search query: @indexterm Seasons / total: 10
reference: 8 / 10
| Author: | Higgins, E.J. Howton, S. Howton, S. |
| Title: | An analysis of closed-end fund seasoned equity offerings |
| Journal: | Journal of Financial Research
2003 : SUMMER, VOL. 26:2, p. 243-257 |
| Index terms: | Equities Seasons Share prices |
| Language: | eng |
| Abstract: | The stock price reaction to seasoned equity offerings (SEOs) of closed-end funds and the determinants of the issuance decision are examined in this article. It is found that sample funds have negative average announcement-day returns that are less than the returns associated with industrial company SEOs, most likely because funds have fewer information asymmetries. Issuing funds have higher pre-issue returns, higher premiums, lower betas and lower three-year, post-issue returns than nonissuing funds. |
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