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| Author: | Chemmanur, T. J. He, S. Hu, G. |
| Title: | The role of institutional investors in seasoned equity offerings |
| Journal: | Journal of Financial Economics
2009 : DEC, VOL 94:3, p. 384-411 |
| Index terms: | institutional investors information stock markets |
| Language: | eng |
| Abstract: | This article discusses whether institutional investors have private information about seasoned equity offerings (SEOs) and whether they use it in a manipulative way, trading in an opposite direction to the information. Consequences of private information are analyzed for share allocation, institutional trading before and after SEO, realized trading profitability and SEO discount. The results indicate that institutional investors do not use their private information to manipulate the markets, but trade in the direction of their information obtaining higher long-run stock returns. |
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