The Pricing of French Unit Seasoned Equity Offerings
研究法国单元式增发（股票与认股权证捆绑发行）的定价，发现平均异常回报率达9-12%，且发行风险越大、未来增发规模越大，折价越高，支持信号假说。
Units are bundles of common stock and warrants. By issuing units, firms precommit to a future and uncertain seasoned offering at the exercise price of the warrants. This study shows that the issuance of units seasoned offerings in France is accompanied by significant abnormal returns of on average 9–12%, depending on the computing methods. Underpricing increases with the risk of the issuer and the relative size of the future seasoned equity issue linked to warrant exercises. Our results are consistent with our signaling hypothesis.