Investment-based underperformance following seasoned equity offerings:
Gespeichert in:
| Beteiligte Personen: | , , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11459 |
| Schlagwörter: | |
| Links: | http://papers.nber.org/papers/w11459.pdf |
| Abstract: | "Adding a return factor based on capital investment into standard, calendar-time factor regressions makes underperformance following seasoned equity offerings largely insignificant and reduces its magnitude by 37-46%. The reason is that issuers invest more than nonissuers matched on size and book-to-market. Moreover, the low-minus-high investment-to-asset factor earns a significant average return of 0.37% per month. Our evidence suggests that the underperformance results from the negative investment-expected return relation, as predicted by Carlson, Fisher, and Giammarino (2005)"--National Bureau of Economic Research web site. |
| Umfang: | 40 S. graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11459 | |
| 520 | 3 | |a "Adding a return factor based on capital investment into standard, calendar-time factor regressions makes underperformance following seasoned equity offerings largely insignificant and reduces its magnitude by 37-46%. The reason is that issuers invest more than nonissuers matched on size and book-to-market. Moreover, the low-minus-high investment-to-asset factor earns a significant average return of 0.37% per month. Our evidence suggests that the underperformance results from the negative investment-expected return relation, as predicted by Carlson, Fisher, and Giammarino (2005)"--National Bureau of Economic Research web site. | |
| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Investments | |
| 650 | 4 | |a Rate of return |x Econometric models | |
| 700 | 1 | |a Sun, Le |e Verfasser |0 (DE-588)130566764 |4 aut | |
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| author | Lyandres, Evgeny 1976- Sun, Le Zhang, Lu 1972- |
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| id | DE-604.BV023591565 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T13:23:16Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016906895 |
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| owner | DE-521 DE-19 DE-BY-UBM |
| owner_facet | DE-521 DE-19 DE-BY-UBM |
| physical | 40 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Lyandres, Evgeny 1976- Verfasser (DE-588)130566713 aut Investment-based underperformance following seasoned equity offerings Evgeny Lyandres ; Le Sun ; Lu Zhang Cambridge, Mass. National Bureau of Economic Research 2005 40 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11459 "Adding a return factor based on capital investment into standard, calendar-time factor regressions makes underperformance following seasoned equity offerings largely insignificant and reduces its magnitude by 37-46%. The reason is that issuers invest more than nonissuers matched on size and book-to-market. Moreover, the low-minus-high investment-to-asset factor earns a significant average return of 0.37% per month. Our evidence suggests that the underperformance results from the negative investment-expected return relation, as predicted by Carlson, Fisher, and Giammarino (2005)"--National Bureau of Economic Research web site. Ökonometrisches Modell Investments Rate of return Econometric models Sun, Le Verfasser (DE-588)130566764 aut Zhang, Lu 1972- Verfasser (DE-588)130536644 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11459 (DE-604)BV002801238 11459 http://papers.nber.org/papers/w11459.pdf kostenfrei Volltext |
| spellingShingle | Lyandres, Evgeny 1976- Sun, Le Zhang, Lu 1972- Investment-based underperformance following seasoned equity offerings National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Investments Rate of return Econometric models |
| title | Investment-based underperformance following seasoned equity offerings |
| title_auth | Investment-based underperformance following seasoned equity offerings |
| title_exact_search | Investment-based underperformance following seasoned equity offerings |
| title_full | Investment-based underperformance following seasoned equity offerings Evgeny Lyandres ; Le Sun ; Lu Zhang |
| title_fullStr | Investment-based underperformance following seasoned equity offerings Evgeny Lyandres ; Le Sun ; Lu Zhang |
| title_full_unstemmed | Investment-based underperformance following seasoned equity offerings Evgeny Lyandres ; Le Sun ; Lu Zhang |
| title_short | Investment-based underperformance following seasoned equity offerings |
| title_sort | investment based underperformance following seasoned equity offerings |
| topic | Ökonometrisches Modell Investments Rate of return Econometric models |
| topic_facet | Ökonometrisches Modell Investments Rate of return Econometric models |
| url | http://papers.nber.org/papers/w11459.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT lyandresevgeny investmentbasedunderperformancefollowingseasonedequityofferings AT sunle investmentbasedunderperformancefollowingseasonedequityofferings AT zhanglu investmentbasedunderperformancefollowingseasonedequityofferings |