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Accelerated Equity Offers and Firm Quality
16 references·3 citing·30 second hop
Accelerated Equity Offers and Firm Quality (2011)Accelerated Equity Offers and Firm QualityDetecting Earnings Management (2012)Detecting Earnings ManagementWhy Has IPO Underpricing Changed over Time? (2005)Why Has IPO Underpricing Chan…Valuation waves and merger activity: The empirical evidence (2005)Valuation waves and merger ac…Why Has IPO Underpricing Changed Over Time (2004)Why Has IPO Underpricing Chan…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 …Detecting abnormal operating performance: The empirical power and specification of test statistics (1996)Detecting abnormal operating …Detecting Earnings Management. (1995)Detecting Earnings Management.Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…Earnings Management During Import Relief Investigations (1991)Earnings Management During Im…Capital raising, underwriting and the certification hypothesis (1986)Capital raising, underwriting…The market for “lemons”: quality uncertainty and the market mechanism (1984)The market for “lemons”: qual…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Job Market Signaling (1973)Job Market SignalingThe Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)The Market for "Lemons": Qual…Wealth Effects of Seasoned Equity Offerings: A Meta‐Analysis (2018)Wealth Effects of Seasoned Eq…Does managerial ability matter for the choice of seasoned equity offerings? (2018)Does managerial ability matte…Executive compensation structure and the motivations for seasoned equity offerings (2013)Executive compensation struct…Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test (1976)The economic implications of corporate financial reporting (2005)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)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 "Hot Issue" Market of 1980 (1984)Initial Public Offerings and Underwriter Reputation (1990)A Review of IPO Activity, Pricing, and Allocations (2002)Which Shorts Are Informed? (2007)Religious beliefs, gambling attitudes, and financial market outcomes (2011)Corruption culture and corporate misconduct (2016)Accounting earnings and cash flows as measures of firm performance (1994)Debt covenant violation and manipulation of accruals (1994)The Role of the State in Financial Markets (1993)Understanding Financial Crises: A Developing Country Perspective (1996)Social Media Brand Community and Consumer Behavior: Quantifying the Relative Impact of User- and Marketer-Generated Content (2012)Earnings management and investor protection: an international comparison (2003)Earnings Management through Real Activities Manipulation (2003)Performance matched discretionary accrual measures (2005)Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information (1976)Varieties of Capitalism (2001)Signaling Theory: A Review and Assessment (2010)Investor Psychology and Security Market Under‐ and Overreactions (1998)The Evolution of Cooperation (1981)Corporate financing and investment decisions when firms have information that investors do not have (1984)The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation (1991)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism22,977 cited
  • 1973Job Market Signaling16,329 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1991Earnings Management During Import Relief Investigations8,369 cited
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  • 2012Detecting Earnings Management3,821 cited
  • 1984The market for “lemons”: quality uncertainty and the market mechanism2,323 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
  • 2004Why Has IPO Underpricing Changed Over Time1,630 cited
  • 1996Detecting abnormal operating performance: The empirical power and specification of test statistics1,609 cited
  • 2005

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Valuation waves and merger activity: The empirical evidence
1,287 cited
  • 1997The Operating Performance of Firms Conducting Seasoned Equity Offerings1,098 cited
  • 1986Capital raising, underwriting and the certification hypothesis952 cited
  • 2005Why Has IPO Underpricing Changed over Time?931 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
  • Cited by

    • 2018Wealth Effects of Seasoned Equity Offerings: A Meta‐Analysis22 cited
    • 2013Executive compensation structure and the motivations for seasoned equity offerings19 cited
    • 2018Does managerial ability matter for the choice of seasoned equity offerings?16 cited