Does liquidity risk explain low firm performance following seasoned equity offerings?

doi:10.1016/j.jbankfin.2012.07.009

科研成果详情

发表状态	已发表Published
题名	Does liquidity risk explain low firm performance following seasoned equity offerings?
作者	Bilinski, Pawel 1; Liu, Weimin2,3 ; Strong, Norman 4
发表日期	2012
发表期刊	Journal of Banking and Finance
ISSN/eISSN	0378-4266
卷号	36 期号:10 页码:2770-2785
摘要	A seasoned equity offering (SEO) can improve a firm's stock liquidity and lower its cost of capital. This paper examines whether SEO firms achieve a liquidity gain and the sources of this gain. It explores the role of liquidity risk in explaining SEO long-run performance. The evidence shows that SEO firms experience significant post-issue improvements in liquidity and reductions in liquidity risk. Size and book-to-market matching fails to control for these liquidity effects, generating the low long-term post-SEO performance documented in the literature. After adjusting for liquidity risk, SEO firms show normal long-term performance. © 2012 Elsevier B.V.
关键词	Event studies Liquidity risk Seasoned equity offerings
DOI	10.1016/j.jbankfin.2012.07.009
URL	查看来源
收录类别	SSCI ; CPCI-SSH
语种	英语English
WOS研究方向	Business & Economics
WOS类目	Business, Finance ; Economics
WOS记录号	WOS:000308258300009
Scopus入藏号	2-s2.0-84864863051
引用统计	被引频次：12[WOS] [WOS记录] [WOS相关记录]
文献类型	期刊论文
条目标识符	https://repository.uic.edu.cn/handle/39GCC9TT/10935
专题	个人在本单位外知识产出
通讯作者	Bilinski, Pawel
作者单位	1.Lancaster University Management School,Lancaster LA1 4YX,United Kingdom 2.Nottingham University Business School,Nottingham NG8 1BB,United Kingdom 3.School of Management,Shanxi University,Taiyuan,China 4.Manchester Business School,Booth Street West,Manchester M15 6PB,United Kingdom
推荐引用方式 GB/T 7714	Bilinski, Pawel,Liu, Weimin,Strong, Norman. Does liquidity risk explain low firm performance following seasoned equity offerings?[J]. Journal of Banking and Finance, 2012, 36(10): 2770-2785.
APA	Bilinski, Pawel, Liu, Weimin, & Strong, Norman. (2012). Does liquidity risk explain low firm performance following seasoned equity offerings?. Journal of Banking and Finance, 36(10), 2770-2785.
MLA	Bilinski, Pawel,et al."Does liquidity risk explain low firm performance following seasoned equity offerings?". Journal of Banking and Finance 36.10(2012): 2770-2785.