文章基本信息

标题：Seasoned Equity Offerings and Stock Price Crash Risk
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作者：Rodney D. Boehme ; Veljko Fotak ; Anthony May 等
期刊名称：International Journal of Finance & Banking Studies
印刷版ISSN：2147-4486
出版年度：2020
卷号：9
期号：4
页码：131-146
DOI：10.20525/ijfbs.v9i4.961
出版社：Society for the Study of Business & Finance
摘要：Using a large sample of U.S. firms during 1987–2011, we find robust evidence that the issuance of seasoned equity is associated with abnormally high future stock price crash risk. The association between seasoned equity offerings and crash risk is stronger among offerings that involve the sale of secondary shares (existing shares sold by insiders or large blockholders). We also find that recent seasoned equity issuers are far less likely to experience sudden positive price jumps relative to firms that have not recently issued equity. Our findings of elevated crash risk and diminished jump risk, when taken together, are consistent with a heightened propensity for firms to hoard bad news but not good news when issuing equity.
关键词：Stock Price Crash Risk; Tail Risk; Seasoned Equity Offering; Secondary Offering