Does the Sequence of Seasoned Equity Offerings Matter?
研究工业企业、金融企业和公用事业企业多次增发时，公告期回报与增发顺序的关系。发现工业企业的回报随增发次数单调递增，且第四次及以后增发的股价反应不显著，原因在于后期增发的逆向选择成本降低。
We investigate the relation between announcement period returns and the sequence of seasoned equity offerings (SEOs) for industrial, financial, and utility firms making multiple offerings. For industrial firms, there is a monotonically positive relation between the returns and the sequence of issues. Further, the stock price reactions to the fourth and subsequent issues by industrial firms are insignificant. For firms that conduct at least two SEOs, there is no difference in returns between industrial firms and utilities or financial institutions. The lower negative returns for later announcements by industrial firms can be explained by reduced adverse selection costs.