Citations with the tag: SEASONED equity offerings

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  • Come and meet TTG at a hotel near you.
     // Travel Trade Gazette UK & Ireland; 1/12/2012, Issue 2987, p36 

    In this article, the author offers suggestions for boosting up sales in the travel industry that includes the use of mobile applications, social media, and improving seasoned equity offerings (SEO).

  • Wheat's problem of perspective.
    Suderman, Arlan // Kansas Farmer (0022-8583); Nov2011, Vol. 149 Issue 11, p102 

    The article reports on the trend among traders focusing at the stock potential on investing at wheat farming based on generally favorable global weather pattern.

  • Analysis of Firms' Choice of Seasoned Equity Placements in India.
    TULI, ANJALI; SHUKLA, ABHA // Money & Finance; Nov2015, p41 

    This paper empirically examines the factors that determine the choice between private and public route for raising seasoned equity capital by selected firms listed on the Bombay Stock Exchange (BSE) in India. It develops and tests a logit model for analyzing the choice between qualified...

  • California Bank of Commerce to Raise $12M.
    Broughton, Kristin // American Banker; 5/28/2014, Vol. 179 Issue 81, p6 

    The article reports that California Bank of Commerce intends to use a secondary stock offering to raise $12 million.

  • Market Reaction Implications of the Composition of SEO Packages on the Tel Aviv Stock Exchange.
    Akron, Sagi // Emerging Markets Finance & Trade; Jan2013 Supplenment, Vol. 49, p77 

    In this paper, the author examines the implications of the composition of the Tel Aviv Stock Exchange's different seasoned equity offering (SEO) packages on the market reaction to the SEO announcements. The 2000-2010 analysis demonstrates the significant impact of the SEO package's composition...

  • F.N.B. Selling 4.5M Shares of Stock.
    Davis, Paul // American Banker; 5/12/2011, Vol. 176 Issue 74, p9 

    The article discusses a common-stock offering planned by the financial company F.N.B. Corp. for capital-raising purposes.

  • Malaysia Airlines, Airbus, Boeing.
    Davis, Paul // AirGuide Business; 2/1/2010, p7 

    The article reports on the shareholders' approval secured by the Malaysian Airlines System Bhd (MAS) for a rights share issue to produce 2.67 billion ringgit to fund its fleet expansion in Malaysia.

  • Peapack-Gladstone to Raise as Much as $50 Million.
    Broughton, Kristin // American Banker; 10/24/2014, Vol. 179 Issue F341, p16 

    The article reports on the planned secondary stock offering of Bedminster, New Jersey-based bank Peapack-Gladstone Financial, which aims to raise up to 50 million dollars to fund the firm's growth.

  • 10 mistakes to avoid.
    Gilbert, Vanessa // Money (Australia Edition); Sep2013, Issue 160, p88 

    The article highlights the common mistakes that seasoned investors should avoid. It explains the problems brought by treating the market as a lucky dip, taking the market down instead of selling, fascination with price over value, and not having an investment plan. The article also notes the...

  • Emaar plans $2bn listing of malls and retail subsidiary.
    Gilbert, Vanessa // MEED: Middle East Economic Digest; 3/21/2014, Vol. 58 Issue 12, p17 

    The article looks at United Arab Emirates-based real estate development firm Emaar Properties as of March 2014, reporting on the company's plans for a secondary stock offering for its Emaar Malls and Retail subsidiary and discussing its credit-rating upgrade and overall financial position.

  • Signaling by Underpricing the Initial Public Offerings of Primary Listings in an Emerging Market.
    ČORNANIČ, Aleš; NOVÁK, Jiří // Finance a Uver: Czech Journal of Economics & Finance; 2015, Vol. 65 Issue 4, p307 

    We show that issuers use initial public offering (IPO) underpricing to signal their quality when the a priori information asymmetry is significant. Contrary to weak evidence in the signaling hypothesis from established markets, we find that in a less transparent emerging market firms...

  • Share Sale Cuts Top Habit Owner's Stake.
    Hughes, Paul // Orange County Business Journal; 4/20/2015, Vol. 38 Issue 16, p6 

    The article reports that the private equity firm KarpReilly LLC that has controlled Irvine-based Habit Restaurants Inc. is expected to trim its holdings to less than a majority stake through a secondary share offering.

