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The Operating Performance of Firms Conducting Seasoned Equity Offerings

The Journal of finance (New York), 1997-12, Vol.52 (5), p.1823-1850 [Peer Reviewed Journal]

Copyright 1997 The American Finance Association ;1997 the American Finance Association ;Copyright American Finance Association Dec 1997 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.1997.tb02743.x ;CODEN: JLFIAN

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Title:
The Operating Performance of Firms Conducting Seasoned Equity Offerings
Author: LOUGHRAN, TIM ; RITTER, JAY R.
Subjects: Capital expenditures ; Efficient markets ; Equity ; Equity financing ; Financial economics ; Financial performance ; Fiscal years ; Impact analysis ; Interest income ; New stock market listings ; Profit margins ; Profitability ; Profits ; Rates of return ; Return on assets ; Sales growth ; Seasoned equity offerings ; Securities markets ; Statistical median ; Stock exchanges ; Stock offerings ; Stock prices ; Studies ; Working capital
Is Part Of: The Journal of finance (New York), 1997-12, Vol.52 (5), p.1823-1850
Description: Recent studies have documented that firms conducting seasoned equity offerings have inordinately low stock returns during the five years after the offering, following a sharp run-up in the year prior to the offering. This article documents that the operating performance of issuing firms shows substantial improvement prior to the offering, but then deteriorates. The multiples at the time of the offering, however, do not reflect an expectation of deteriorating performance. Issuing firms are disproportionately high-growth firms, but issuers have much lower subsequent stock returns than nonissuers with the same growth rate.
Publisher: Oxford, UK: Blackwell Publishing Ltd
Language: English
Identifier: ISSN: 0022-1082
EISSN: 1540-6261
DOI: 10.1111/j.1540-6261.1997.tb02743.x
CODEN: JLFIAN
Source: Alma/SFX Local Collection

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The Operating Performance of Firms Conducting Seasoned Equity Offerings

Copyright 1997 The American Finance Association ;1997 the American Finance Association ;Copyright American Finance Association Dec 1997 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.1997.tb02743.x ;CODEN: JLFIAN

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