Book/Printed Material Investment-based underperformance following seasoned equity offerings

Title

• Investment-based underperformance following seasoned equity offerings

Summary

• "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.

Names

• Lyandres, Evgeny
• Sun, Le
• National Bureau of Economic Research

Created / Published

• Cambridge, MA : National Bureau of Economic Research, c2005.

Headings

• -  Capital investments
• -  Regression analysis

Notes

• -  Title from PDF file as viewed on 7/6/2005.
• -  Includes bibliographical references.
• -  Also available in print.
• -  Mode of access: World Wide Web.
• -  System requirements: Adobe Acrobat Reader.

Call Number/Physical Location

• HB1

Digital Id

• https://hdl.loc.gov/loc.gdc/gdcebookspublic.2005618360
• http://papers.nber.org/papers/w11459 External

Library of Congress Control Number

• 2005618360

Access Advisory

• Unrestricted online access

Online Format

• image
• pdf

LCCN Permalink

• https://lccn.loc.gov/2005618360

Additional Metadata Formats

• MARCXML Record
• MODS Record
• Dublin Core Record