Is There a Window of Opportunity for Seasoned Equity Issuance?
用股票发行总量来寻找能以有利条件增发股票的时期，发现高发行量时期公告增发的股价反应平均比低发行量时期低约200个基点，且与宏观经济无关，支持机会窗口的存在。
ABSTRACT The aggregate volume of equity issues is used to search for periods when seasoned equity capital can be raised at favorable terms. We find that the price reaction to equity issue announcements in high equity issue volume (HOT) periods is approximately 200 basis points lower on average than in low equity issue volume (COLD) periods. The lower price reaction in hot markets is economically important and is independent of the macroeconomic characteristics of hot and cold markets. The evidence supports the existence of windows of opportunity for equity issues that result at least partially from reduced levels of asymmetric information.