This essay surveys the extant literature and adds to the empirical evidence on issuance
activity, flotation costs, and valuation effects of security offerings. We focus primarily on …

This paper examines the association between the managerial ability of acquiring firms and
their long-term performance after mergers and acquisitions (M&As). Based on M&A data for …

This Article questions a persistent and pervasive view about the proper objective of
corporate governance: that managers should favor long-term shareholders over short-term …

We find weak governance is a primary reason investors react negatively to the
announcement of seasoned equity offerings (SEOs). Using a difference-in-differences …

Publicly traded US firms buy and sell a staggering amount of their own shares in the open
market each year. Open-market repurchases (OMRs) alone total hundreds of billions of …

German banks tend to emphasize how satisfied their clients are with the financial advice
they offer. Empirical evidence, however, suggests that this satisfaction may have little to do …

In a sample of underwritten seasoned equity offerings (SEOs), issuers with boards
dominated by independent directors experience higher abnormal announcement returns …

We argue that management guidance on firms' future earnings and other financial
information serves to alleviate information asymmetry around seasoned equity offerings …

We use meta‐analysis to review studies on announcement effects associated with seasoned
equity offerings. Our sample includes 199 studies from 38 leading finance journals and …

We investigate the effect of founder control on firms' financing costs for seasoned equity
offerings (SEOs). Firms issuing SEOs are subject to increased information asymmetry and …