Long-Run Performance Of U.S. Seasoned Equity Offerings After The Year 1995

Autor:	Chanyoung Eom
Rok vydání:	2014
Předmět:	Actuarial science Anomaly (natural sciences) Equity (finance) Business Business and International Management Risk adjustment
Zdroj:	Journal of Applied Business Research (JABR). 30:1305
ISSN:	2157-8834 0892-7626
DOI:	10.19030/jabr.v30i5.8787
Popis:	This paper questions if the anomaly in the events of seasoned equity offerings has remained significant after it was first documented and analyzed in the year 1995. I find that U.S. domestic firms issuing primary and combined SEOs underperform in the three years after issuance between 1970 and 1994, while the same underperformance is not documented thereafter. This would suggest that the current assessment of the SEO anomaly could be biasedly influenced by early SEO events conducted before the year 1995. Moreover, this paper provides strong evidence that the anomaly is closely related to the incorrect risk adjustment of the Fama-French three-factor model.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::841352f3b683a817c840d6e26f2fda8b https://doi.org/10.19030/jabr.v30i5.8787 Zobrazit plný text záznamu