| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| The Rise of Accelerated Seasoned Equity Underwritings | |
| William L. Megginson; Bernardo Bortolotti; Scott B. Smart | |
| 发表日期 | 2007 |
| 出处 | Economy and Society |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Seasoned equity offerings (SEOs) executed through accelerated underwritings have increased global market share recently, raising over $850 billion since 1998, and now account for over half (two-thirds) of the value of U.S. (European) SEOs. We examine 31,242 global SEOs, executed during 1991-2004, which raise over $2.9 trillion for firms and selling shareholders. Compared to fully marketed deals, accelerated offerings occur more rapidly, raise more money, and require fewer underwriters. Importantly, accelerated deals reduce total issuance cost by about 250 basis points. Accelerated deals sell equal fractions of primary and secondary shares, whereas in traditional SEOs primary shares dominate. Announcement period returns are comparable for traditional and accelerated offerings, while secondary and mixed offerings trigger more negative market responses than do primary offerings. We conclude that this rapid, worldwide shift towards accelerated underwriting creates a spot market for SEOs, and represents the long-predicted shift towards an auction model for seasoned equity sales. |
| 特色分类 | G15,G24 |
| 关键词 | Equity Offerings,Underwriting,Investment Banking |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/the-rise-of-accelerated-seasoned-equity-underwritings/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117425 |
| 推荐引用方式 GB/T 7714 | William L. Megginson,Bernardo Bortolotti,Scott B. Smart. The Rise of Accelerated Seasoned Equity Underwritings. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2007-005.pdf（411KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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