The Impact of Global Equity Offerings
研究美国公司在多个市场发行股票的影响，发现全球发行相比仅在国内发行，股价负面反应平均减少0.8%，表明全球发行能扩大需求、减轻价格压力。
This article examines the impact of U.S. firms issuing equity in multiple markets. We compare the stock price reactions to announcements of global equity offers to a control group of issues offered exclusively in the domestic U.S. market. All else equal, the adverse price reaction that typically accompanies equity issuance is reduced by 0.8 percent when some shares are sold abroad. The overall evidence suggests global offers are effective in expanding demand and reducing the price pressure effects associated with share issuance. The beneits of global offers appear to be associated with an increase in the number of foreign shareholders.