Anchoring on Historical High Prices and Seasoned Equity Offerings
研究发现公司增发新股的概率受历史最高价影响：当前股价与过去12个月最高价之比越高，公司越可能增发；且此时市场反应平淡、发行折价较小，表明管理者利用历史高价作为参考点来把握发行时机。
We document that firms’ financing decisions are affected by historical high prices. The ratio of the monthly high price to the 12-month historical high price positively affects the probability of a seasoned equity offering (SEO). Furthermore, the postannouncement market reaction is muted and the offering discount is smaller if the preannouncement stock price is high relative to its historical high price. The results suggest that historical high price reference points may help managers rationally time SEOs to take advantage of market reception and minimize issuance costs.