SEO announcement returns and internal capital market efficiency

被引：18

作者：

Akhigbe, Aigbe ^{[1
]}

Whyte, Ann Marie ^{[2
]}

机构：

[1] Univ Akron, Dept Finance, Akron, OH 44325 USA

[2] Univ Cent Florida, Dept Finance, Orlando, FL 32816 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2015年 / 31卷

关键词：

Seasoned equity offerings; Internal capital market efficiency; Diversified firms; Multiple segment firms; Follow-on offerings; SEASONED EQUITY OFFERINGS; CORPORATE DIVERSIFICATION; PRICE DYNAMICS; FIRMS; INFORMATION; INVESTMENT; EVENT; STOCK; PERFORMANCE; ISSUES;

D O I：

10.1016/j.jcorpfin.2015.02.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We test the hypothesis that efficient internal capital markets mitigate the negative announcement returns surrounding seasoned equity offerings (SEOs). Our predictions are based on the argument that efficiency reduces uncertainty regarding the value of assets-in-place. Having established the inverse association between our efficiency measures and uncertainty, we show that the efficiency measures are positively associated with SEO announcement returns, particularly among firms with multiple segment codes. The positive relation suggests that efficiency mitigates uncertainty regarding the value of assets-in-place, and this is the channel through which more favorable announcement returns are produced in response to the SEOs of high efficiency firms. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：271 / 283

页数：13

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