Are the Discounts in Seasoned Equity Offers Due to Inelastic Demand?
研究了英国公开增发和定向增发中折价的决定因素，发现需求缺乏弹性（股票流动性差）和财务困境是折价的关键原因，对理解其他市场也有参考价值。
Abstract This paper investigates the large and diverse discounts in UK open offers and placings. Large discounts are a substantial cost to shareholders who do not buy new shares. The existing literature mainly examines US firm‐commitment offers and private placements. The institutional setting differs in the UK, in ways that make the theory of inelastic demand for shares more important as an explanation for discounts than in the US. The paper finds that inelastic demand, or illiquidity of the issuer's shares, and financial distress, are key determinants of the discount. We expect these results to apply to other stock markets.