Financial Management, Spring 2014, v. 43, iss. 1, pp. 61-86

作者：Vincent Intintoli (Clemson University), Shrikant P. Jategaonkar (Southern Illinois University at Edwardsville), Kathleen M. Kahle (University of Arizona)

摘要：尽管存在高度信息不对称，但是在IPO一年内进行增发的公司相较于成熟公司可以提供更小折价的股份。我们提供的证据表明：这一看似矛盾的现象可以由对后继发行的高额需求来解释。我们发现进行后继增发的可能性很大程度上与机构的需求水平相关，而且如果机构需求很高那么后继增发的折价就小。因为刚公开上市的公司往往有大量的现金，因此我们还考虑了库存现金和后继增发对折价的联合效应。对于预先提供现金水平较高的公司来说，定价过低是较严重的，这与市场择时预测是一致的。然而这一关系在后继增发和高股份需求的增发中都得到了缓解。

关键词：增发，首次公开发行，抑价，发行折价，浮动，机构需求

The Effect of Demand for Shares on the Timing and Underpricing of Seasoned Equity Offers.

Vincent Intintoli (Clemson University), Shrikant P. Jategaonkar (Southern Illinois University at Edwardsville), Kathleen M. Kahle (University of Arizona)

ABSTRACT：Despite high levels of asymmetry of information, firms that issue SEOs within a year of their IPO (follow-on SEOs) are able to offer shares at a lower discount compared to more mature firms. We provide evidence that this seeming contradiction can be explained by a very high degree of demand for the follow-on offering. We find that the likelihood of issuing a follow-on SEO is significantly related to the level of institutional demand and that discounts are lower for follow-on SEOs in which institutional demand is high. We also consider the joint effect of cash holdings and follow-on SEOs on discounts, since firms that have recently gone public tend to hold high levels of cash. Underpricing is higher for firms with elevated pre-offer levels of cash, which is consistent with market timing predictions. However, this relation is mitigated for both follow-on SEOs and issues that also have high share demand.

Keywords: seasoned equity offerings, initial public offerings, underpricing, offer discounts, float, institutional demand

原文链接：

https://www.researchgate.net/publication/228253091_The_Effect_of_Demand_for_Shares_on_the_Timing_and_Underpricing_of_Seasoned_Equity_Offers

翻译：孙雨琦