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Discounting and underpricing in seasoned equity offers
16 references·16 citing·39 second hopsampled
Discounting and underpricing in seasoned equity offers (2003)Discounting and underpricing in seasoned …Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs? (2002)Why Don’t Issuers Get Upset A…Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks (1998)Underwriter Reputation, Initi…The investment opportunity set and corporate financing, dividend, and compensation policies (1992)The investment opportunity se…Venture Capitalist Certification in Initial Public Offerings (1991)Venture Capitalist Certificat…Initial Public Offerings and Underwriter Reputation (1990)Initial Public Offerings and …Signalling by underpricing in the IPO market (1989)Signalling by underpricing in…Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings (1989)Seasoned Offerings, Imitation…How investment bankers determine the offer price and allocation of new issues (1989)How investment bankers determ…Why new issues are underpriced (1986)Why new issues are underpricedValuation effects of security offerings and the issuance process (1986)Valuation effects of security…Equity issues and offering dilution (1986)Equity issues and offering di…Limited-Dependent and Qualitative Variables in Econometrics. (1984)Limited-Dependent and Qualita…Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have (1984)Corporate Financing and Inves…Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…Limited-dependent and qualitative variables in econometrics (1983)Limited-dependent and qualita…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Foreign institutional ownership and corporate cash holdings: Evidence from emerging economies (2018)Foreign institutional ownersh…Do capital markets value corporate social responsibility? Evidence from seasoned equity offerings (2018)Do capital markets value corp…How Economic Policy Uncertainty Affects the Cost of Raising Equity Capital: Evidence from Seasoned Equity Offerings (2017)How Economic Policy Uncertain…The leverage externalities of credit default swaps (2016)The leverage externalities of…Price informativeness and stock return synchronicity: Evidence from the pricing of seasoned equity offerings (2014)Price informativeness and sto…Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings (2013)Contracting under asymmetric …Convertibles and Hedge Funds as Distributors of Equity Exposure (2012)Convertibles and Hedge Funds …Short Selling Around Seasoned Equity Offerings (2010)Short Selling Around Seasoned…Managing Underwriters and the Marketing of Seasoned Equity Offerings (2010)Managing Underwriters and the…The choice of equity selling mechanisms: PIPEs versus SEOs (2009)The choice of equity selling …The Rise of Accelerated Seasoned Equity Underwritings (2008)The Rise of Accelerated Seaso…Underwriter choice and earnings management: evidence from seasoned equity offerings (2007)Underwriter choice and earnin…Security Offerings**We thank Robert S. Hansen, Jay Ritter and Xueping Wu for suggestions. (2007)Security Offerings**We thank …Dealer intermediation and price behavior in the aftermarket for new bond issues (2007)Dealer intermediation and pri…Pricing of Seasoned Equity Offers and Earnings Management (2005)Pricing of Seasoned Equity Of…Analyst Coverage and the Cost of Raising Equity Capital: Evidence from Underpricing of Seasoned Equity Offerings (2003)Analyst Coverage and the Cost…Determinants of corporate borrowing (1977)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Higher market valuation of companies with a small board of directors (1996)Corporate governance, chief executive officer compensation, and firm performance (1999)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues (1982)Investment banking, reputation, and the underpricing of initial public offerings (1986)Information and the Cost of Capital (2004)Theory of Rational Option Pricing (1973)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)MEDIA LEGITIMATION EFFECTS IN THE MARKET FOR INITIAL PUBLIC OFFERINGS. (2003)Why Has IPO Underpricing Changed Over Time (2004)Theory of rational option pricing (2005)The Long‐Run Performance of initial Public Offerings (1991)The New Issues Puzzle (1995)Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies (1997)Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis (2003)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Auditor independence, ‘low balling’, and disclosure regulation (1981)Financial Intermediation, Loanable Funds, and The Real Sector (1997)Interorganizational Endorsements and the Performance of Entrepreneurial Ventures (1999)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)The Determination of Financial Structure: The Incentive-Signalling Approach (1977)The Capital Structure Puzzle (1984)The Determinants of Capital Structure Choice (1988)Event Studies in Economics and Finance (1997)The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle (1998)A Review of IPO Activity, Pricing, and Allocations (2002)Whom You Know Matters: Venture Capital Networks and Investment Performance (2007)Econometric Analysis of Cross Section and Panel Data (2001)Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers Through Backward Linkages (2004)Introductory Econometrics for Finance (2008)A Survey of Corporate Governance (1997)
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References

  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1983Limited-dependent and qualitative variables in econometrics13,257 cited
  • 1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have6,535 cited
  • 1992The investment opportunity set and corporate financing, dividend, and compensation policies3,591 cited
  • 1986Why new issues are underpriced2,788 cited
  • 1990Initial Public Offerings and Underwriter Reputation2,442 cited
  • 1991Venture Capitalist Certification in Initial Public Offerings2,322 cited
  • 1989How investment bankers determine the offer price and allocation of new issues1,815 cited
  • 1998Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks1,510 cited
  • 1989Signalling by underpricing in the IPO market1,454 cited
  • 1986Equity issues and offering dilution1,397 cited
  • 1989Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings1,393 cited
  • 2002Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?1,384 cited
  • 1984Limited-Dependent and Qualitative Variables in Econometrics.

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1,310 cited
  • 1986Valuation effects of security offerings and the issuance process1,213 cited
  • Cited by

    • 2007Dealer intermediation and price behavior in the aftermarket for new bond issues212 cited
    • 2014Price informativeness and stock return synchronicity: Evidence from the pricing of seasoned equity offerings201 cited
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    • 2005Pricing of Seasoned Equity Offers and Earnings Management144 cited
    • 2007Security Offerings**We thank Robert S. Hansen, Jay Ritter and Xueping Wu for suggestions.130 cited
    • 2010Managing Underwriters and the Marketing of Seasoned Equity Offerings122 cited
    • 2018Do capital markets value corporate social responsibility? Evidence from seasoned equity offerings107 cited
    • 2013Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings106 cited
    • 2009The choice of equity selling mechanisms: PIPEs versus SEOs98 cited
    • 2018Foreign institutional ownership and corporate cash holdings: Evidence from emerging economies93 cited
    • 2007Underwriter choice and earnings management: evidence from seasoned equity offerings92 cited
    • 2016The leverage externalities of credit default swaps84 cited
    • 2008The Rise of Accelerated Seasoned Equity Underwritings81 cited
    • 2017How Economic Policy Uncertainty Affects the Cost of Raising Equity Capital: Evidence from Seasoned Equity Offerings81 cited
    • 2012Convertibles and Hedge Funds as Distributors of Equity Exposure80 cited
    • 2003Analyst Coverage and the Cost of Raising Equity Capital: Evidence from Underpricing of Seasoned Equity Offerings78 cited