期刊
JOURNAL OF FINANCIAL ECONOMICS
卷 56, 期 2, 页码 209-249出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/S0304-405X(00)00040-4
关键词
seasoned equity offerings; initial public offerings; long-run performance; anomalies
We examine whether a distinct equity issuer underperformance anomaly exists. In a sample of initial public offering (IPO) and seasoned equity offering (SEO) firms from 1975 to 1992, we find that underperformance is concentrated primarily in small issuing firms with low book-to-market ratios. SEO firms, that underperform these standard benchmarks have time series returns that covary with factor returns constructed from nonissuing firms. We conclude that the stock returns following equity issues reflect a more pervasive return pattern in the broader set of publicly traded companies. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification: G1; G2.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据