Gotowa bibliografia na temat „Seasoned equity offers”

We find that the degree of expected idiosyncratic skewness in seasoned equity issuers’ stock returns is an important determinant of flotation costs and subsequent abnormal stock performance. High skewness issuers incur significantly greater offer price discounts, particularly when institutional share allocation is largest, pay higher gross underwriting spreads, and exhibit poorer stock performance in the three years after issuance, all compared to low skewness issuers. These results suggest that skewness-induced overpricing increases the flotation costs of seasoned equity offers and leads to poor subsequent stock performance. Received November 18, 2014; accepted December 17, 2015 by Editor Paolo Fulghieri.

AbstractThis study examines the relations between earnings management by firms offering seasoned equity issues and the pricing of their offers. We hypothesize that seasoned equity offering (SEO) firms that employ aggressive accounting decisions also more aggressively push up their offer prices, thereby leading to a decrease in the degree of underpricing. Consistent with our prediction (the issuer's greed hypothesis), evidence indicates that SEO firms that make opportunistic accounting decisions issue new shares at inflated prices. Our findings remain robust after controlling for other determinants of SEO underpricing and the possible endogeneity of pricing and earnings management.

While prior literature examines the role of auditors in the pricing of initial public offerings, little is known about the effect of auditor changes on the pricing of seasoned offers. Our examination of seasoned equity offerings shows that companies switching auditors prior to the offerings underprice their offers more than do companies without changes. While we provide evidence of issuers' opportunistic accounting decisions that are consistent with their opinion-shopping behavior, the positive association between underpricing and auditor changes suggests that switchers bear a net cost compared to non-switchers. From a practical standpoint, our findings alert a company considering a change of its auditor prior to a new equity issue.

Public media and previous research have focused mainly on listing day returns of initial public offers (IPOs) by new economy companies in specific periods such as before April 2000, without examining any subsequent equity offers by new economy companies. This study addresses the issue of multiple equity offers and provides additional understanding of new economy initial and seasoned equity offers (SEOs). Without, a priori, favouring any existing explanation of initial and long-term share returns, this research tests a wide range of theories in order to provide insight into share returns of equity offerings by new economy companies listed on the Australian Stock Exchange between 1994 and 2004. In general, this thesis documents the ability of publicly available information (obtained from offer documents and company announcements to the market) to explain the returns of equity-issuing new economy companies in Australia. In other words, how useful is public information in the valuation of initial and seasoned equity offers of new economy stocks? Specifically, the thesis seeks to examine the ability of public information to explain (a) listing day and long-term returns subsequent to initial public offers by new economy companies, and the probability of IPO withdrawal, (b) announcement period and long-term returns of seasoned equity offers by new economy companies, and (c) the relationships between the initial and any subsequent equity offers by new economy companies (within three years of listing) in terms of probability of seasoned equity offer, duration between the IPO and the first SEO, and frequency of seasoned equity offers within the first three years of IPO. First, the thesis finds that public information is used by investors to value new economy stocks on listing day and in the long run. The negative effect of withdrawal probability on listing day returns of successful IPOs is confirmed in this thesis in the context of the fixed-price offer process in the new economy sector in Australia. While new economy equity-issuing companies have inferior long-term returns compared to the market index and the small capitalisation stock index, they do not underperform relative to their respective industry index returns. Second, this study also finds that public information can explain new economy stock returns around the announcements of seasoned offers and in the long run. Third, the results reveal that publicly available information can be used to explain the incidence and to estimate the probability of seasoned equity offers by recent new economy IPOs. Furthermore, it is found that public information has the ability to explain the duration between the IPO and the first seasoned offer, as well as the frequency of seasoned offers in the first three years after listing. The results of the study support the theoretical predictions about the effects of public information (representing IPO characteristics) and the incidence of a seasoned equity offer. In particular, IPO quality signalling by retained ownership and by underpricing, and the market feedback effect of post-IPO returns have been confirmed for new economy equity offers in Australia. Underpriced new economy IPOs and those with greater proportion of ownership retained after the offer are significantly more likely to have a seasoned equity offer within three years of listing. Likewise, new economy IPOs with superior aftermarket returns are significantly more likely to have a seasoned equity offer. The implication of this research is that public information contained in offer documents and in company announcements is important to valuation of the Australian Stock Exchange listed new economy companies. Thus, the regulators and the Stock Exchange should continue to insist on a high level of information disclosure prior to equity offers in order to enable investors to properly value companies within the new economy sector.

