Handbook of Corporate Finance Empirical Corporate Finance Volume 1

254 B.E. Eckbo et al. Ta b l e 4 Annual distribution the total of $12,820 billion issue proceeds from the population of 80,627 U ...

Ch. 6: Security Offerings 255 Ta b l e 4 (Continued) Year PP straight debt PP common stock Conv. debt ADR All Regular Reg-144a A ...

256 B.E. Eckbo et al. Fig. 1. Annual distribution of total issue proceeds in 11,151 SEOs by U.S. issuers, classified by whether ...

Ch. 6: Security Offerings 257 (a) Fig. 2. Annual distribution of total issue proceeds in 37,398 public and 17,948 private issues ...

258 B.E. Eckbo et al. (b) Fig. 2. ( Continued ) ...

Ch. 6: Security Offerings 259 Ta b l e 5 Time between an IPO and follow-on offerings, conditional on observing at least one foll ...

260 B.E. Eckbo et al. Panel A ofTable 5reports the average number of years between the IPO offer date and the first post-IPO sec ...

Ch. 6: Security Offerings 261 rights offerings and direct purchase plans.Fama and French (2005)document that under their measure ...

262 B.E. Eckbo et al. conveys negative information about the issuing firm that managers alway knew, which would become public at ...

Ch. 6: Security Offerings 263 for an underwriter to capture much of the value associated with security offer underpric- ing. The ...

264 B.E. Eckbo et al. Ta b l e 6 Total direct issue costs for U.S. issuers of seasoned equity, classified by issuer type and flo ...

Ch. 6: Security Offerings 265 direct costs, while commitments is a firm’s most expensive method, with standby rights in between. ...

266 B.E. Eckbo et al. and selling concessions to the syndicate members selling the shares to institutional and retail customers. ...

Ch. 6: Security Offerings 267 A third very common characteristic used as a control variable is a measure of firm size, usually m ...

268 B.E. Eckbo et al. Smith (1977)’s findings that rights and standby offerings are less costly. Estimating determinants of dire ...

Ch. 6: Security Offerings 269 effective spread, quoted depth, trading volume, turnover, trade size, and a liquidity in- dex of t ...

270 B.E. Eckbo et al. Ta b l e 7 Evidence on underwriter spreads in IPOs and SEOs Study Sample period Explanatory variable Sign ...

Ch. 6: Security Offerings 271 Ta b l e 7 (Continued) Study Sample period Explanatory variable Sign Recent SEO activity (prior 3 ...

272 B.E. Eckbo et al. 3.3. Underpricing of SEOs Underpricing is typically the most important indirect flotation costs in a secur ...

Ch. 6: Security Offerings 273 earlier studies is due to a truncation regression bias and that once the withdrawal prob- ability ...