Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 13, 2018 erstellt
Description:
We use meta-analysis to review studies on announcement effects associated with seasoned equity offerings. Our sample includes 199 studies from 38 leading finance journals and SSRN working papers. The studies cover different countries, but the U.S. is particularly well-represented with 131 studies. We find a statistically significant mean cumulative abnormal return of –0.98%. Abnormal returns are more negative for equity issues by U.S. companies and for non-U.S. rights issues and are less negative for private placements. In addition, wealth effects are more negative when the proceeds are used for debt reduction, when the SEO is issued shortly after IPO, and for issues by non-dividend-paying companies and industrial companies. We identify important avenues for future research