The Operating Performance of Seasoned Equity Issuers: Free Cash Flow and Post-Issue Performance
研究大量工业企业增发前后的经营绩效变化，发现增发后盈利能力显著下降，且自由现金流高的企业下降更严重，而投资新固定资产的企业表现更好。
We examine changes in operating performance for a large sample of industrial firms conducting seasoned equity offerings (SEOs). Our sample of SEO firms has significant improvements in operating performance prior to the issue. The SEO firms experience a sharp, statistically significant decrease in profitability following the SEO in both industry-adjusted and unadjusted comparisons. We find that the decline in profitability is greater for firms that have higher free cash flow, and that SEO firms that invest in new fixed assets perform better than SEO firms that do not.