ETF Ownership and Seasoned Equity Offerings
研究发现公司ETF所有权越高，越可能进行增发，且增发时股价下跌更少、折扣更小、长期表现更好，这可能是ETF投资者需求带来的市场时机机会。
Abstract This article investigates the impact of exchange-traded fund (ETF) ownership on seasoned equity offerings (SEOs). We find that increases to firms’ ETF ownership is positively related to their propensity to conduct an SEO. ETF ownership is also associated with less negative SEO announcement returns, smaller discounts, and better long-run stock returns. Our evidence is consistent with equity issuance following investor demand for stocks driven by greater participation in ETFs, suggesting a possible alternative source of market timing opportunity.