Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/50660 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Manchester Business School Working Paper No. 587
Verlag: 
The University of Manchester, Manchester Business School, Manchester
Zusammenfassung: 
Applying the framework of conditional event studies shows that equity issues reveal managers' private information about stock mispricing, which investors only partially discount into stock prices at the seasoned equity offering (SEO) announcement date. Negative abnormal returns occur as prices fully impound the information over a 17-month post-offer period. SEOs exhibit no subsequent underperformance. The study provides a more realistic explanation of SEO underperformance and a framework for testing behavioral explanations of abnormal performance following corporate events.
Schlagwörter: 
seasoned equity offerings
investor underreaction
manager's private information
Dokumentart: 
Working Paper

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