The Operating Performance of Firms Conducting Seasoned Equity Offerings
发现增发股票公司在发行前经营业绩大幅改善，但发行后五年内业绩下滑，且发行时市场倍数未反映预期恶化。
ABSTRACT Recent studies have documented that firms conducting seasoned equity offerings have inordinately low stock returns during the five years after the offering, following a sharp run‐up in the year prior to the offering. This article documents that the operating performance of issuing firms shows substantial improvement prior to the offering, but then deteriorates. The multiples at the time of the offering, however, do not reflect an expectation of deteriorating performance. Issuing firms are disproportionately high‐growth firms, but issuers have much lower subsequent stock returns than nonissuers with the same growth rate.