  • Wilshire Aiming to Raise New Capital.
    Davis, Paul // American Banker; 5/11/2011, Vol. 176 Issue 73, p4 

    The article discusses a public stock offering being planned by the bank Wilshire Bancorp Inc. to raise capital, noting capital that will be provided to the Wilshire State Bank.

  • Long-Run Performance and Insider Trading in Completed and Canceled Seasoned Equity Offerings.
    Clarke, Jonathan; Dunbar, Craig; Kahle, Kathleen M. // Journal of Financial & Quantitative Analysis; Dec2001, Vol. 36 Issue 4, p415 

    This paper provides evidence on managerial motives for raising equity by examining long-run performance and insider trading around canceled and completed seasoned equity offerings (SEOs). Insider selling increases prior to completed and canceled SEOs, but declines afterward only for canceled...

  • The Impact of Commercial Banks on Underwriting Spreads: Evidence from Three Decades.
    Kim, Dongcheol; Palia, Darius; Saunders, Anthony // Journal of Financial & Quantitative Analysis; Dec2008, Vol. 43 Issue 4, p975 

    This paper examines the effect of commercial bank entry on underwriting spreads for IPOs, SEOs, and debt issues using a long time series that spans 30 years, from 1975 to 2004. We find that, on average, commercial banks charge lower spreads of approximately 72 basis points for IPOs, 43 basis...

  • Technical Specialized Knowledge and Secondary Shares in Initial Public Offerings.
    Junkunc, Marc T.; Eckhardt, Jonathan T. // Management Science; Oct2009, Vol. 55 Issue 10, p1670 

    This paper utilizes an understudied but often utilized aspect of initial public offerings (IPOs), secondary shares, to examine whether the knowledge conditions of firms give rise to agency problems that limit the ability of founders and venture capitalists to sell equity at IPO. In an analysis...

  • Wealth effects of American depository receipts listed on the New York Stock Exchange: The case of telecom firms.
    Schaub, Mark // Journal of Asset Management; Dec2005, Vol. 6 Issue 4, p288 

    This study investigates the short-term and long-term performance of NYSE-listed American depository receipts (ADRs) from the telecom industry. Early performance results suggest the entire sample of 63 ADRs underperforms the S&P500 on the first day of trading but outperforms the market in the...

  • The New Issues Puzzle: Testing the Investment-Based Explanation.
    Lyandres, Evgeny; Le Sun; Lu Zhang // Review of Financial Studies; Nov2008, Vol. 21 Issue 6, p2825 

    An investment factor, long in low-investment stocks and short in high-investment stocks, helps explain the new issues puzzle. Adding the investment factor into standard factor regressions reduces the SEO underperformance by about 75%, the IPO underperformance by 80%, the underperformance...

    Yung Ling Lo // International Journal of the Academic Business World; Fall2011, Vol. 5 Issue 2, p77 

    I examine the impact of corporate transparency on seasoned equity offerings (SEOs) by inspecting the firm characteristics, price performance prior to SEO announcements, market reactions to announcements, and long-term performance post issuance. All results are consistent with the information...

  • Underwriter syndication and corporate governance.
    Jo, Hoje; Kim, Yongtae; Shin, Dongsoo // Review of Quantitative Finance & Accounting; Jan2012, Vol. 38 Issue 1, p61 

    The main purpose of this paper is to examine underwriters' response to issuers' ineffective corporate governance. Given the growing importance of corporate governance for the success of equity offerings, we examine this response using a sample of seasoned equity offerings (SEOs). Previous...

  • Do Accounting Based Regulations Reduce Information Asymmetry Problem?: Evidence From China.
    Shahid, Humera; Mahmood, Faiq; Usman, Muhammad // Interdisciplinary Journal of Contemporary Research in Business; Aug2012, Vol. 4 Issue 4, p402 

    All over the world Seasoned Equity Offerings are associated with negative market reaction on the announcement. Different economies have taken different measures in order to reduce the negative effect of these announcements. In China, for this purpose each company in order to be qualified for...

  • Discounting and Underpricing of REIT Seasoned Equity Offers.
    Goodwin, Kimberly R. // Journal of Real Estate Research; Apr/May2013, Vol. 35 Issue 2, p153 

    For seasoned equity offerings, the discounting of the offer price from the closing price on the previous day is influenced by the level of asymmetric information surrounding the firm and the offering, as well as compensation to investors willing to purchase new shares. Discounting is important...

