| Status | 已发表Published |
| Title | Does liquidity risk explain low firm performance following seasoned equity offerings? |
| Creator | |
| Date Issued | 2012 |
| Source Publication | Journal of Banking and Finance
 |
| ISSN | 0378-4266 |
| Volume | 36Issue:10Pages:2770-2785 |
| Abstract | 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. |
| Keyword | Event studies Liquidity risk Seasoned equity offerings |
| DOI | 10.1016/j.jbankfin.2012.07.009 |
| URL | View source |
| Indexed By | SSCI ; CPCI-SSH |
| Language | 英语English |
| WOS Research Area | Business & Economics |
| WOS Subject | Business, Finance ; Economics |
| WOS ID | WOS:000308258300009 |
| Scopus ID | 2-s2.0-84864863051 |
| Citation statistics | |
| Document Type | Journal article |
| Identifier | http://repository.uic.edu.cn/handle/39GCC9TT/10935 |
| Collection | Research outside affiliated institution |
| Corresponding Author | Bilinski, Pawel |
| Affiliation | 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 |
| Recommended Citation 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. |
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