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An Empirical Investigation of Short-Selling Activity Prior to Seasoned Equity Offerings

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Author Info
 Safieddine, Assem
Wilhelm, William J, Jr
Abstract

The authors investigate the nature and magnitude of short-selling activity around seasoned equity offerings, the relation between short-selling activity and issue discounts, and the consequences of the Securities and Exchange Commission adoption of Rule 10b-21 in response to concerns about manipulative short-selling practices. Seasoned offerings are characterized by abnormally high levels of short selling and option open interest. Higher levels of such activity are related to lower expected proceeds from the issuance of new shares. Where it could not be circumvented, Rule 10b-21 appears to have curbed short-selling activity and reduced issue discounts. Copyright 1996 by American Finance Association.

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Publisher Info
Article provided by American Finance Association in its journal Journal of Finance.

Volume (Year): 51 (1996)
Issue (Month): 2 (June)
Pages: 729-49
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Handle: RePEc:bla:jfinan:v:51:y:1996:i:2:p:729-49

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  1. O. Emre Ergungor & C.N.V. Krishnan & Ajai K. Singh & Allan A. Zebedee, 2005. "Offer-price discount of bank seasoned equity offers: do voluntary and involuntary offers convey different information?," Working Paper 0515, Federal Reserve Bank of Cleveland. [Downloadable!]
  2. O. Emre Ergungor & C.N.V. Krishnan & Ajai K. Singh & Allan A. Zebedee, 2004. "Bank seasoned equity offers: do voluntary and involuntary offers differ?," Working Paper 0414, Federal Reserve Bank of Cleveland. [Downloadable!]
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