Does liquidity risk explain low firm performance following seasoned equity offerings?

被引：11

作者：

Bilinski, Pawel ^{[1
]}

Liu, Weimin ^{[2
,3
]}

Strong, Norman ^{[4
]}

机构：

[1] Univ Lancaster, Sch Management, Lancaster LA1 4YX, England

[2] Univ Nottingham, Sch Business, Nottingham NG8 1BB, England

[3] Shanxi Univ, Sch Management, Taiyuan, Peoples R China

[4] Manchester Business Sch, Manchester M15 6PB, Lancs, England

来源：

JOURNAL OF BANKING & FINANCE | 2012年 / 36卷 / 10期

关键词：

Event studies; Seasoned equity offerings; Liquidity risk; CROSS-SECTION; PRICE STABILIZATION; ANALYST COVERAGE; PUBLIC OFFERINGS; DELISTING BIAS; EARNINGS; RETURNS; SIZE; MOMENTUM; ILLIQUIDITY;

D O I：

10.1016/j.jbankfin.2012.07.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A seasoned equity offering (SEO) can improve a firm's stock liquidity and lower its cost of capital. This paper examines whether SEO firms achieve a liquidity gain and the sources of this gain. It explores the role of liquidity risk in explaining SEO long-run performance. The evidence shows that SEO firms experience significant post-issue improvements in liquidity and reductions in liquidity risk. Size and book-to-market matching fails to control for these liquidity effects, generating the low long-term post-SEO performance documented in the literature. After adjusting for liquidity risk, SEO firms show normal long-term performance. (c) 2012 Elsevier B.V. All rights reserved.

引用

页码：2770 / 2785

页数：16

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