Fundamentals, market timing, and seasoned equity offerings:
Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO financing decisions the year after the SEO. Although the SEO...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13285 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO financing decisions the year after the SEO. Although the SEO decision is positively related to a firm's market-to-book (M/B) ratio and prior excess stock return and negatively related to its future excess return, these relations are economically immaterial. For example, a 150% swing in future net of market stock returns (from a 75% gain to a 75% loss over three years) increases by only 1% the probability of an SEO in the immediately prior year. Strikingly, most firms with quintessential "market timer" characteristics fail to issue stock and a non-trivial number of mature firms do issue stock, with current and former dividend payers raising more than half of all issue proceeds. |
| Beschreibung: | 24, [12] S. 22 cm |
Internformat
MARC
| LEADER | 00000nam a2200000zcb4500 | ||
|---|---|---|---|
| 001 | BV023593188 | ||
| 003 | DE-604 | ||
| 005 | 20080327000000.0 | ||
| 007 | t | ||
| 008 | 070907s2007 xxu |||| 00||| eng d | ||
| 035 | |a (OCoLC)255736675 | ||
| 035 | |a (DE-599)GBV539521647 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-521 | ||
| 050 | 0 | |a HB1 | |
| 100 | 1 | |a DeAngelo, Harry |d 1952- |e Verfasser |0 (DE-588)129365653 |4 aut | |
| 245 | 1 | 0 | |a Fundamentals, market timing, and seasoned equity offerings |c Harry DeAngelo ; Linda DeAngelo ; René M. Stulz |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2007 | |
| 300 | |a 24, [12] S. |c 22 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13285 | |
| 520 | 8 | |a Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO financing decisions the year after the SEO. Although the SEO decision is positively related to a firm's market-to-book (M/B) ratio and prior excess stock return and negatively related to its future excess return, these relations are economically immaterial. For example, a 150% swing in future net of market stock returns (from a 75% gain to a 75% loss over three years) increases by only 1% the probability of an SEO in the immediately prior year. Strikingly, most firms with quintessential "market timer" characteristics fail to issue stock and a non-trivial number of mature firms do issue stock, with current and former dividend payers raising more than half of all issue proceeds. | |
| 700 | 1 | |a DeAngelo, Linda |e Verfasser |0 (DE-588)12936567X |4 aut | |
| 700 | 1 | |a Stulz, René M. |d 1952- |e Verfasser |0 (DE-588)12857884X |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 13285 |w (DE-604)BV002801238 |9 13285 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w13285.pdf |z kostenfrei |3 Volltext |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-016908518 | ||
Datensatz im Suchindex
| _version_ | 1804138252485001216 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | DeAngelo, Harry 1952- DeAngelo, Linda Stulz, René M. 1952- |
| author_GND | (DE-588)129365653 (DE-588)12936567X (DE-588)12857884X |
| author_facet | DeAngelo, Harry 1952- DeAngelo, Linda Stulz, René M. 1952- |
| author_role | aut aut aut |
| author_sort | DeAngelo, Harry 1952- |
| author_variant | h d hd l d ld r m s rm rms |
| building | Verbundindex |
| bvnumber | BV023593188 |
| callnumber-first | H - Social Science |
| callnumber-label | HB1 |
| callnumber-raw | HB1 |
| callnumber-search | HB1 |
| callnumber-sort | HB 11 |
| callnumber-subject | HB - Economic Theory and Demography |
| ctrlnum | (OCoLC)255736675 (DE-599)GBV539521647 |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02237nam a2200349zcb4500</leader><controlfield tag="001">BV023593188</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20080327000000.0</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">070907s2007 xxu |||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)255736675</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBV539521647</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-521</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HB1</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">DeAngelo, Harry</subfield><subfield code="d">1952-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)129365653</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Fundamentals, market timing, and seasoned equity offerings</subfield><subfield code="c">Harry DeAngelo ; Linda DeAngelo ; René M. Stulz</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="b">National Bureau of Economic Research</subfield><subfield code="c">2007</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">24, [12] S.