Public media and previous research have focused mainly on listing day returns of initial public offers (IPOs) by new economy companies in specific periods such as before April 2000, without examining any subsequent equity offers by new economy companies. This study addresses the issue of multiple equity offers and provides additional understanding of new economy initial and seasoned equity offers (SEOs). Without, a priori, favouring any existing explanation of initial and long-term share returns, this research tests a wide range of theories in order to provide insight into share returns of equity offerings by new economy companies listed on the Australian Stock Exchange between 1994 and 2004. In general, this thesis documents the ability of publicly available information (obtained from offer documents and company announcements to the market) to explain the returns of equity-issuing new economy companies in Australia. In other words, how useful is public information in the valuation of initial and seasoned equity offers of new economy stocks? Specifically, the thesis seeks to examine the ability of public information to explain (a) listing day and long-term returns subsequent to initial public offers by new economy companies, and the probability of IPO withdrawal, (b) announcement period and long-term returns of seasoned equity offers by new economy companies, and (c) the relationships between the initial and any subsequent equity offers by new economy companies (within three years of listing) in terms of probability of seasoned equity offer, duration between the IPO and the first SEO, and frequency of seasoned equity offers within the first three years of IPO. First, the thesis finds that public information is used by investors to value new economy stocks on listing day and in the long run. The negative effect of withdrawal probability on listing day returns of successful IPOs is confirmed in this thesis in the context of the fixed-price offer process in the new economy sector in Australia. While new economy equity-issuing companies have inferior long-term returns compared to the market index and the small capitalisation stock index, they do not underperform relative to their respective industry index returns. Second, this study also finds that public information can explain new economy stock returns around the announcements of seasoned offers and in the long run. Third, the results reveal that publicly available information can be used to explain the incidence and to estimate the probability of seasoned equity offers by recent new economy IPOs. Furthermore, it is found that public information has the ability to explain the duration between the IPO and the first seasoned offer, as well as the frequency of seasoned offers in the first three years after listing. The results of the study support the theoretical predictions about the effects of public information (representing IPO characteristics) and the incidence of a seasoned equity offer. In particular, IPO quality signalling by retained ownership and by underpricing, and the market feedback effect of post-IPO returns have been confirmed for new economy equity offers in Australia. Underpriced new economy IPOs and those with greater proportion of ownership retained after the offer are significantly more likely to have a seasoned equity offer within three years of listing. Likewise, new economy IPOs with superior aftermarket returns are significantly more likely to have a seasoned equity offer. The implication of this research is that public information contained in offer documents and in company announcements is important to valuation of the Australian Stock Exchange listed new economy companies. Thus, the regulators and the Stock Exchange should continue to insist on a high level of information disclosure prior to equity offers in order to enable investors to properly value companies within the new economy sector.
Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
Full Text

Altinkiliç and Hansen (2000) show that underwriter spreads in seasoned equity offerings (SEOs) overwhelmingly reflect variable costs. This research attempts to begin filling the gap created by this result, as to what are the important constituents of the variable costs. In particular, I investigate the hypothesis that an important part of underwriter compensation is partial payment for anticipated market making activities in the secondary market, once the offer begins. I show that lead underwriter market making activities following an SEO are partly paid through the spread. The lower bound cost estimates show that the spreads for firms likely to require the most market making services are on average 100 basis points higher than those requiring the least services. On average, the compensation for market making activities amounts to 20% of the lead underwriter's total compensation. The results are robust to several considerations.
Ph. D.

This dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms use shelf registration. During 1990-2003 firms that make shelf filings have no immediate intent and low probability of issuance, lower pre-filing returns relative to non-shelf issuers, and often have been certified in prior SEOs. The evidence indicates that the way firms now use shelf offerings resolves the under-certification problem responsible for the shelf demise in the 1980s (Denis, 1991) and results in smaller market penalties and lower underwriter fees relative to non-shelf offerings. This allows firms with greater uncertainty to take advantage of the shelf option to defer or abandon offers. Additionally, firms often use universal shelf filings and choose between debt and equity offerings based on the prevailing relative market conditions. The second essay examines offer price discounting of traditional and shelf-registered seasoned equity offerings (SEOs). The results indicate that relative to traditional SEOs, shelf discounting during 1982 - June 2004 is similar in magnitude, is influenced by the same factors, and has increased similarly over time. Prior studies attribute the time-series increase of seasoned offer discounting to pre-offer short sale constraints (Rule 10b-21; adopted in 1988). This study provides insights about the effect of Rule 10b-21 by exploiting the fact that shelf-registered offerings were exempt from this regulation until September 2004. The analysis uses the shelf exemption as a control in testing the Rule's effect, and the elimination of the exemption as an "out-of-sample" test. The results suggest that Rule 10b-21 is not associated with the increase in seasoned offer discounts. The gradual increase in discounting over the past two decades is largely due to a shift in the composition of issuers toward firms that have greater stock volatility and pre-offer price uncertainty.
Ph. D.

碩士
國立政治大學
國際經營與貿易研究所
98
When a company has money deficit, it may raises capital by issuing stocks. Investors buy those stocks with lower price. This paper investigates NYSE and Nasdaq stocks’ quarterly data from Jan.1, 2001 to Dec. 31, 2009. We use general moment method (GMM) to estimate the equation. The empirical results suggest: (1) The stock discount rate is increasing over time compared to prior researches. The average discount rate is 5.6%. (2) The stock price prior to claim day, earnings retention rate, return on average assets, return on average equity, depreciation and issue amount have statistically significant influences.

碩士
中國文化大學
會計研究所
96
This study examines the relationship of CPA firm swithes, corporate governance and the pricing of seasoned equity offers. In addition, this paper examines the relation-ship between different reputation CPA firm and the pricing of seasoned equity offers. Therefore, this paper divides CPA firm swithes to from non4big to 4big, from 4big to non4big and same CPA swithes. In corporate governance, this study examines the rela-tionship on divergence from control rights to cash flow rights, stock ownership of di-rectors and the pricing of seasoned equity offers. In empirically analysis, this paper indicates that CPA firm swithes is negative re-lated to underpricing of seasoned equity offers. In addition, from non4big to 4big swithes is negative related to underpricing of seasoned equity offers. The result indicates that company swithes CPA firm, underwriters will reduce pricing of seasoned equity offers and underpricing. And from non4big to 4big swithes is obvious. In corporate governance, this paper indicates that divergence from control rights to cash flow rights is positively related to underpricing of seasoned equity offers and stock ownership of directors is negative related to underpricing of seasoned equity offers. The result indicates that reduction on asymmetric information of company and investor must augment information transparency, corporate governance is very important.

Various forms of academic co-operation criss-cross the modern university system in a bewildering number of ways, from the open exchange of ideas and knowledge, to the sharing of research results, and frank discussions about research challenges. Embedded in these scholarly networks is the question of whether a global template for the management of both higher education and national research organisations is necessary, and if so, must institutions slavishly follow the high-flown language of the global knowledge society or risk falling behind in the ubiquitous university ranking system? Or are there alternatives that can achieve a better, more ethically inclined, world? Basing their observations on their own experiences, an interesting mix of seasoned scholars and new voices from southern Africa and the Nordic region offer critical perspectives on issues of inter- and cross-regional academic co-operation. Several of the chapters also touch on the evolution of the higher education sector in the two regions. An absorbing and intelligent study, this book will be invaluable for anyone interested in the strategies scholars are using to adapt to the interconnectedness of the modern world. It offers fresh insights into how academics are attempting to protect the spaces in which they can freely and openly debate the challenges they face, while aiming to transform higher education, and foster scholarly collaboration. The Southern African-Nordic Centre (SANORD) is a partnership of higher education institutions from Denmark, Finland, Iceland, Norway, Sweden, Botswana, Namibia, Malawi, South Africa, Zambia and Zimbabwe. SANORDs primary aim is to promote multilateral research co-operation on matters of importance to the development of both regions. Our activities are based on the values of democracy, equity, and mutually beneficial academic engagement.