We argue that management guidance on firms' future earnings and other financial information serves to alleviate information asymmetry around seasoned equity offerings (SEOs), thus reducing the magnitude of SEO underpricing. Controlling for its endogeneity, we find that management guidance...

The distributions of Real Estate Investment Trusts (REITs) are comprised of components that differ in how they are taxed to the recipient shareholders. This variation in tax characteristics enables us to study the effect of shareholder taxes on stock prices around ex-dividend days while avoiding...