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Evidence of Selling by Managers after Seasoned Equity Offering Announcements

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Author Info

  • Michael Gombola
  • Hei Wai Lee
  • Feng-Ying Liu

Abstract

Significant insider selling continues after a seasoned equity offering (SEO) is announced. This finding is consistent with earlier studies that equity offerings are undertaken by companies whose stock is overpriced. The study also suggests that the stock of firms that employ SEOs stays overpriced for several months after the offering.

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Bibliographic Info

Article provided by Financial Management Association in its journal Financial Management.

Volume (Year): 26 (1997)
Issue (Month): 3 (Fall)
Pages:

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Handle: RePEc:fma:fmanag:gombola97

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Cited by:
  1. Kahle, Kathleen M., 2000. "Insider trading and the long-run performance of new security issues," Journal of Corporate Finance, Elsevier, vol. 6(1), pages 25-53, March.
  2. Michael Firth & T. Y. Leung & Oliver M. Rui, 2008. "Double Signals or Single Signal? An Investigation of Insider Trading Around Share Repurchases," Working Papers 222008, Hong Kong Institute for Monetary Research.
  3. Ciner, Cetin & Karagozoglu, Ahmet K., 2008. "Information asymmetry, speculation and foreign trading activity: Emerging market evidence," International Review of Financial Analysis, Elsevier, vol. 17(4), pages 664-680, September.
  4. Ching, Ken M.L. & Firth, Michael & Rui, Oliver M., 2006. "The information content of insider trading around seasoned equity offerings," Pacific-Basin Finance Journal, Elsevier, vol. 14(1), pages 91-117, January.
  5. Krishnan, C.N.V. & Ergungor, O. Emre & Laux, Paul A. & Singh, Ajai K. & Zebedee, Allan A., 2010. "Examining bank SEOs: Are offers made by undercapitalized banks different?," Journal of Financial Intermediation, Elsevier, vol. 19(2), pages 207-234, April.

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