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Investor Sentiment and Seasoned Equity OfferingsXiaoying DengNational University of Singapore (NUS) - Department of Real Estate Emir HrnjicNational University of Singapore Seow Eng OngNational University of Singapore (NUS) - Department of Real Estate June 7, 2012 Abstract: We document that investor sentiment is positively related with pre-SEO overpricing and plays an important role in managers’ equity issuance decisions. Further, we provide evidence that investor sentiment impacts the SEO discounting and underpricing. High sentiment periods are followed by low long run returns suggesting that sentiment does not proxy for unobservable fundamentals. Overall, our findings are consistent with market timing and behavioral explanations for equity offerings.
Number of Pages in PDF File: 56 Keywords: investor sentiment, seasoned equity offerings, market timing, behavioral finance, underwriters, real estate investment trust JEL Classification: G14, G23, G24, G32 working papers seriesDate posted: June 19, 2012Suggested CitationContact Information
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