Credibility and the Market Response to Multiple SEOs
| Autor: | LIANG, JIA- HAO, 梁家豪 |
|---|---|
| Rok vydání: | 2017 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 105 Using a sample of firms that conducted multiple seasoned equity offerings(SEOs) from 2001 to 2015, we categorize SEOs by their stated use of funds. SEOs are categorized as an INVEST SEO, GENERAL SEO, and DEBT SEO. We examine whether firms can build credibility for subsequent SEOs by following through on their stated use of the proceeds and the performance from earlier SEOs. Our results suggest that following an post DEBT SEO, firms build more credibility than following post INVEST SEO and post GENERAL SEO. Our evidence provides support for the view that capital markets have a long memory. We further find that the market expected the stated use of the funds rather than the actual use of the funds. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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