Abstract

http://ssrn.com/abstract=961034
 
 

References (36)



 
 

Citations (141)



 


 



Seasoned Equity Offerings: An Empirical Investigation


Ashok N Korwar


affiliation not provided to SSRN

Ronald W. Masulis


University of New South Wales - Australian School of Business; European Corporate Governance Institute (ECGI); Financial Research Network (FIRN)


Journal of Financial Economics, Vol. 15, No. 1/2, pp. 91-118, 1986

Abstract:     
This study examines common stock price adjustments to announcements of underwritten common stock offerings. On average, a negative stock price change is observed, which is larger for industrials than for public utilities. Combination primary-secondary stock offerings and dual stock-bond offerings exhibit similar negative announcement effects. Combination offerings involving decreases in management shareholdings exhibit significantly larger negative announcement effects. Cross sectional analysis of stock announcement returns indicates a positive relationship to firms' leverage changes, and a negative relationship to prior stock returns and (for industrials) to decreases in management shareholdings.

Number of Pages in PDF File: 45

Keywords: SEOs, seasoned equity offerings, stock offers, announcement effects, primary offers, secondary offers

JEL Classification: G14, G32

Accepted Paper Series


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Date posted: February 6, 2007  

Suggested Citation

Korwar, Ashok N and Masulis, Ronald W., Seasoned Equity Offerings: An Empirical Investigation. Journal of Financial Economics, Vol. 15, No. 1/2, pp. 91-118, 1986. Available at SSRN: http://ssrn.com/abstract=961034

Contact Information

Ashok N Korwar
affiliation not provided to SSRN
No Address Available
Ronald W. Masulis (Contact Author)
University of New South Wales - Australian School of Business ( email )
Sydney, NSW 2052
Australia
612-9385-5860 (Phone)
612-9385-6347 (Fax)

European Corporate Governance Institute (ECGI) ( email )
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
Financial Research Network (FIRN)
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia
HOME PAGE: http://www.firn.org.au

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