Is the Abnormal Return Following Equity Issuances Anomalous

By Alon Brav, C. Géczy, Paul A. Gompers. 2000

697 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/8b401893452cffb788e13fb8b43f765478962a50

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Citations in the corpus

Explaining the Short- and Long-Term IPO Anomalies in the US by R&D (2006, positive): “Following recent work that examines the long-term performance of IPOs (Brav et al., 2000; Eberhart et al., 2004), we use a four factor calendar time-series regression approach in this test.”
Stocks are Special Too: An Analysis of the Equity Lending Market (2002, positive): “benchmarks (though not all benchmarks; see Brav et al. (2000) for a discussion) from half a year to five years post-IPO (Loughran and Ritter, 1995), indicating that shorting IPOs and buying the benchmarks over this period may be a profitable trading strategy.”
Do Firms Mislead Investors by Overstating Earnings Before Seasoned Equity Offerings (2000, positive): “This is notwithstanding the fact that recent studies (e.g., Fama, 1998; Mitchell and Stafford, 2000; Brav et al., 2000; Eckbo et 17 When the regressions are estimated separately for firms sorted into two groups based on their market capitalization at the end of quarter –1, negative coefficients are…”
Moral hazard and adverse selection in the originate-to-distribute model of bank credit (2009, neutral): “(1999), Byers et al. (2008), Ahn and Choi (2009) and others for these discussions.”
Smart investments by smart money: Evidence from seasoned equity offerings (2004, positive): “, 1996; Lee, 1997; Jegadeesh, 2000; Brav et al., 2000). Long-run underperformance following SEOs is not, however, an unchallenged result. Eckbo et al. (2000) present evidence that lower stock returns following SEOs reflect lower systematic risk exposure for issuers relative to matched non-issuers.”
Long-Run IPO Performance Analysis of German and Spanish Family-Owned Businesses (2005, neutral): “Brav and Gompers (1997) and Brav et al. (2000) show that smaller companies have a worse stock market performance than bigger companies.”
Seasoned public offerings: Resolution of the "new issues puzzle" (2000, positive): “The attenuating effect of adding book-to-market matching and using value-weighted returns for industrial SEOs, shown in Table 3, is also consistent with the findings of Brav, Geczy, and Gompers (1999).”