Articlebronze2018

Influence of media coverage and sentiment on seasoned equity offerings

Ji Sun · Yi Xuan Zhou · Jia‐Guo Wang · Jie Michael Guo

21 citations0/0 files storedAccounting and Finance

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Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

Abstract This article examines the role of media in seasoned equity offerings ( SEO s) price and market reactions on SEO announcements. Using a sample of SEO deals in UK , we find that media coverage is significantly and negatively related to SEO price discounts and market returns around SEO announcements. Moreover, we document that more pessimistic media sentiment predicts larger SEO price discounts and more negative market reactions to SEO announcements. In summary, both media coverage and media sentiment influence investor decisions in SEO s, but through different mechanisms.

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1997On Persistence in Mutual Fund Performance 2011When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks 1987A Simple Model of Capital Market Equilibrium with Incomplete Information 2007Giving Content to Investor Sentiment: The Role of Media in the Stock Market 2007All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors 1999A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets 2002Market Timing and Capital Structure 1977RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION

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