cross‐Section of Stock Returns (2006)A five-factor asset pricing model (2014)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Determinants of corporate borrowing (1977)A Survey of Corporate Governance (1997)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Upper Echelons: The Organization as a Reflection of Its Top Managers (1984)The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage (1998)The Promise of Entrepreneurship as a Field of Research (2000)
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References

  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1958The Cost of Capital, Corporation Finance and the Theory of Investment14,494 cited
  • 2019American Economic Review10,902 cited
  • 1991Earnings Management During Import Relief Investigations8,369 cited
  • 1995The New Issues Puzzle3,550 cited
  • 1998Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.12,572 cited
  • 1998Earnings management and the underperformance of seasoned equity offerings11We thank Brad Barber (the referee), Randy Beatty, Vic Bernard, K.C. Chan, Kent Daniel, M. DeFond, Laura Field, David Heike, Chuan Yang Hwang, Jonathan Karpoff, S.P. Kothari, Charles Lee, Wayne Mikkelson (the editor), Tim Opler, Krishna Palepu, K. Ramesh, Jay Ritter, Terry Shevlin, Doug Skinner, Sheridan Titman, Ross Watts, Jerry Zimmerman, and seminar participants at the University of California Finance and Accounting Conference (Davis, March 1995), the NBER Corporate Finance Conference (Boston, August 1995), the Center for Research in Security Prices Seminar (Chicago, October 1995), the American Finance Association Conference (San Francisco, 1996), the American Accounting Association Conference (Chicago, August 1996), the University of Michigan, and the University of Rochester for helpful comments and discussions.1,638 cited
  • 1996Detecting abnormal operating performance: The empirical power and specification of test statistics1,609 cited
  • 1986Equity issues and offering dilution1,397 cited
  • 1986Valuation effects of security offerings and the issuance process

Only edges whose both ends are imported exist here. Widen the year window, or show the whole map. Back to the work

1,213 cited
  • 1997The Operating Performance of Firms Conducting Seasoned Equity Offerings1,098 cited
  • 1995Underperformance in long-run stock returns following seasoned equity offerings1,005 cited
  • 1996Timing, investment opportunities, managerial discretion, and the security issue decision926 cited
  • 1986Seasoned equity offerings897 cited
  • 1998Earnings management and the performance of seasoned equity offerings1I gratefully acknowledge the comments and suggestions of Philip Berger, Patricia Dechow, Kenneth Gaver (the referee), Robert Holthausen, Wayne Mikkelson (the editor), and Richard Sloan. I also thank Andrew Alford, Brad Barber, Randolph Beatty, Ilia Dichev, Paul Fisher, Gary Gorton, Paul Griffin, David Larcker, Mark Low, Patricia O'Brien, Madhav Rajan, Jay Ritter, Mark Vargus, Robert Verrecchia, Franco Wong, and workshop participants at the 1996 American Accounting Association meetings, Columbia University, Emory University, INSEAD, London Business School, MIT, New York University, Northwestern University, Purdue University, University of California at Davis, University of Chicago, University of Michigan, University of Minnesota, University of Pennsylvania, and Yale University for useful comments. I am indebted to Mark Vargus for access to his FORTRAN sub-routines. Errors and omissions are my responsibility.1838 cited
  • 2000Is the abnormal return following equity issuances anomalous?770 cited
  • Cited by

    • 2019What do insiders know? Evidence from insider trading around share repurchases and SEOs91 cited
    • 2010SEO Risk Dynamics90 cited
    • 2009Intended use of proceeds and the long-run performance of seasoned equity issuers88 cited
    • 2008The Rise of Accelerated Seasoned Equity Underwritings81 cited
    • 2008The revival of shelf-registered corporate equity offerings80 cited
    • 2017Equity Issuances and Agency Costs: The Telling Story of Shareholder Approval Around the World79 cited
    • 2018The relationship between external financing activities and earnings management: Evidence from enterprise risk management71 cited
    • 2009Are the Reputations of the Large Accounting Firms Really International? Evidence from the Andersen-Enron Affair52 cited
    • 2010Are Initial Returns and Underwriting Spreads in Equity Issues Complements or Substitutes?51 cited
    • 2007The Marketing of Seasoned Equity Offerings50 cited
    • 2007The Rise of Accelerated Seasoned Equity Underwritings45 cited
    • 2010MANAGING THE COSTS OF ISSUING COMMON EQUITY: THE ROLE OF REGISTRATION CHOICE39 cited
    • 2006Rights Offerings and Corporate Financial Condition38 cited
    • 2013Seasoned Equity Offerings: Stock Market Liquidity and the Rights Offer Paradox28 cited
    • 2011Accelerated Equity Offers and Firm Quality28 cited
    • 2010Bought deals: The value of underwriter certification in seasoned equity offerings27 cited