</subfield><subfield code="c">22 cm</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">Working paper series / National Bureau of Economic Research</subfield><subfield code="v">13285</subfield></datafield><datafield tag="520" ind1="8" ind2=" "><subfield code="a">Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO financing decisions the year after the SEO. Although the SEO decision is positively related to a firm's market-to-book (M/B) ratio and prior excess stock return and negatively related to its future excess return, these relations are economically immaterial. For example, a 150% swing in future net of market stock returns (from a 75% gain to a 75% loss over three years) increases by only 1% the probability of an SEO in the immediately prior year. Strikingly, most firms with quintessential "market timer" characteristics fail to issue stock and a non-trivial number of mature firms do issue stock, with current and former dividend payers raising more than half of all issue proceeds.</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">DeAngelo, Linda</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)12936567X</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Stulz, René M.</subfield><subfield code="d">1952-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)12857884X</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="810" ind1="2" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.></subfield><subfield code="t">NBER working paper series</subfield><subfield code="v">13285</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">13285</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w13285.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-016908518</subfield></datafield></record></collection> |
| id | DE-604.BV023593188 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016908518 |
| oclc_num | 255736675 |
| open_access_boolean | 1 |
| owner | DE-521 |
| owner_facet | DE-521 |
| physical | 24, [12] S. 22 cm |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | DeAngelo, Harry 1952- Verfasser (DE-588)129365653 aut Fundamentals, market timing, and seasoned equity offerings Harry DeAngelo ; Linda DeAngelo ; René M. Stulz Cambridge, Mass. National Bureau of Economic Research 2007 24, [12] S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13285 Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO financing decisions the year after the SEO. Although the SEO decision is positively related to a firm's market-to-book (M/B) ratio and prior excess stock return and negatively related to its future excess return, these relations are economically immaterial. For example, a 150% swing in future net of market stock returns (from a 75% gain to a 75% loss over three years) increases by only 1% the probability of an SEO in the immediately prior year. Strikingly, most firms with quintessential "market timer" characteristics fail to issue stock and a non-trivial number of mature firms do issue stock, with current and former dividend payers raising more than half of all issue proceeds. DeAngelo, Linda Verfasser (DE-588)12936567X aut Stulz, René M. 1952- Verfasser (DE-588)12857884X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13285 (DE-604)BV002801238 13285 http://papers.nber.org/papers/w13285.pdf kostenfrei Volltext |
| spellingShingle | DeAngelo, Harry 1952- DeAngelo, Linda Stulz, René M. 1952- Fundamentals, market timing, and seasoned equity offerings |
| title | Fundamentals, market timing, and seasoned equity offerings |
| title_auth | Fundamentals, market timing, and seasoned equity offerings |
| title_exact_search | Fundamentals, market timing, and seasoned equity offerings |
| title_exact_search_txtP | Fundamentals, market timing, and seasoned equity offerings |
| title_full | Fundamentals, market timing, and seasoned equity offerings Harry DeAngelo ; Linda DeAngelo ; René M. Stulz |
| title_fullStr | Fundamentals, market timing, and seasoned equity offerings Harry DeAngelo ; Linda DeAngelo ; René M. Stulz |
| title_full_unstemmed | Fundamentals, market timing, and seasoned equity offerings Harry DeAngelo ; Linda DeAngelo ; René M. Stulz |
| title_short | Fundamentals, market timing, and seasoned equity offerings |
| title_sort | fundamentals market timing and seasoned equity offerings |
| url | http://papers.nber.org/papers/w13285.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT deangeloharry fundamentalsmarkettimingandseasonedequityofferings AT deangelolinda fundamentalsmarkettimingandseasonedequityofferings AT stulzrenem fundamentalsmarkettimingandseasonedequityofferings |