    Rubalcava, Arturo // International Journal of Business, Accounting, & Finance; Winter2012, Vol. 6 Issue 1, p75 

    The article presents a study which examined the effect of the Sarbanes-Oxley Act (SOX) on the seasoned equity offerings' (SEOs) valuation by Canadian cross-listed firms in the U.S. The study made used of 211 new equity offerings and 41 secondary offerings by Canadian issuers issued from May 1995...

    Lizińska, Joanna // Research Papers of the Wroclaw University of Economics / Prace N; 2012 Part 1, Issue 271, p459 

    The long-term price effect after seasoned equity offerings has been extensively investigated over the last decades as well as from the theoretical and practical point of view. Vast number of studies reveal negative abnormal returns. However, some recent studies do not confirm the...

  • Right Offerings, Trading, and Regulation: A Global Perspective.
    Massa, Massimo; Vermaelen, Theo; Moqi Xu // INSEAD Working Papers Collection; 2013, Issue 120, preceding p1 

    We study right offerings around the world, using a sample of 8,238 rights offers announced during 1995-2008 in 69 countries. Although shareholders prefer having the option to trade rights, issuers deliberately restrict tradability in 38% of the offerings. We argue that firms restrict rights...

  • Do mutual funds have information advantage? Evidence from seasoned equity offerings in China.
    Xiang, Erwei; Tian, Gloria Y.; Yang, Fan; Liu, Zhiyuan // International Review of Financial Analysis; Jan2014, Vol. 31, p70 

    Abstract: By integrating the literature on institutional investors with that on seasoned equity offerings (SEOs), this paper investigates the role played by mutual funds around SEO announcements in China. To the extent that shareholdings already held by mutual funds in a firm prior to the firm's...

  • Insider trading and earnings management's influence on seasoned equity offerings (SEOs)?
    Baryeh, Loretta; Yaari, Varda; Dadalt, Peter // Journal of Finance & Accountancy; Jun2012, Vol. 10, p1 

    The seasoned equity offering (SEO) event is characterized by information asymmetry between firms and investors. Insider trading (overt signal) and managed earnings (covert signal) are important inputs to the price of the SEO firm's shares. The interaction between earnings management and insider...

  • Behavior of Information Asymmetry during SEOs Issue Process: Evidence from China.
    Shahid, Humera; Xia Xinping; Mahmood, Faiq; Usman, Muhammad // Asian Journal of Management Research; 2010, p268 

    This study examines the behavior of information asymmetry around different announcement dates involved in seasoned equity issue process in China. This study contributes three major findings. Firstly, SEOs announcement effects are found more negative on issuance date as compared to different...

    Shieh-Liang Chen; Chang-Yu Lin; Yi-Mien Lin // Journal of International Finance Studies; 2013, Vol. 13 Issue 2, p51 

    This paper first examines the effects of ownership structures of institutional investors and inside investors on idiosyncratic risks of a firm, and further examines the effects of shareholdings of institutional investors and inside investors on seasoned equity offerings (SEOs) or debt financings...

  • Regulation full disclosure (FD) and seasoned equity offering (SEO) firms.
    Baryeh, Loretta // Journal of Academic & Business Ethics; Jun2013, Vol. 7, p1 

    Regulation Full Disclosure (FD) was adopted mainly to address the selective disclosure of information by publicly traded companies and other issuers. The aim of the rule was to promote full and fair disclosure. The influence of Regulation FD on insider trading along with earnings manipulation of...

  • Discounting and Clustering in Seasoned Equity Offering Prices.
    Mola, Simona; Loughran, Tim // Journal of Financial & Quantitative Analysis; Mar2004, Vol. 39 Issue 1, p1 

    An analysis of 4,814 SEOs during 1986-1999 indicates that the average offering of new shares is priced at a discount of 3% from the closing price on the day before the issue. Discounts have risen steadily over time, sharply increasing the indirect costs of issuing seasoned equity. There is...

  • Equity Issuances, Equity Mutual Fund Flows, and Noise Trader Sentiment*.
    Chiu, H.H.; Kini, O. // Review of Finance; Apr2014, Vol. 18 Issue 2, p749 

    We examine whether equity issuances initial public offerings (IPOs) and seasoned equity offerings (SEOs) are in part driven by investor sentiment by using equity mutual fund flows to proxy for the rational and/or irrational components of aggregate demand for equity. We find that more firms issue...

