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Institutional Shareholder Investment Horizons and Seasoned Equity Offerings

Financial management, 2014-03, Vol.43 (1), p.87-111 [Peer Reviewed Journal]

2014 Financial Management Association International ;COPYRIGHT 2014 Financial Management Association ;Copyright Blackwell Publishing Ltd. Spring 2014 ;ISSN: 0046-3892 ;EISSN: 1755-053X ;DOI: 10.1111/fima.12038

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Title:
Institutional Shareholder Investment Horizons and Seasoned Equity Offerings
Author: Hao, Qing "Grace"
Subjects: Abnormal returns ; Analysis ; Cash flow ; Enterprises ; Equity ; Financial economics ; Financial investments ; Financial management ; Financial portfolios ; Forecasts ; Forecasts and trends ; Investment ; Investment horizon ; Investment policy ; Investments ; Investors ; Management ; Market capitalization ; Shareholders ; Stock offerings ; Stock prices ; Stock returns ; Stockholders ; Studies
Is Part Of: Financial management, 2014-03, Vol.43 (1), p.87-111
Description: Firms with more short-term institutional shareholders experience significantly more negative abnormal returns at the announcement of seasoned equity offerings. This effect is strong for primary offerings (only firms receive proceeds), but is not present for secondary offerings (firms do not receive any proceeds). Furthermore, a shorter institutional shareholder investment horizon predicts poorer postissue abnormal operating performance and the negative effect of a shorter shareholder horizon is mitigated by higher managerial ownership. My results are consistent with the argument that long-term shareholders more carefully monitor managerial activities and prevent misuse of the cash flow provided by equity issues.
Publisher: Tampa: Blackwell Publishing Ltd
Language: English
Identifier: ISSN: 0046-3892
EISSN: 1755-053X
DOI: 10.1111/fima.12038
Source: Alma/SFX Local Collection

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Institutional Shareholder Investment Horizons and Seasoned Equity Offerings

2014 Financial Management Association International ;COPYRIGHT 2014 Financial Management Association ;Copyright Blackwell Publishing Ltd. Spring 2014 ;ISSN: 0046-3892 ;EISSN: 1755-053X ;DOI: 10.1111/fima.12038

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