Eberhart, Allan C.; Siddique, Akhtar - In: Review of Financial Studies 15 (2002) 5, pp. 1385-1406
Previous studies document negative long-term abnormal stock returns following seasoned equity offering (SEO) issuances and conclude that markets are inefficient. Other studies, however, argue that these results are a manifestation of risk mismeasurement (i.e., the bad-model problem), not market...