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

被引：27

作者：

Billett, Matthew T. ^{[2
]}

Flannery, Mark J. ^{[1
]}

Garfinkel, Jon A. ^{[2
]}

机构：

[1] Univ Florida, Warrington Coll Business, Gainesville, FL 32611 USA

[2] Univ Iowa, Henry B Tippie Coll Business, Iowa City, IA 52242 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2011年 / 99卷 / 02期

关键词：

Security issuance; Long-run performance; ABNORMAL STOCK RETURNS; EARNINGS MANAGEMENT; PERFORMANCE; UNDERPERFORMANCE; DEBT; RISK;

D O I：

10.1016/j.jfineco.2010.09.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：349 / 364

页数：16