Does the Sequence of Seasoned Equity Offerings Matter?

Ranjan D'Mello, Oranee Tawatnuntachai, Devrim Yaman

Research output: Contribution to journalArticlepeer-review

29 Scopus citations


We investigate the relation between announcement period returns and the sequence of seasoned equity offerings (SEOs) for industrial, financial, and utility firms making multiple offerings. For industrial firms, there is a monotonically positive relation between the returns and the sequence of issues. Further, the stock price reactions to the fourth and subsequent issues by industrial firms are insignificant. For firms that conduct at least two SEOs, there is no difference in returns between industrial firms and utilities or financial institutions. The lower negative returns for later announcements by industrial firms can be explained by reduced adverse selection costs.

Original languageEnglish (US)
Pages (from-to)59-86
Number of pages28
JournalFinancial Management
Issue number4
StatePublished - 2003

All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics and Econometrics


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