Tough times for seasoned equity offerings: performance during the COVID pandemic

This study analyzes the wealth effects of SEO announcements in the US during the COVID-19 pandemic and its main determinants. We find significantly negative abnormal returns of − 8.6%. This provides persuasive evidence that capital markets reacted particularly negative during this period, reflecting...

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Detalles Bibliográficos
Autores principales: Zenzius, Marc, Flore, Christian, Schiereck, Dirk
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer Berlin Heidelberg 2022
Materias:
Original Paper
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9006200/
http://dx.doi.org/10.1007/s11573-022-01089-6
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author Zenzius, Marc
Flore, Christian
Schiereck, Dirk
author_facet Zenzius, Marc
Flore, Christian
Schiereck, Dirk
author_sort Zenzius, Marc
collection PubMed
description This study analyzes the wealth effects of SEO announcements in the US during the COVID-19 pandemic and its main determinants. We find significantly negative abnormal returns of − 8.6%. This provides persuasive evidence that capital markets reacted particularly negative during this period, reflecting higher degrees of uncertainty. We furthermore find that larger firms experience a better SEO performance and that COVID-19 related biotech & healthcare firms react particularly negative. This effect is more negative the lower the company valuation beforehand.
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spelling pubmed-90062002022-04-13 Tough times for seasoned equity offerings: performance during the COVID pandemic Zenzius, Marc Flore, Christian Schiereck, Dirk J Bus Econ Original Paper This study analyzes the wealth effects of SEO announcements in the US during the COVID-19 pandemic and its main determinants. We find significantly negative abnormal returns of − 8.6%. This provides persuasive evidence that capital markets reacted particularly negative during this period, reflecting higher degrees of uncertainty. We furthermore find that larger firms experience a better SEO performance and that COVID-19 related biotech & healthcare firms react particularly negative. This effect is more negative the lower the company valuation beforehand. Springer Berlin Heidelberg 2022-04-13 2022 /pmc/articles/PMC9006200/ http://dx.doi.org/10.1007/s11573-022-01089-6 Text en © The Author(s) 2022 https://creativecommons.org/licenses/by/4.0/Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Original Paper
Zenzius, Marc
Flore, Christian
Schiereck, Dirk
Tough times for seasoned equity offerings: performance during the COVID pandemic
title Tough times for seasoned equity offerings: performance during the COVID pandemic
title_full Tough times for seasoned equity offerings: performance during the COVID pandemic
title_fullStr Tough times for seasoned equity offerings: performance during the COVID pandemic
title_full_unstemmed Tough times for seasoned equity offerings: performance during the COVID pandemic
title_short Tough times for seasoned equity offerings: performance during the COVID pandemic
title_sort tough times for seasoned equity offerings: performance during the covid pandemic
topic Original Paper
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9006200/
http://dx.doi.org/10.1007/s11573-022-01089-6
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