The Effect of Demand for Shares on the Timing and Underpricing of Seasoned Equity Offers
研究发现，尽管信息不对称程度高，但首次公开募股后一年内进行增发的公司，其折价反而低于成熟公司，这主要得益于机构投资者的高需求。同时，现金持有水平高的公司增发折价更高，但高需求可缓解这一效应。
Despite high levels of asymmetry of information, firms that issue seasoned equity offerings (SEOs) within a year of their initial public offering (IPO) (follow‐on SEOs) are able to offer shares at a lower discount as compared to more mature firms. We provide evidence that this seeming contradiction can be explained by a very high degree of demand for the follow‐on offering. We find that the likelihood of issuing a follow‐on SEO is significantly related to the level of institutional demand and that discounts are lower for follow‐on SEOs in which institutional demand is high. We also consider the joint effect of cash holdings and follow‐on SEOs on discounts since firms that have recently gone public tend to hold high levels of cash. Underpricing is higher for firms with elevated preoffer levels of cash, which is consistent with market timing predictions. However, this relation is mitigated for both follow‐on SEOs and issues that also have high share demand.