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| Tekijä: | Brous, P. A. Datar, V. Kini, O. |
| Otsikko: | Is the Market Optimistic about the Future Earnings of Seasoned Equity Offering Firms? |
| Lehti: | Journal of Financial and Quantitative Analysis
2001 : JUN, VOL. 36:2, p. 141-168 |
| Asiasana: | MARKETS FUTURE FUTURE STUDIES FUTURES MARKETS SEASONAL FLUCTUATION COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | The leading explanation for the post-issue long-run stock return underperformance of seasoned equity offering firms is that investors have optimistic expectations regarding future earnings and the underperformance occurs as these expectations are corrected over time. To directly test this hypothesis, the authors examine investors' reaction to quarterly earnings announcements over a five-year period following the offering for a large sample of seasoned equity issuing firms. In general, the authors' evidence suggests that investors are not disappointed by earnings announcements that follow seasoned equity offerings. This result is not sensitive to widening the window over which earnings announcement returns are computed. |
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