Does Rule 10b-21 increase SEO discounting?

被引：9

作者：

Autore, Don M. ^{[1
]}

机构：

[1] Florida State Univ, Coll Business, Dept Finance, Tallahassee, FL 32306 USA

来源：

JOURNAL OF FINANCIAL INTERMEDIATION | 2011年 / 20卷 / 02期

关键词：

Seasoned equity offer; Discounting; Short sale constraints; Shelf registration; EQUITY; MARKET;

D O I：

10.1016/j.jfi.2010.08.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Short sale constraints prior to seasoned equity offers, imposed by Rule 10b-21 in 1988, are believed to compromise pricing efficiency and contribute to the large temporal increase in offer price discounting. This study provides additional insights by examining shelf-registered offers, which were exempt from pre-issue short sale constraints until 2004. The results suggest that pre-issue short sale constraints do not influence the level of discounting in seasoned equity offers. Moreover, this study reports that the recent temporal increase in discounting is due to a greater prevalence of overnight shelf offers, which are associated with relatively large offer price discounts. (C) 2010 Elsevier Inc. All rights reserved.

引用

页码：231 / 247

页数：17

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