Is the Market Surprised by Poor Earnings Realizations Following Seasoned Equity Offerings?
研究增发后五年内盈余公告的股价反应，发现小公司增发后盈余公告有显著负异常回报，支持市场高估未来盈利的假说。
We examine the stock price reaction to earnings announcements in the five years following seasoned equity offerings (SEOs). On average, post-SEO earnings announcements are met with a significantly negative abnormal stock price reaction. Although this negative reaction accounts for a disproportionately large portion of long-run post-SEO abnormal stock returns, on average, abnormal stock price reactions to post-seo earnings announcements are reliably negative only within the smallest quartile of equity issuers. For small firms, therefore, these findings are broadly consistent with the hypothesis that firms issue equity when the market overestimates the firm's future earnings perfomance.