Effects Of Investor Sentiment On Seasoned Equity Offering And Stock Return
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Effects Of Investor Sentiment On Seasoned Equity Offering And Stock Return
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Author :
language : en
Publisher:
Release Date : 2018
Effects Of Investor Sentiment On Seasoned Equity Offering And Stock Return written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Investor Sentiment Market Timing And Seasoned Equity Offering
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Author : Robin K. Chou
language : en
Publisher:
Release Date : 2015
Investor Sentiment Market Timing And Seasoned Equity Offering written by Robin K. Chou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This paper studies the impact of investor sentiment on the probability of firms conducting seasoned equity offerings (SEOs) and on stock performance around and subsequent to SEOs. We first show that investor sentiment is positively related to SEO probability, and that small, high volatility, high R&D intensity, and non-dividend-paying firms are more likely to issue SEOs. The interaction effects between investor sentiment and firms' mispricing-related characteristics further suggest that the impact of investor sentiment on SEO probability is stronger for small and young firms. Moreover, we find that firms conducting SEOs during high sentiment periods experience less severe short-run price drops around the issuances, yet more severe post-issue long-run underperformance, compared to firms conducting SEOs during low sentiment periods. The effect of investor sentiment on stock performance is stronger for small, young, and high market-to-book ratio firms.
The Real Effects Of Investor Sentiment
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Author : Christopher Polk
language : en
Publisher:
Release Date : 2003
The Real Effects Of Investor Sentiment written by Christopher Polk and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Arbitrage categories.
We study how stock market mispricing might influence individual firms' investment decisions. We find a positive relation between investment and a number of proxies for mispricing, controlling for investment opportunities and financial slack, suggesting that overpriced (underpriced) firms tend to overinvest (underinvest). Consistent with the predictions of our model, we find that investment is more sensitive to our mispricing proxies for firms with higher R & D intensity suggesting longer periods of information asymmetry and thus mispricing) or share turnover (suggesting that the firms' shareholders are short-term investors). We also find that firms with relatively high (low) investment subsequently have relatively low (high) stock returns, after controlling for investment opportunities and other characteristics linked to return predictability. These patterns are stronger for firms with higher R & D intensity or higher share turnover.
Investor Sentiment And The Seo Pricing Process
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Author : Xiaoying Deng
language : en
Publisher:
Release Date : 2018
Investor Sentiment And The Seo Pricing Process written by Xiaoying Deng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Using real estate investment trusts as a unique laboratory, we investigate the impact of investor sentiment on seasoned equity offering (SEO) price dynamics. Evidence indicates that investor sentiment is positively related to pre-SEO overpricing and probability of issuance. SEOs issued in high sentiment periods have larger discounts and higher first day returns. We also find that high sentiment periods are followed by low long-run returns, suggesting that sentiment does not proxy for unobservable fundamentals. Overall, our findings are consistent with market timing and behavioral explanations for equity offerings.
The Economic Consequences Of Social Unrest Evidence From Initial Public Offerings
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Author : Mr. Philip Barrett
language : en
Publisher: International Monetary Fund
Release Date : 2023-11-10
The Economic Consequences Of Social Unrest Evidence From Initial Public Offerings written by Mr. Philip Barrett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-11-10 with Business & Economics categories.
Prior research attributes negative stock market performance following episodes of social unrest to elevated uncertainty. However, social unrest does not solely increase uncertainty, but separately acts to decrease investor sentiment. To determine which effect dominates, we study initial public offering (IPO) underpricing, which responds differently to changes to uncertainty and investor sentiment. Consistent with the notion that social unrest dampens investor sentiment, we find robust evidence that IPO first-day returns are lower during times of greater social unrest. Limits to arbitrage intensify the negative relation between social unrest and underpricing. Notably, strong institutional frameworks mitigate the impact of social unrest on underpricing, suggesting that quality institutions weaken the link between investor sentiment and returns.
The Effect Of Investor Attention On The Pricing Of Seasoned Equity Offerings
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Author : Cristian A. Pinto-Gutierrez
language : en
Publisher:
Release Date : 2015
The Effect Of Investor Attention On The Pricing Of Seasoned Equity Offerings written by Cristian A. Pinto-Gutierrez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
I examine the role of investor attention on seasoned equity offerings' (SEOs) outcomes. I use an archive of Thomson Reuters' news articles and third-party newswires to proxy for investor attention. I find that the volumes of news articles prior to the offerings are positively associated with the offer price discounts of SEOs. Furthermore, the volumes of news articles are negatively associated with the cumulative abnormal returns three days around the SEOs. I conclude that the costs of equity increase with the frequency of news stories prior to SEOs. Overall, the evidence is consistent with the hypothesis that investor attention contributes to the efficiency of the stock market and affects investors' information processing in SEOs.
Investment Intelligence From Insider Trading
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Author : H. Nejat Seyhun
language : en
Publisher: MIT Press
Release Date : 2000-02-28
Investment Intelligence From Insider Trading written by H. Nejat Seyhun and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-02-28 with Business & Economics categories.
Learn how to profit from information about insider trading. The term insider trading refers to the stock transactions of the officers, directors, and large shareholders of a firm. Many investors believe that corporate insiders, informed about their firms' prospects, buy and sell their own firm's stock at favorable times, reaping significant profits. Given the extra costs and risks of an active trading strategy, the key question for stock market investors is whether the publicly available insider-trading information can help them to outperform a simple passive index fund. Basing his insights on an exhaustive data set that captures information on all reported insider trading in all publicly held firms over the past twenty-one years—over one million transactions!—H. Nejat Seyhun shows how investors can use insider information to their advantage. He documents the magnitude and duration of the stock price movements following insider trading, determinants of insiders' profits, and the risks associated with imitating insider trading. He looks at the likely performance of individual firms and of the overall stock market, and compares the value of what one can learn from insider trading with commonly used measures of value such as price-earnings ratio, book-to-market ratio, and dividend yield.
Investor Sentiment And The Closed End Fund Puzzle
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Author : Charles Lee
language : en
Publisher:
Release Date : 1990
Investor Sentiment And The Closed End Fund Puzzle written by Charles Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Capitalists and financiers categories.
This paper examines the proposition that fluctuations in discounts on closed end funds are driven by changes in individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds must move together, that new funds get started when seasoned funds sell at a premium or a small discount, and that discounts on the funds fluctuate together with prices of securities affected by the same investor sentiment. The evidence supports these predictions. In particular, we find that discounts on closed end funds narrow when small stocks do well, as would be expected if closed end funds were subject to the same sentiment as small stocks, whim tern. also to be held by individual investors. The evidence thus suggests that investor sentiment affects security returns.
Handbook Of Corporate Finance
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Author : B. Espen Eckbo
language : en
Publisher: Elsevier
Release Date : 2007-05-21
Handbook Of Corporate Finance written by B. Espen Eckbo and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-05-21 with Business & Economics categories.
Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over
News And Investor Sentiment
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Author : 許嫣茹
language : en
Publisher:
Release Date : 2019
News And Investor Sentiment written by 許嫣茹 and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.