Underperformance in long-run stock returns following seasoned equity offerings
发现1975-1989年间进行增发的公司，其长期股票收益显著低于同行业、同规模但未增发的公司，且这种表现不佳在控制多种因素后依然存在，表明管理者可能利用了市场高估。
We document that firms making seasoned equity offerings during 1975–1989 substantially underperformed a sample of matched firms from the same industry and of similar size that did not issue equity. This underperformance persists even after controlling for trading system, offer size, and the issuing firm's age and book-to-market ratio. It is similar to that previously documented for initial public offerings, suggesting that managers take advantage of overvaluation in both the initial and seasoned equity offering markets.