The role of media connections in seasoned equity offerings
研究发现，与媒体有联系的公司更可能进行增发新股，但公告回报更差、长期表现更弱，且媒体关系通过提升报道量和正面情绪来帮助发行成功。
Abstract We present evidence that corporate connections to the media are associated with a greater likelihood of a seasoned equity offering (SEO), more negative announcement returns, and poorer long‐term performance. The effect of media connections on announcement returns is more pronounced for firms with higher information asymmetry, greater financial constraints, and lower advertising expenditures. Media connections are positively associated with media coverage and sentiment before the SEO announcements. Our findings are consistent with the notion that SEO issuers use their connections with media firms to actively manage media coverage and successfully offer new equity.