Regulatory Scrutiny Prior to Seasoned Equity Offerings: Evidence From SEC Comment Letters
研究了美国证券交易委员会（SEC）的监管审查如何影响增发（SEO）的时机和定价，发现收到SEC意见函的增发注册期更长，若意见函在发行前公开披露，则发行折价更大，且信息环境较差的发行人更易收到意见函。
ABSTRACT We investigate how the Securities and Exchange Commission's (SEC) oversight affects the timing and valuation of seasoned equity offerings (SEOs). SEOs receiving an SEC comment letter are associated with longer SEO registration periods. Furthermore, SEOs receiving an SEC comment letter that is publicly disclosed before the offer date are associated with larger offer price discounts. Issuers with poorer information environments are more likely to receive an SEC comment letter. Our findings are consistent with SEC scrutiny resulting in negative information being incorporated into the offer price, but only when the scrutiny is disclosed publicly and promptly.