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Applying the framework of conditional event studies shows that equity issues reveal managers' private information about stock mispricing, which investors only partially discount into stock prices at the seasoned equity offering (SEO) announcement date. Negative abnormal returns occur as prices...
Persistent link: https://www.econbiz.de/10010277885
Applying the framework of conditional event studies shows that equity issues reveal managers‟private information about stock mispricing, which investors only partially discount into stockprices at the seasoned equity offering (SEO) announcement date. Negative abnormal returnsoccur as prices...
Persistent link: https://www.econbiz.de/10005870708
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Cash flows are incrementally useful to earnings in security valuation mainly when earnings quality is low. This suggests that when earnings quality decreases, analysts will be more likely to supplement their earnings forecasts with cash flow estimates. Contrary to this prediction, we find that...
Persistent link: https://www.econbiz.de/10010946345
type="main" <p>This study tests the validity of using the CAPM beta as a risk control in cross-sectional accounting and finance research. We recognize that high-risk stocks should experience either very good or very bad returns more frequently compared to low-risk stocks, that is, high-risk stocks...</p>
Persistent link: https://www.econbiz.de/10011034919
A seasoned equity offering (SEO) can improve a firm’s stock liquidity and lower its cost of capital. This paper examines whether SEO firms achieve a liquidity gain and the sources of this gain. It explores the role of liquidity risk in explaining SEO long-run performance. The evidence shows...
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Applying the framework of conditional event studies shows that equity issues reveal managers' private information about stock mispricing, which investors only partially discount into stock prices at the seasoned equity offering (SEO) announcement date. Negative abnormal returns occur as prices...
Persistent link: https://www.econbiz.de/10003987344