Seasoned equity offerings and customer-supplier relationships

被引：18

作者：

Johnson, William C. ^{[1
]}

Kang, Jun-Koo ^{[2
]}

Masulis, Ronald W. ^{[3
]}

Yi, Sangho ^{[4
]}

机构：

[1] Suffolk Univ, Sawyer Business Sch, Boston, MA 02108 USA

[2] Nanyang Technol Univ, Nanyang Business Sch, Div Banking & Finance, Singapore 639798, Singapore

[3] Univ New South Wales, Australian Sch Business, Sydney, NSW 2052, Australia

[4] Sogang Univ, Sogang Business Sch, Seoul 121742, South Korea

来源：

JOURNAL OF FINANCIAL INTERMEDIATION | 2018年 / 33卷

关键词：

Seasoned equity offering; Large customer; Supplier; SEO announcement returns; Trading relationship; Information asymmetry; INVESTMENT; FIRMS; PERFORMANCE; COMPETITION; STAKEHOLDERS; INFORMATION; INTEGRATION; OWNERSHIP; DYNAMICS; DECISION;

D O I：

10.1016/j.jfi.2017.09.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate how seasoned equity offerings (SEOs) by issuers with large customers affect both trading partners' market values and the relationship's health. We hypothesize that SEOs reveal adverse information about an issuer's major customers and find that issuers and their large customers experience negative returns on SEO announcements. These results are more pronounced when customers have higher levels of information asymmetry and when customer-supplier relationships are particularly important. Large customers of issuers experience larger declines in post-SEO sales, operating performance, and credit ratings than large customers of non issuers. Also, SEO issuer sales to large customers and relationship duration significantly decline.

引用

页码：98 / 114

页数：17

共 50 条

[21] Cost asymmetry around seasoned equity offerings [J].

D' Costa, Mabel ;

Opare, Solomon .

JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE, 2022, 34

[22] Seasoned Equity Offerings, Corporate Governance, and Investments [J].

Kim, E. Han ;

Purnanandam, Amiyatosh .

REVIEW OF FINANCE, 2014, 18 (03) :1023-1057

[23] The Role of Accounting Conservatism in the Equity Market: Evidence from Seasoned Equity Offerings [J].

Kim, Yongtae ;

Li, Siqi ;

Pan, Carrie ;

Zuo, Luo .

ACCOUNTING REVIEW, 2013, 88 (04) :1327-1356

[24] Cooperative strategies in customer-supplier relationships: The role of interfirm trust [J].

Laaksonen, Toni ;

Jarimo, Toni ;

Kulmala, Harri I. .

INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS, 2009, 120 (01) :79-87

[25] Seasoned equity offerings and corporate financial management [J].

Barclay, Michael J. ;

Fu, Fangjian ;

Smith, Clifford W. .

JOURNAL OF CORPORATE FINANCE, 2021, 66

[26] Venture Capital Backing and Issuance of Seasoned Equity Offerings: Evidence from China* [J].

Yang, Songling ;

Li, Hemei ;

Li, Juncheng ;

Zhang, Qiuyue ;

Shi, Qianqian .

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 2020, 49 (06) :884-910

[27] Does managerial ability matter for the choice of seasoned equity offerings? [J].

Puwanenthiren, Premkanth ;

Dang, Man ;

Henry, Darren ;

Puwanenthiren, Pratheepkanth ;

Al Mamun, Md. .

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2019, 47 :442-460

[28] The effect of supplier CSR on customer-supplier relationship [J].

Trinh, Tri ;

Zhao, Hong .

JOURNAL OF BUSINESS RESEARCH, 2024, 185

[29] Customer-supplier: Equal relationship [J].

Heinle, PR .

ASQC'S 51ST ANNUAL QUALITY CONGRESS PROCEEDINGS, 1997, :982-990

[30] Antecedents and Outcomes of Supplier Innovativeness in International Customer-Supplier Relationships: The Role of Knowledge Distance [J].

Jean, Ruey-Jer Bryan ;

Sinkovics, Rudolf R. ;

Kim, Daekwan .

MANAGEMENT INTERNATIONAL REVIEW, 2017, 57 (01) :121-151

← 1 2 3 4 5 →