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Long term performance and choice of SEO method by UK firms

Capstaff, J. and Fletcher, Jonathan (2011) Long term performance and choice of SEO method by UK firms. Journal of Business Finance and Accounting, 38 (9-10). pp. 1262-1289. ISSN 0306-686X

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Abstract

The long term performance of firms making seasoned equity offerings (SEOs) in the UK, in an era of discretion over the choice of issue method, is shown to differ according to the chosen method across a number of different models of expected returns. The combination of prior and post-SEO performance suggests that rights offering firms are less likely to time offers to exploit overvaluation than firms using placings. When judged on a long term basis rights offering firms are not of lesser quality than firms that choose other offering methods.

Item type: Article
ID code: 41761
Keywords: market-efficiency, seasoned equity offerings, adverse selection, rights issues, open offers, timing hypothesis, long term performance, quality of rights offering firms, price performance, puzzle, abnormal stock returns, seasoned-equity issues, issuance, Accounting, Finance, Business, Management and Accounting (miscellaneous), Accounting
Subjects: Social Sciences > Commerce > Accounting
Department: Strathclyde Business School > Accounting and Finance
Related URLs:
Depositing user: Pure Administrator
Date Deposited: 26 Oct 2012 14:59
Last modified: 27 Mar 2014 10:37
URI: http://strathprints.strath.ac.uk/id/eprint/41761

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