Investment-based underperformance following seasoned equity offerings
by Evgeny Lyandres
"Adding a return factor based on capital investment into standard, calendar-time factor regressions makes underperformance following seasoned equity offerings largely insignificant and reduces its magnitude by 37-46%. The reason is that issuers invest more than nonissuers matched on size and book-to-market. Moreover, the low-minus-high investment-to-asset factor earns a significant average return of 0.37% per month. Our evidence suggests that the underperformance results from the negative investment-expected return relation, as predicted by Carlson, Fisher, and Giammarino (2005)"--National Bureau of Economic Research web site.
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Investment-based underperformance following seasoned equity offerings
2005, National Bureau of Economic Research
Electronic resource
in English
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Investment-based underperformance following seasoned equity offerings
2005, National Bureau of Economic Research
in English
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Includes bibliographical references.
Title from PDF file as viewed on 7/6/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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