Seasoned Equity Offers: The Effect of Insider Ownership and Float
研究了内部人持股如何通过影响流通股数量来加剧增发折价，以及内部人出售自身股份时如何促使承销商降低折价，但这一效果在聘请高声誉承销商时减弱。
Seasoned equity offering (SEO) underpricing has increased dramatically since the early 1980s. While previous research has examined the determinants of SEO underpricing, these studies have not explored the effect of insider ownership on discounts. We find that this effect is twofold. First, higher insider ownership reduces float, thereby increasing price pressure and SEO underpricing. This effect is greatest in firms with low liquidity. Second, the greater the percentage of secondary shares offered, the lower the underpricing, suggesting that manager's pressure banks to reduce underpricing when their personal wealth is at stake. However, we find that this negative relation is mitigated if the firm employs a prestigious underwriter.