Seasoned Equity Offerings: Stock Market Liquidity and the Rights Offer Paradox
研究了法国市场上流动性如何影响增发方式选择，发现流动性是决定配股还是公开增发的重要因素，并解释了为何企业选择成本更高的公开增发。
Abstract This paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We find that, besides blockholders’ takeup, liquidity is an important determinant of SEO flotation method choice. We document higher direct equity offering flotation costs, but also improved stock market liquidity after public offerings and standby rights relative to uninsured rights. After controlling for endogeneity in the choice of SEO flotation method, we find that pure public offerings and standby rights are comparable in terms of direct costs and liquidity improvement. Our results provide new insights as to why firms choose public offerings despite apparently higher costs.