Seasoned equity offerings: Quality of accounting information and expected flotation costs

Flotation costs represent a significant loss of capital to firms and are positively related to information asymmetry between managers and outside investors. We measure a firm's information asymmetry by its accounting information quality based on two extensions of the Dechow and Dichev [2002. Th...

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Bibliographic Details
Published in:Journal of financial economics 2009-06, Vol.92 (3), p.443-469
Main Authors: Lee, Gemma, Masulis, Ronald W.
Format: Article
Language:English
Subjects:
Accounting
Accounting information
Accruals
Accruals quality
Announcement effect
Asymmetric information
Cancelled SEOs
Capital
Correlation analysis
Cost analysis
Costs
Dechow and Dichev model
Earnings
Enterprises
Errors
Financial information
Financing methods
Flotation
Flotation costs
Gross spread
Information
Initial public offering
Investors
Offer size
Probability
Quality standards
Seasoned equity offering
Seasoned equity offering SEO Stock offer Stock issue Asymmetric information Accounting information Accruals quality Dechow and Dichev model Offer size Flotation costs Announcement effect Underwriting fees Gross spread Withdrawn offers Cancelled SEOs
Selection bias
SEO
Stock issue
Stock offer
Stock offerings
Studies
Uncertainty
Underwriting fees
Withdrawn offers
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