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Order Flow Patterns around Seasoned Equity Offerings and their Implications for Stock Price Movements-super-

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  • SAHN-WOOK HUH
  • AVANIDHAR SUBRAHMANYAM

Abstract

In this study, we employ order imbalance measures to provide evidence that there is cross-sectional heterogeneity in investor reactions to seasoned equity offerings (SEOs). The normally positive relation between imbalances and returns disappears for trade number imbalances but remains intact for dollar imbalances following SEOs. The return-imbalance delinkage is most pronounced for SEO stocks in which institutions (non-institutions) are net sellers (buyers). We also find that the SEO portfolio in which large institutional investors are net sellers strongly underperforms the complementary portfolio in which they are net buyers. Copyright (c) International Review of Finance Ltd. 2006.

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Bibliographic Info

Article provided by International Review of Finance Ltd. in its journal International Review of Finance.

Volume (Year): 5 (2005)
Issue (Month): 1-2 ()
Pages: 75-111

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Handle: RePEc:bla:irvfin:v:5:y:2005:i:1-2:p:75-111

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1369-412X

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Cited by:
  1. Koenig-Matsoukis, Laure, 2012. "Informed trading before rights issues," Economics Papers from University Paris Dauphine 123456789/9015, Paris Dauphine University.
  2. Koenig-Matsoukis, Laure, 2010. "Financial intermediation and the rights offer paradox," Economics Papers from University Paris Dauphine 123456789/4430, Paris Dauphine University.
  3. Hélène Rainelli-Le Montagner, 2008. "Finance d'entreprise:voix nouvelles et nouvelles voies," Revue Finance Contrôle Stratégie, revues.org, vol. 11(Special), pages 291-313, June.

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