Is There a Window of Opportunity for Seasoned Equity Issuance?
发现，在股票发行量高的时期，增发公告的价格反应平均比发行量低的时期低约200个基点，且这种差异独立于宏观经济特征，支持了增发存在机会窗口的观点。
The aggregate volume of equity issues is used to search for periods when seasoned equity capital can be raised at favorable terms. We find that the price reaction to equity issue announcements in high equity issue volume (HOT) periods is approximately 200 basis points lower on average than in low equity issue volume (COLD) periods. The lower price reaction in hot markets is economically important and is independent of the macroeconomic characteristics of hot and cold markets. The evidence supports the existence of windows of opportunity for equity issues that result at least partially from reduced levels of asymmetric information.