The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Underperformance in long-run stock returns following seasoned equity offerings
Open accessAbstract
We document that firms making seasoned equity offerings during 1975–1989 substantially underperformed a sample of matched firms from the same industry and of similar size that did not issue equity. This underperformance persists even after controlling for trading system, offer size, and the issuing firm's age and book-to-market ratio. It is similar to that previously documented for initial public offerings, suggesting that managers take advantage of overvaluation in both the initial and seasoned equity offering markets.
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Citations
Cites
Valuation effects of security offerings and the issuance process
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Cited by
Investor Sentiment and the Cross‐Section of Stock Returns
BAKER, M., & WURGLER, J. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00885.x · Cited by 6,049
Fama (1998) · doi:10.1016/s0304-405x(98)00026-9 · Cited by 2,576
Does the stock market fully value intangibles? Employee satisfaction and equity prices
Edmans, A. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.021 · Cited by 2,511
Investor Psychology and Asset Pricing
(2001) · The Journal of Finance · doi:10.1111/0022-1082.00379 · Cited by 2,357
… and the Cross-Section of Expected Returns
Harvey, C. R., Liu, Y., & Zhu, H. (2016) · Review of Financial Studies · doi:10.1093/rfs/hhv059 · Cited by 2,119
Metadata
- Authors
- Spiess, D. K., & Affleck-Graves, J.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 1995-07
- Volume
- 38
- Issue
- 3
- Pages
- 243-267
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W2088782463
- Cited by
- 1,004
- References
- 1
- FWCI
- 94.20
- Type
- journal article
- Language
- en
- Open access
- hybrid
- Licence
- www.elsevier.com/tdm/userlicense/1.0/ (tdm)
- www.elsevier.com/legal/tdmrep-license (tdm)
- creativecommons.org/licenses/by-nc-nd/4.0/ (vor, 1700 d)
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- Spiess, D. K., & Affleck-Graves, J. (1995). Underperformance in long-run stock returns following seasoned equity offerings. Journal of Financial Economics. https://doi.org/10.1016/0304-405x(94)00817-k
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
