Abstract

http://ssrn.com/abstract=891484
 
 

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Frequent Issuers' Influence on Long-Run Post-Issuance Returns


Matthew T. Billett


Indiana University - Kelley School of Business - Department of Finance

Mark J. Flannery


University of Florida - Department of Finance, Insurance and Real Estate

Jon A. Garfinkel


Tippie 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 series


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Date posted: March 18, 2006 ; Last revised: May 12, 2014

Suggested Citation

Billett, Matthew T. and Flannery , Mark J. and Garfinkel, Jon A., Frequent Issuers' Influence on Long-Run Post-Issuance Returns (April 29, 2010). Journal of Financial Economics (JFE), Forthcoming. Available at SSRN: http://ssrn.com/abstract=891484 or http://dx.doi.org/10.2139/ssrn.891484

Contact Information

Matthew T. Billett
Indiana University - Kelley School of Business - Department of Finance ( email )
1309 E. 10th St.
Bloomington, IN 47405
United States
812-855-3366 (Phone)

Mark Jeffrey Flannery
University of Florida - Department of Finance, Insurance and Real Estate ( email )
P.O. Box 117168
Gainesville, FL 32611
United States
352-392-3184 (Phone)
352-392-0103 (Fax)
Jon A. Garfinkel (Contact Author)
Tippie College of Business, Univ. of Iowa ( email )
108 PBB
Iowa City, IA 52242-1000
United States
319-335-0943 (Phone)
319-335-3690 (Fax)
HOME PAGE: http://www.biz.uiowa.edu/faculty/jgarfinkel
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