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Conditional event studies, anticipation, and asymmetric information: the case of seasoned equity issues and pre-issue information releases

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  • Guo, Lin
  • Mech, Timothy S.

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  • Guo, Lin & Mech, Timothy S., 2000. "Conditional event studies, anticipation, and asymmetric information: the case of seasoned equity issues and pre-issue information releases," Journal of Empirical Finance, Elsevier, vol. 7(2), pages 113-141, August.
    • Handle: RePEc:eee:empfin:v:7:y:2000:i:2:p:113-141
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    9. Chaplinsky, Susan & Hansen, Robert S, 1993. "Partial Anticipation, the Flow of Information and the Economic Impact of Corporate Debt Sales," The Review of Financial Studies, Society for Financial Studies, vol. 6(3), pages 709-732.
    10. Prabhala, N R, 1997. "Conditional Methods in Event Studies and an Equilibrium Justification for Standard Event-Study Procedures," The Review of Financial Studies, Society for Financial Studies, vol. 10(1), pages 1-38.
    11. Mikkelson, Wayne H. & Partch, M. Megan, 1986. "Valuation effects of security offerings and the issuance process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 31-60.
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    13. Bhagat, Sanjai & Jefferis, Richard H., 1991. "Voting power in the proxy process : The case of antitakeover charter amendments," Journal of Financial Economics, Elsevier, vol. 30(1), pages 193-225, November.
    14. Bayless, Mark & Chaplinsky, Susan, 1996. "Is There a Window of Opportunity for Seasoned Equity Issuance?," Journal of Finance, American Finance Association, vol. 51(1), pages 253-278, March.
    15. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    16. Eckbo, B Espen & Maksimovic, Vojislav & Williams, Joseph, 1990. "Consistent Estimation of Cross-Sectional Models in Event Studies," The Review of Financial Studies, Society for Financial Studies, vol. 3(3), pages 343-365.
    17. Loderer, Claudio F & Mauer, David C, 1992. "Corporate Dividends and Seasoned Equity Issues: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 47(1), pages 201-225, March.
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    19. Schipper, Katherine & Smith, Abbie, 1986. "A comparison of equity carve-outs and seasoned equity offerings : Share price effects and corporate restructuring," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 153-186.
    20. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    21. Miller, Merton H & Rock, Kevin, 1985. "Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-1051, September.
    22. Grinblatt, Mark S. & Masulis, Ronald W. & Titman, Sheridan, 1984. "The valuation effects of stock splits and stock dividends," Journal of Financial Economics, Elsevier, vol. 13(4), pages 461-490, December.
    23. Korajczyk, Robert A. & Lucas, Deborah J. & McDonald, Robert L., 1992. "Equity Issues with Time-Varying Asymmetric Information," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(3), pages 397-417, September.
    24. Nagpurnanand R. Prabhala, 1997. "Conditional Methods in Event-Studies and an Equilibrium Justification for Standard Event-Study Procedures," Yale School of Management Working Papers ysm55, Yale School of Management.
    25. Klein, Linda S & Peterson, David R, 1989. "Earnings Forecast Revisions Associated with Stock Split Announcements," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 12(4), pages 319-328, Winter.
    26. Jung, Kooyul & Yong-Cheol, Kim & Stulz, Rene M., 1996. "Timing, investment opportunities, managerial discretion, and the security issue decision," Journal of Financial Economics, Elsevier, vol. 42(2), pages 159-185, October.
    27. Brennan, Michael J. & Copeland, Thomas E., 1988. "Stock splits, stock prices, and transaction costs," Journal of Financial Economics, Elsevier, vol. 22(1), pages 83-101, October.
    28. Korajczyk, Robert A & Lucas, Deborah J & McDonald, Robert L, 1991. "The Effect of Information Releases on the Pricing and Timing of Equity Issues," The Review of Financial Studies, Society for Financial Studies, vol. 4(4), pages 685-708.
    29. Brennan, Michael J & Hughes, Patricia J, 1991. "Stock Prices and the Supply of Information," Journal of Finance, American Finance Association, vol. 46(5), pages 1665-1691, December.
    30. Marsh, Paul, 1982. "The Choice between Equity and Debt: An Empirical Study," Journal of Finance, American Finance Association, vol. 37(1), pages 121-144, March.
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    32. repec:bla:jfinan:v:53:y:1998:i:1:p:27-64 is not listed on IDEAS
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    Cited by:

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    2. International Monetary Fund, 2009. "How to Stop a Herd of Running Bears? Market Response to Policy Initiatives during the Global Financial Crisis," IMF Working Papers 2009/204, International Monetary Fund.
    3. B Korcan Ak & Patricia M Dechow & Yuan Sun & Annika Yu Wang, 2013. "The use of financial ratio models to help investors predict and interpret significant corporate events," Australian Journal of Management, Australian School of Business, vol. 38(3), pages 553-598, December.
    4. Yi-Mien Lin & Shwu-Jen You & Fung-Jiao Lin, 2008. "The Effects of Pre-issue Information Releases on Seasoned Equity Offerings," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(9-10), pages 1138-1163.
    5. Marc Zenzius & Christian Flore & Dirk Schiereck, 2022. "Tough times for seasoned equity offerings: performance during the COVID pandemic," Journal of Business Economics, Springer, vol. 92(9), pages 1491-1510, November.
    6. Siougle, Georgia, 2007. "Accounting information and the valuation of Seasoned Equity Offerings (SEOs)," The International Journal of Accounting, Elsevier, vol. 42(4), pages 380-395, December.
    7. Pawel Bilinski & Norman Strong, 2013. "Managers’ Private Information, Investor Underreaction and Long†Run SEO Performance," European Financial Management, European Financial Management Association, vol. 19(5), pages 956-990, November.
    8. Yi‐Mien Lin & Shwu‐Jen You & Fung‐Jiao Lin, 2008. "The Effects of Pre‐issue Information Releases on Seasoned Equity Offerings," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(9‐10), pages 1138-1163, November.

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