Illiquidity, Stock Return and Corporate Capital Structure: Evidence from Seasoned Equity Offering

• 主要作者: YU, Zhao
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2009
• 主題: capital structure; illiquidity; seasoned equity offering; Finance and Financial Management; Portfolio and Security Analysis
• 在線閱讀: https://ink.library.smu.edu.sg/etd_coll/20; https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1019&context=etd_coll

The post-issue underperformance of seasoned equity offering (SEO) is generally explained by asymmetric information and deteriorating operating performance. We complement these traditional explanations with a new parameter, the liquidity, which results from the change of capital structure due to equi...