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We obtain information on type of equity issue, number of shares issued, issue price, and filing and issue dates from the Securities Data Corporation's (SDC) Global Financing Database.
While the stock price reaction at the third equity issue is -0.
In our empirical study we find that the size of the equity issue relative to the pre-issue announcement market value of the issuing company, is strongly negatively related to the price reaction.
If the only avenue by which institutional ownership affects the stock price reaction to the equity issue is through an association with the liquidity of the stock, then institutional ownership will only influence the price discount necessary to sell additional equity but will not alter analysts' forecasts of either current-year earnings or five-year earnings growth.
We also believe that in many cases equity issues are being used as substitutes for proper regulatory decisions.
Through the new equity issues, companies intend to secure funds toward new investment, including funds to finance mergers and acquisitions.
Issues of teacher and student learning are also addressed along with discussions around specific equity issues that participants face in their school and classroom environments.
Title IX and gender equity issues first raised in 1972 became a major factor at Northridge after a 1992 lawsuit filed against the Cal State Universities by the California chapter of NOW.
The primary revenue sources of the investment banking industry are from the placement of new debt and equity issues with public and private investors, and the fees associated with mergers and acquisitions (M&A).
OTCBB securities, of which there are more than 3,300, include national, regional, and foreign equity issues, warrants, units, American Depositary Receipts, and Direct Participation Programs.
5 million fixed income and international equity issues, and is a leading supplier of evaluated pricing to more than 4,000 global financial institutions.