Price Pressure and Overnight Seasoned Equity Offerings
研究发现2009-2014年间75%的增发在隔夜完成，隔夜发行能避免发行前卖压从而获得更高发行价，而非隔夜发行前股价平均下跌2.5%并在7天内反转。
Between 2009 and 2014, 75% of seasoned equity offerings (SEOs) were announced and issued overnight, compared to 27% between 2000 and 2008. Overnight issuers obtain a higher SEO offer price because they experience more favorable pre-offer returns. Consistent with these favorable returns being due to the avoidance of pre-issue selling pressure, non-overnight issuers experience a 2.5% pre-issue stock-price decline that reverses within 7 days. This post-issue reversal is increasing in SEO offer size and bigger following large pre-issue price declines. In contrast, returns following overnight offerings are less positive and unrelated to SEO offer size or pre-issue returns.