Frequent issuers' influence on long-run post-issuance returns

• 成果类型: Article
• 署名作者: Billett, Matthew T.; Flannery, Mark J.; Garfinkel, Jon A.
• 署名单位: State University System of Florida; University of Florida; University of Iowa
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2010.09.009
• 发表日期: 2011
• 页码: 349-364
• 关键词: Security issuance; long-run performance

摘要

Prior studies conclude that firms' equity underperforms following many individual sorts of external financing. These conclusions naturally raise significant questions about market efficiency and/or about the techniques used to measure long-run abnormal returns. Rather than concentrating on a single security type or issuance, we examine long-run performance following any and all sorts of security issuances. Initial financing events do not associate with underperformance; however, subsequent financings do. Our results suggest that negative post-issuance returns have nothing to do with the specific type of security issued, and everything to do with the number of types of securities issued. (C) 2010 Elsevier B.V. All rights reserved.