Seasoned equity offerings by new economy companies in Australia
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Bornholt, Graham
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Abstract
Several recent papers present models to explain the probability and timing of seasoned equity offerings. Using a unique database of Australian new economy companies, we find no single model is adequate. The variables that are important in determining the probability of an SEO provide only limited support for explanations based on signalling models, market feedback and near-term liquidity needs.Similarly, the duration between an IPO and the first SEO is not explained by signalling or by near-term liquidity needs, and is only partially explained by market feedback.
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Accounting, Accountability and Performance
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15
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1
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© The Author(s) 2009 and IDEA. This is the author-manuscript version of this paper. It is posted here with permission of the copyright owners for your personal use only. No further distribution permitted. For information about this journal please refer to the journal's website or contact the authors.
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Subject
Finance
Applied Economics
Accounting, Auditing and Accountability
Banking, Finance and Investment