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SEO Risk Dynamics

REVIEW OF FINANCIAL STUDIES, no. 11 (2010): 4026-4077

Cited: 82|Views21
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We theoretically and empirically investigate firm-level risk dynamics around seasoned equity offerings (SEOs). Empirically, beta increases before SEOs and decreases gradually thereafter. Using real options theory, commitment-to-invest generates a gradual post-issuance beta decline whereas instantaneous investment and time-to-build do not....More

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