Credibility and Multiple SEOs: What Happens When Firms Return to the Capital Market?
研究了1995至2012年间多次增发的企业，发现那些按承诺使用前期增发资金的企业，在后续增发公告时能获得更积极的股价反应，表明市场会记住企业的行为并据此更新对资金用途的预期。
Using a sample of firms that conducted multiple seasoned equity offerings (SEOs) from 1995 to 2012, we examine whether firms can build credibility for subsequent SEOs by following through on their stated use of the proceeds from earlier SEOs. We find that firms that state their intention to invest these funds in projects and those that make no such statements, but do invest have relatively more positive announcement returns around subsequent SEO announcements. Our results suggest that the markets are aware of the potential agency costs of equity, have a long memory, and update their beliefs as to the likely use of funds raised by firms.