|
|
|
|
||||
|
||||
Frequent Issuers' Influence on Long-Run Post-Issuance ReturnsMatthew T. BillettIndiana University - Kelley School of Business Mark J. FlanneryUniversity of Florida - Department of Finance, Insurance and Real Estate Tippie College of Business Univ. of IowaTippie College of Business, Univ. of Iowa April 29, 2010 Journal of Financial Economics (JFE), Forthcoming Abstract: Prior studies conclude that firms’ equity underperforms following many individual sorts of external financing. These conclusions naturally raise significant questions about market efficiency and/or about the techniques used to measure long run “abnormal returns.” Rather than concentrating on a single security type or issuance, we examine long-run performance following any and all sorts of security issuances. Initial financing events do not associate with underperformance; however subsequent financings do. Our results suggest that negative post-issuance returns have nothing to do with the specific type of security issued, and everything to do with the number of types of securities issued.
Number of Pages in PDF File: 40 Keywords: External Finance, Security Issuance, Long-run Performance JEL Classification: G30 working papers seriesDate posted: March 18, 2006 ; Last revised: April 30, 2010Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo3 in 0.391 seconds
