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

dc.creatorPinto, Cristián
dc.date.accessioned2015-09-25T12:34:18Z
dc.date.accessioned2019-05-17T14:36:56Z
dc.date.available2015-09-25T12:34:18Z
dc.date.available2019-05-17T14:36:56Z
dc.date.created2015-09-25T12:34:18Z
dc.date.issued2015-08
dc.identifierhttp://hdl.handle.net/11447/118
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/2674185
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 SEOs
dc.languagespa
dc.publisherSchool of Business and Economics, Universidad del Desarrollo
dc.relationWorking Paper;20
dc.subjectInvestor attention
dc.subjectSeasoned equity offerings
dc.subjectNews analytics
dc.subjectMedia coverage
dc.subjectInvestor sentiment
dc.titleThe Effect of Investor Attention on the Pricing of Seasoned Equity Offerings
dc.typeDocumentos de trabajo


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