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5月28日里海大学金融系教授Ajai K. Singh讲座通知
发布时间：2013-05-23
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Market Reaction, Revised Proceeds,
and the Classification of Seasoned Equity Offerings
主讲人： Ajai K.Singh
Bolton-Perella Endowed Chair in Finance
Perella Department of Finance, Professor
Lehigh University
Received his Ph.D. from the University of Iowa.
Research Interests:
-Corporate Finance
-Financial Markets
Research Relevance:
Understand the market’s reaction to managerial
decisions regarding capital acquisition.
Research Statement:
Examination of corporate capital acquisition decisions and the role of financial intermediaries in IPOs and seasoned equity offers.
Also, examination of liquidity changes surrounding corporate events.
Journals:
Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Journal of Financial Markets, Financial Management
主持人：伍燕然 金融系副教授
时 间： 5月28日下午2:30
地 点：后主楼1610
摘 要
SEO registrations galvanize information gathering about issuing firms. Issuers also provide additional information in the registration period. We posit that market reaction to such new information influences issuers’ decision about their final offer size. The offer size relative to the amount filed initially further reveals the quality of the issuing firm and helps predict subsequent firm performance. Improved offerings, whose offer size exceeds the amount registered originally, record significantly positive price reaction on the offer date and do not underperform post-issuance. The converse is true for their complement: Regular offers experience significantly negative reaction on the offer date and underperform their benchmark following issuance.
JEL Classification: G14, G32, G39
Key Words: SEOs, Market Timing, Market Reaction, Revised Proceeds, Registration Period, Offer-date returns