Equity Performance after Follow-On Offerings: A Modern Reexamination with Portfolio Applications
重新检验了公司后续发行股票后的表现，发现发行前平均收益显著为正，发行后转负，超额收益和阿尔法差异在18个月内高达45%。基于此构建的投资组合策略能产生正超额收益。
Follow-on equity issuance is a critical function of capital markets for raising post-IPO capital for firms, but previous research has extensively debated whether issuers’ stocks underperform after offerings. With the recent dominance of alternative offering structures in equity capital markets, the author revisits firm and stock performance after follow-on offerings, as well as examines portfolio strategies that apply the findings. The author finds that average stock performance is significantly positive in the period leading up to most offering types and becomes negative afterward, with excess return and alpha differences up to 45% over 18 months. Portfolios constructed to screen follow-on offering issuers, use an inverse basket, or enhance momentum strategies have generated positive excess returns over standard strategies that do not use follow-on offering information.