The Determinants of Underpricing for Seasoned Equity Offers

By Shane A. Corwin. 2003

461 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/a60c9778fa03baa6a62645cdceda0307ea8847ce

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Citations in the corpus

Seasoned Equity Offerings: Quality of Accounting Information and Expected Flotation Costs (2009, unknown): “Drucker and Puri (1999), Altinkilic and Hansen (2000) and Corwin (2003) use stock return volatility; Marquardt and Wiedman (1998) use analysts’ earnings forecast dispersion; Liu and Malatesta (2006) use debt ratings, and Corwin (2003) uses bid-ask spreads.”
The Marketing of Seasoned Equity Offerings (2010, unknown): “Corwin (2003), Altinkilic and Hansen (2003), and Mola and Loughran (2004) show that SEOs in the 1990s were typically underpriced by 2 - 3% relative to the closing market price on the day of issue.”
Do Tests of Capital Structure Theory Mean What They Say (2007, unknown): “A number of empirical studies have shown that issuing equity is costly (Altinkilic and Hansen (2000), Hansen (2001), Corwin (2003)).”
Pricing of Seasoned Equity Offers and Earnings Management (2005, methodology): “Corwin (2003) argues that if the relation between underwriters and firms or the economies of the underwriting business changes over time, both the IPO and SEO markets would be affected. the CRSP value-weighted index; Volatility is the standard deviation of daily stock returns over the 30 trading…”
Market Reaction to Corporate Press Releases (2013, background): “, Smith (1986), Corwin (2003)). In our sample, the average CAR associated with SEOs is significantly negative and 10th lowest among all significant news categories. Similarly, the issuance of debt might be interpreted as a signal that the firm is overvalued and/or short of cash. However, the evidenc”
Discounting and Clustering in Seasoned Equity Offering Prices (2004, background): “In the second half of the 1990s, Nasdaq and technology issues represent a larger percentage of SEOs, while utility offerings represent a smaller percentage.”
The Credibility of Open Market Share Repurchase Signaling (2012, unknown): “[22] Corwin, S.”
Analyst Coverage and the Cost of Raising Equity Capital: Evidence from Underpricing of Seasoned Equity Offerings (2008, methodology): “Altinkilic and Hansen (2003) and Corwin (2003) find that this approach is accurate for at least 98% of all previously misclassified offers.”
The Role of Institutional Investors in Seasoned Equity Offerings (2009, methodology): “Corwin (2003) conducts a comprehensive analysis of the determinants of the SEO discount.”
Managing Underwriters and the Marketing of Seasoned Equity Offerings (2010, unknown): “…determine the SEO offer price discount are the pre-issue return volatility of the issuer’s stock and the relative offer size, measured as the number of shares offered divided by the pre-issue number of shares outstanding (Altinkiliç and Hansen (2003), Corwin (2003), and Mola and Loughran (2004)).”