The Pricing of Seasoned Equity Offerings: Evidence from REITs
研究了1991-1996年间房地产投资信托基金增发股票的定价，发现增发价低于发行前日和发行日收盘价，且折价程度与机构持股比例、发行规模和承销商声誉相关。
Real estate investment trusts (REITs) have been a very active sector in the capital market over the last few years. This paper examines the pricing of seasoned equity offers by equity REITs during 1991–1996. Consistent with Parsons and Raviv's model, we find that SEOs by REITs are underpriced with respect to both the closing price on the day before and the closing price on the day of the offer. Underpricing depends on the institutional ownership of the firm's common stock. Issues by firms with higher institutional ownership are more underpriced for post‐1990 REITs. Further, consistent with the notion that theories of IPO pricing apply to SEOs as well, the underpricing of SEOs is a function of the issue size and of the underwriter's reputation.