The Effect of Investor Attention on the Pricing of Seasoned Equity Offerings

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dc.contributor.authorPinto, Cristián
dc.date.accessioned2015-09-25T12:34:18Z
dc.date.available2015-09-25T12:34:18Z
dc.date.issued2015-08
dc.description.abstractI examine the role of investor attention on seasoned equity offerings’ (SEOs) outcomes. I use an archive of Thomson Reuters’ news articles to proxy for investor attention. I find that the volumes of news articles prior to the offerings are positively associated with the offer price discounts of SEOs. Furthermore, the volumes of news articles are negatively associated with the cumulative abnormal returns three days around the SEOs. I conclude that the costs of equity increase with investor attention prior to SEOs. Overall, the evidence is consistent with the hypothesis that investor attention affects investors’ information processing in SEOses_CL
dc.format.extent36 páginases_CL
dc.identifier.urihttp://hdl.handle.net/11447/118
dc.language.isospaes_CL
dc.publisherSchool of Business and Economics, Universidad del Desarrolloes_CL
dc.relation.ispartofseriesWorking Paper;20
dc.subjectInvestor attentiones_CL
dc.subjectSeasoned equity offeringses_CL
dc.subjectNews analyticses_CL
dc.subjectMedia coveragees_CL
dc.subjectInvestor sentimentes_CL
dc.titleThe Effect of Investor Attention on the Pricing of Seasoned Equity Offeringses_CL
dc.typeDocumento de trabajoes_CL

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