The Operating Performance of Firms Conducting Seasoned Equity Offerings: Evidence from the Nordics

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bachelor_Kohonen_Kaarlo_2019.pdf (1.1 MB)

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School of Business | Bachelor's thesis
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Authors

Date

2019

Department

Rahoituksen laitos

Major/Subject

Mcode

Degree programme

Rahoitus

Language

en

Pages

22+5

Series

Abstract

This thesis focuses on the operating performance and the stock returns of companies conducting seasoned equity offerings (SEOs) in Sweden, Denmark, Norway and Finland between 2005 and 2015. Using a variety of operating performance measures, I find that the issuing companies consistently underperform their peers both before and after the issue. This is reflected on poor post-issue stock returns. An individual significant negative issuer effect is found on stock returns.

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Thesis advisor

Kokkonen, Joni

Keywords

Seasoned equity offerings, Operating performance, Equity issues, Stock Returns

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https://urn.fi/URN:NBN:fi:aalto-201912296792

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[kand] Kauppakorkeakoulu / BIZ (Open Access)