Shelf versus Traditional Seasoned Equity Offerings: The Impact of Potential Short Selling
研究发现，潜在卖空压力高的公司更倾向于选择储架发行而非传统增发，因为储架发行能减少卖空者压低发行折扣的机会，从而影响公司融资决策。
Traditional seasoned equity offerings (SEOs) elicit short selling from traders trying to increase offering discounts. Such short selling is more difficult for shelf offerings because the time between their announcement and issuance tends to be shorter. We predict and find that firms with higher short-selling potential (SSP) are more likely to choose shelf over traditional SEOs. This result is robust to alternative proxies for SSP and other sensitivity tests. Further analysis suggests that shelf issuers aim to mitigate the threat of manipulative short selling. Our findings add to a growing literature showing that short selling has a real impact on corporate finance decisions.