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Title: The Impact of Cost of Equity on Seasoned Equity Offerings
Keywords: Seasoned Equity Offerings, cost of equity, forward-looking
Issue Date: 30-Apr-2012
Citation: ZHANG WEIQI (2012-04-30). The Impact of Cost of Equity on Seasoned Equity Offerings. ScholarBank@NUS Repository.
Abstract: This paper studies the impact of forward-looking cost of equity on firms¿ Seasoned Equity Offerings. The market wide SEO issuances, firm level SEO likelihood and the amount of proceeds from SEO are greater when the forward-looking cost of equity is low. Small firms¿ issuance decisions are particularly sensitive to the fluctuation of forward-looking cost of equity, suggesting the impact from cost of equity is greater for firms with more financial constraints. Moreover, firms issuing SEOs at high forward-looking cost of equity are having more negative announcement returns and followed by lower long run post-SEO returns. A distress based explanation is consistent with the empirical observations.
Appears in Collections:Ph.D Theses (Open)

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