Evidence of Selling by Managers after Seasoned Equity Offering Announcements
研究发现公司在增发公告后仍有显著的内幕卖出行为，表明增发公司股票在发行后数月内仍被高估。
Significant insider selling continues after a seasoned equity offering (SEO) is announced. This finding is consistent with earlier studies that equity offerings are undertaken by companies whose stock is overpriced. The study also suggests that the stock of firms that employ SEOs stays overpriced for several months after the offering.