This paper examines the effects of underwriting relationships on analyst herding behavior. The results suggest that analysts employed by the lead-underwriter banks of seasoned equity offerings are more likely to provide bold forecasts than unaffiliated analysts, indicating that institutional...

This paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We find that, besides blockholders' takeup, liquidity is an important determinant of SEO flotation method choice. We document higher direct equity offering flotation costs, but also...

We analyze the impact of regulation and option introduction on the price effects of secondary equity offerings before and after options are introduced on the underlying stocks. After controlling for the implementation of SEC Rules 10b-21 in 1988 and 105 in 1997, we find that option availability...