讲座:Investment Horizon and Stock Performance Subsequent to Seasoned Equity Offerings

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: Investment Horizon and Stock Performance Subsequent to Seasoned Equity Offerings

演讲人: Li Zhang, Ph.D candidate, McGill University

主持人:隋勇 博士

: 201033 (周三)下午3:30-5:00

: 法华校区北楼103

内容简介

This paper investigates the relation between the pre-issue demand of institutional investors and the stock performance subsequent to seasoned equity offerings (SEOs). After classifying institutional investors according to their investment horizons, we document that short-run stock performance after SEOs is positively related to the pre-issue demand from short-term institutional investors. Likewise, long-run stock performance after SEOs is positively related to the pre-issue demand from long-term institutional investors. These findings support the notion that institutional investors acquire and trade on information that corresponds to their investment horizon. We also document that the information advantage of institutional investors is more pronounced in cold issue markets than in hot issue markets. This finding is consistent with the idea that firms time equity issues for periods of reduced information asymmetry. In addition, this paper documents that issuing firms offer seasoned equity at a greater discount when the pre-issue demand from short-term institutional investors is low.

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