    Jarnecic, Elvis; Yubo Liu // Global Conference on Business & Finance Proceedings; 2013, Vol. 8 Issue 1, p332 

    Using a unique broker ID dataset, this paper investigates the trading volume and market share of brokers surrounding Seasoned Equity Offerings (SEOs) in the Australian primary market. It also uses pooled regression analysis to examine the key determinants of the behaviour of affiliated and...

  • Seasoned Equity Offerings, Corporate Governance, and Investments*.
    Kim, E. Han; Purnanandam, Amiyatosh // Review of Finance; Jul2014, Vol. 18 Issue 3, p1023 

    We find weak governance is a primary reason investors react negatively to the announcement of seasoned equity offerings (SEOs). Using a difference-in-differences approach, we find investors worry about nonproductive use of SEO proceeds when external pressure for good governance lifts due to an...

    Kim, E. Han; Purnanandam, Amiyatosh // Asia Weekly; 10/13/2008, Vol. 2 Issue 40, p26 

    The article focuses on the economic condition in the Far East Asia. According to the article, the market for the initial public offerings (IPO) has downsloped in September 2008 and Anette Jönsson of Finance Asia states that the IPO has never been priced both in Asia and Pacific regions....

    Kim, E. Han; Purnanandam, Amiyatosh // Asia Weekly; 10/13/2008, Vol. 2 Issue 40, p26 

    The article provides information on the initial public offerings (IPO) in the Far East Asia. According to the article, the Asian Coast Development has reiterated its proposals to raise its $1 billion in Hong Kong's IPO. Meanwhile, Teo Seng Capital, egg producer in Malaysia, has scheduled its IPO...

    Rubalcava, Arturo // International Journal of Business & Finance Research (IJBFR); 2015, Vol. 9 Issue 1, p63 

    This paper examines the impact of the Sarbanes-Oxley Act on the market reaction and underwriting fees of two methods of choice for underwriting seasoned equity offerings: Bought deals and firm commitment, by Canadian firms cross-listed on major U.S. exchanges. After controlling for offer and...

  • Investor Sentiment and the SEO Pricing Process: Evidence from REITs.
    Xiaoying Deng; Emir Hrnjić; Seow Eng Ong // Journal of Real Estate Portfolio Management; May-Aug2014, Vol. 20 Issue 2, p85 

    Using real estate investment trusts as a unique laboratory, we investigate the impact of investor sentiment on seasoned equity offering (SEO) price dynamics. Evidence indicates that investor sentiment is positively related to pre-SEO overpricing and probability of issuance. SEOs issued in high...

  • Ironwood Spruces for IPO Bid with $172M Filing.
    Xiaoying Deng; Emir Hrnjić; Seow Eng Ong // Bioworld Week; 11/30/2009, Vol. 17 Issue 48, p1 

    The article reports on the initial public offering (IPO) bid filed by Ironwood Pharmaceuticals Inc. in the U.S. It notes that the company aims to raise for the IPO worth 172.5 million U.S. dollars and cites the companies that have filed for the IPO including Cumberland Pharmaceuticals Inc.,...

  • Behavioral and Rational Explanations of Stock Price Performance around SEOs: Evidence from a Decomposition of Market-to-Book Ratios.
    Xiaoying Deng; Emir Hrnjić; Seow Eng Ong // Journal of Financial & Quantitative Analysis; Aug2010, Vol. 45 Issue 4, p935 

    We examine the extent to which investment opportunities and/or mispricing motivate equity issuance and contribute to post-issue stock underperformance. We decompose market-to-book ratios into misvaluation and growth option components and find that issuing firms are both overvalued and have...

  • Seasoned Equity Issuance by Japan and Singapore REITs.
    Ong, Seow; Ooi, Joseph; Kawaguichi, Yuichiro // Journal of Real Estate Finance & Economics; Jun2011, Vol. 43 Issue 1/2, p205 

    This paper examines the effects of market conditions and asset acquisitions on announcement returns and the probability of equity offerings by REITs in Japan and Singapore. The Asian experience is interesting given the prevalence of yield accretive strategies, but more so, we establish that past...

