| dc.contributor.author |
Gibson S. |
| dc.contributor.author |
Safieddine A. |
| dc.contributor.author |
Sonti R. |
| dc.contributor.editor |
|
| dc.date |
2004 |
| dc.date.accessioned |
2017-09-07T07:51:37Z |
| dc.date.available |
2017-09-07T07:51:37Z |
| dc.date.issued |
2004 |
| dc.identifier |
10.1016/j.jfineco.2003.05.001 |
| dc.identifier.isbn |
|
| dc.identifier.issn |
|
| dc.identifier.uri |
http://hdl.handle.net/10938/12249 |
| dc.description.abstract |
We document that seasoned equity issuers experiencing the greatest increase in institutional investment around the offer date outperformed their benchmark portfolios in the year following the issue by a statistically and economically significant margin relative to those experiencing the greatest decrease. No such relationship exists for a control sample of matched non-issuers. Issuers with the greatest institutional investment are also found to have the highest ratio of sell-side analyst upgrades less downgrades to total forecasts in the two quarters following the issue. Again, no such relationship is found for matched non-issuers. We interpret our results as evidence that institutions are able to identify above-average seasoned equity offering SEO firms at the time of equity issuance and increase their holdings in these potential outperformers. © 2003 Elsevier B.V. All rights reserved. |
| dc.format.extent |
|
| dc.format.extent |
Pages: (581-604) |
| dc.language |
English |
| dc.publisher |
LAUSANNE |
| dc.relation.ispartof |
Publication Name: Journal of Financial Economics; Publication Year: 2004; Volume: 72; no. 3; Pages: (581-604); |
| dc.relation.ispartofseries |
|
| dc.relation.uri |
|
| dc.source |
Scopus |
| dc.subject.other |
|
| dc.title |
Smart investments by smart money: Evidence from seasoned equity offerings |
| dc.type |
Article |
| dc.contributor.affiliation |
Gibson, S., School of Hotel Administration, Cornell University, Ithaca, NY 14853, United States |
| dc.contributor.affiliation |
Safieddine, A., American University of Beirut, Beirut, Lebanon |
| dc.contributor.affiliation |
Sonti, R., A.B. Freeman School of Business, Tulane University, New Orleans, LA 70118, United States |
| dc.contributor.authorAddress |
Gibson, S.; School of Hotel Administration, Cornell University, Ithaca, NY 14853, United States; email: gsg23@cornell.edu |
| dc.contributor.authorCorporate |
University: American University of Beirut; Faculty: Suliman S. Olayan School of Business; Department: School of Business; |
| dc.contributor.authorDepartment |
School of Business |
| dc.contributor.authorDivision |
|
| dc.contributor.authorEmail |
gsg23@cornell.edu |
| dc.contributor.faculty |
Suliman S. Olayan School of Business |
| dc.contributor.authorInitials |
Gibson, S |
| dc.contributor.authorInitials |
Safieddine, A |
| dc.contributor.authorInitials |
Sonti, R |
| dc.contributor.authorOrcidID |
|
| dc.contributor.authorReprintAddress |
Gibson, S (reprint author), Cornell Univ, Sch Hotel Adm, Ithaca, NY 14853 USA. |
| dc.contributor.authorResearcherID |
|
| dc.contributor.authorUniversity |
American University of Beirut |
| dc.description.cited |
Bayless M, 1996, J FINANC, V51, P253, DOI 10.2307-2329309; Brav A, 2000, J FINANC ECON, V56, P209, DOI 10.1016-S0304-405X(00)00040-4; Chan LKC, 1996, J FINANC, V51, P1681, DOI 10.2307-2329534; Eckbo BE, 2000, J FINANC ECON, V56, P251, DOI 10.1016-S0304-405X(00)00041-6; Falkenstein EG, 1996, J FINANC, V51, P111, DOI 10.2307-2329304; FIELD LC, 1995, IS I INVESTMENT INIT; Gompers P.A., 2001, Q J EC, V116; GRINBLATT M, 1995, AM ECON REV, V85, P1087; GRINBLATT M, 1993, J BUS, V66, P47, DOI 10.1086-296593; GRINBLATT M, 1989, J BUS, V62, P393, DOI 10.1086-296468; HANLEY KW, 1995, J FINANC ECON, V37, P239, DOI 10.1016-0304-405X(94)00797-5; JEGADEESH N, 1993, J FINANC, V48, P65, DOI 10.2307-2328882; JEGADEESH N, 1990, J FINANC, V45, P881, DOI 10.2307-2328797; Krigman L, 1999, J FINANC, V54, P1015, DOI 10.1111-0022-1082.00135; LAKONISHOK J, 1992, J FINANC ECON, V32, P23, DOI 10.1016-0304-405X(92)90023-Q; Lee I, 1997, J FINANC, V52, P1439, DOI 10.2307-2329442; Loughran T, 1997, J FINANC, V52, P1823, DOI 10.2307-2329466; LOUGHRAN T, 1995, J FINANC, V50, P23, DOI 10.2307-2329238; McLaughlin R, 1996, FINANC MANAGE, V25, P41, DOI 10.2307-3665588; OGLE JC, 1994, BOGLE MUTUAL FUNDS; SPIESS DK, 1995, J FINANC ECON, V38, P243, DOI 10.1016-0304-405X(94)00817-K |
| dc.description.citedCount |
37 |
| dc.description.citedTotWOSCount |
35 |
| dc.description.citedWOSCount |
35 |
| dc.format.extentCount |
24 |
| dc.identifier.articleNo |
|
| dc.identifier.coden |
JFECD |
| dc.identifier.pubmedID |
|
| dc.identifier.scopusID |
2442641737 |
| dc.identifier.url |
|
| dc.publisher.address |
PO BOX 564, 1001 LAUSANNE, SWITZERLAND |
| dc.relation.ispartofConference |
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| dc.relation.ispartofConferenceCode |
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| dc.relation.ispartofConferenceDate |
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| dc.relation.ispartofConferenceHosting |
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| dc.relation.ispartofConferenceLoc |
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| dc.relation.ispartofConferenceSponsor |
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| dc.relation.ispartofConferenceTitle |
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| dc.relation.ispartofFundingAgency |
|
| dc.relation.ispartOfISOAbbr |
J. Financ. Econ. |
| dc.relation.ispartOfIssue |
3 |
| dc.relation.ispartOfPart |
|
| dc.relation.ispartofPubTitle |
Journal of Financial Economics |
| dc.relation.ispartofPubTitleAbbr |
J. Financ. Econ. |
| dc.relation.ispartOfSpecialIssue |
|
| dc.relation.ispartOfSuppl |
|
| dc.relation.ispartOfVolume |
72 |
| dc.source.ID |
WOS:000221890500006 |
| dc.type.publication |
Journal |
| dc.subject.otherAuthKeyword |
Institutional investors |
| dc.subject.otherAuthKeyword |
Seasoned equity offerings |
| dc.subject.otherChemCAS |
|
| dc.subject.otherIndex |
|
| dc.subject.otherKeywordPlus |
OPERATING PERFORMANCE |
| dc.subject.otherKeywordPlus |
PORTFOLIO HOLDINGS |
| dc.subject.otherKeywordPlus |
PUBLIC OFFERINGS |
| dc.subject.otherKeywordPlus |
ISSUES PUZZLE |
| dc.subject.otherKeywordPlus |
RETURNS |
| dc.subject.otherWOS |
Business, Finance |
| dc.subject.otherWOS |
Economics |