Journal article
Frequent issuers’ influence on long-run post-issuance returns
Journal of financial economics, Vol.99(2), pp.349-364
02/01/2011
DOI: 10.1016/j.jfineco.2010.09.009
Abstract
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.
Details
- Title: Subtitle
- Frequent issuers’ influence on long-run post-issuance returns
- Creators
- Matthew T. Billett - University of IowaMark J. Flannery - University of FloridaJon A. Garfinkel - University of Iowa
- Resource Type
- Journal article
- Publication Details
- Journal of financial economics, Vol.99(2), pp.349-364
- Publisher
- Elsevier B.V
- DOI
- 10.1016/j.jfineco.2010.09.009
- ISSN
- 0304-405X
- eISSN
- 1879-2774
- Language
- English
- Date published
- 02/01/2011
- Academic Unit
- Finance
- Record Identifier
- 9984380447602771
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