  • The Effect of Media Exposure and Market Psychology on IPOs Underpricing.
    Staikouras, Christos; Tsatsanis, Dimitrios; Mylonakis, John // International Review of Applied Financial Issues & Economics; Dec2010, Vol. 2 Issue 4, p803 

    The paper examines the relationship between first day returns from Initial Public Offerings that took place in the London Stock Exchange and the media exposure of companies prior to their listing. The research was carried out from January 1, 1997 to May 31, 2002 on a population of 687 firms in...

  • The role of lending-relationship banks in the underwriting of seasoned equity offerings: Conflict of interest or certification?
    Chen, Hsuan-Chi; Chou, De-Wai; Lai, Christine W.; Yeh, Yi-Ting // North American Journal of Economics & Finance; Apr2014, Vol. 28, p327 

    Abstract: Sections 20 and 32 of the 1933 Glass–Steagall Act address a potential conflict of interest by banning commercial banks from the market for corporate securities underwriting. This restriction was officially rescinded in 1999 by the Gramm–Leach–Bliley Financial...

  • Investor Sentiment and the SEO Pricing Process: Evidence from REITs.
    Deng, Xiaoying; Hrnjić, Emir; Ong, Seow Eng // Journal of Real Estate Literature; 2014, Vol. 22 Issue 2, p85 

    Using real estate investment trusts as a unique laboratory, we investigate the impact of investor sentiment on seasoned equity offering (SEO) price dynamics. Evidence indicates that investor sentiment is positively related to pre-SEO overpricing and probability of issuance. SEOs issued in high...

  • Firm size, timing, and earnings management of seasoned equity offerings.
    Shu, Pei-Gi; Chiang, Sue-Jane // International Review of Economics & Finance; Jan2014, Vol. 29, p177 

    Abstract: Rangan (1998), and Teoh, Wong, and Rao (1998) maintain that the short-term overperformance and long-term underperformance of seasoned equity offerings (SEOs) are due to earnings management, whereas Loughran and Ritter (1997), Baker and Wurgler (2002) and Cohen, Papadaki, and Siougle...

  • Firm age, idiosyncratic risk, and long-run SEO underperformance.
    Huang, Chia-Wei; Ho, Po-Hsin; Lin, Chih-Yung; Yen, Ju-Fang // International Review of Economics & Finance; Nov2014, Vol. 34, p246 

    Post-issue stock underperformance is driven, at least in part, by young issuers with contemporary decline in idiosyncratic risk (proxied by expected idiosyncratic volatility) exposure. We show that the SEO long-run underperformance primarily occurs in young issuers. The intuition is that young...

  • Short sales constraint and SEO pricing.
    Charoenwong, Charlie; Ding, David K.; Wang, Ping // International Review of Financial Analysis; Sep2013, Vol. 29, p107 

    Abstract: We examine the influence of SEC's Rule 105 on informed trading and the information content of stock prices around an SEO's offer day. We show that constraints on short sales inhibit informed trading and hamper incorporation of information into stock prices for offers whose traders have...

  • First California Delays Offering.
    McGeer, Bonnie // American Banker; 12/17/2009, Vol. 174 Issue 224, p4 

    The article reports that a sharp decline in its share price has prompted First California Financial Group Inc. to delay selling over seven million additional shares. During a one-week period shares of First California declined by 31%. The bank had planned to use the proceeds to fund growth,...

  • Lockups Revisited.
    Brau, James C.; Lambson, Val E.; McQueen, Grant // Journal of Financial & Quantitative Analysis; Sep2005, Vol. 40 Issue 3, p519 

    Lockups are agreements made by insiders of stock-issuing firms to abstain from selling shares for a specified period of time after the issue. Brav and Gompers (2003) suggest that lockups are a bonding solution to a moral hazard problem and not a signaling solution to an adverse selection...

  • Ethics and Disclosure: A Study of the Financial Performance of Firms in the Seasoned Equity Offerings Market.
    Jo, Hoje; Kim, Yongtae // Journal of Business Ethics; Jul2008, Vol. 80 Issue 4, p855 

    In this article, we examine the association between ethics and disclosure and the impact of this association on the long-term, post-issue performance of seasoned equity offerings (SEOs). We argue that firms with extensive disclosure are less likely to face information problems, and more likely...

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