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Self-sustained electrical oscillations (SEOs) in VO2 films have attracted considerable attention owing to their potential to emulate spiking pulses in neuromorphic circuits. However, triggering stable SEOs and the controlling oscillation frequency remain challenging because the details of circuit operation with VO2-based devices are not yet well understood. In this study, we propose a method to observe SEOs stably in a VO2-based planar device with Au/Ti facing electrodes by introducing a 50 Hz sinusoidal voltage from a curve tracer. The transient aspects, including the onset and collapse of the SEO, were captured, providing clarity on the oscillation frequency range and circuit conditions for the SEOs, which are closely correlated with the device temperature. It became clear that the parallel capacitance not only determined the oscillation frequency but also controlled the current through VO2 just after the insulator–metal transition of VO2, playing a role in triggering stable oscillations. We also successfully observed the transient aspects from in-phase to anti-phase synchronized oscillations in the coupled oscillations. This study advances the experimental procedures and applications of SEOs in VO2-based planar devices. [ABSTRACT FROM AUTHOR]

This article investigates the impact of exchange-traded fund (ETF) ownership on seasoned equity offerings (SEOs). We find that increases to firms' ETF ownership is positively related to their propensity to conduct an SEO. ETF ownership is also associated with less negative SEO announcement returns, smaller discounts, and better long-run stock returns. Our evidence is consistent with equity issuance following investor demand for stocks driven by greater participation in ETFs, suggesting a possible alternative source of market timing opportunity. [ABSTRACT FROM AUTHOR]

We confirm prior evidence that bonds on average are offered at prices below their immediate post-offer secondary market prices. However, in cases where banks lead–manage their own bond offerings the underpricing is significantly less as compared with other non-self-marketed offerings. These findings are robust across various matched samples and selection models. Our results suggest that the bond offering process is characterized by substantive agency conflicts between shareholders of corporations (issuers) and underwriters. [ABSTRACT FROM AUTHOR]

Short sale constrained stocks are overpriced on average. I show that firms exploit mispricing by selling shares when their stock is short sale constrained and repurchasing shares when their stock is easily shorted. Stocks underperform following seasoned equity offerings (SEOs) if and only if the stock is difficult to short. This suggests that some SEOs are motivated by mispricing, whereas others are not. Short selling costs make it difficult for investors to profit from the poor performance following SEOs. Short selling and SEOs are alternative ways to supply shares to investors, and firms become the low-cost share provider when short selling is costly. [ABSTRACT FROM AUTHOR]

We present evidence that corporate connections to the media are associated with a greater likelihood of a seasoned equity offering (SEO), more negative announcement returns, and poorer long‐term performance. The effect of media connections on announcement returns is more pronounced for firms with higher information asymmetry, greater financial constraints, and lower advertising expenditures. Media connections are positively associated with media coverage and sentiment before the SEO announcements. Our findings are consistent with the notion that SEO issuers use their connections with media firms to actively manage media coverage and successfully offer new equity. [ABSTRACT FROM AUTHOR]

Crowdfunding is an innovative means of financing entrepreneurial initiatives. This study explores the effect of signaling on the crowdfunding performance of social economy organizations (SEOs) in South Korea. Analyzing 677 reward‐based crowdfunding projects by SEOs, we found that signaling social purpose, economic purpose, and organizational information were likely to be related to performance. In addition, signals reflecting an isomorphism akin to that of SEOs' identity were also positively correlated with crowdfunding performance. These findings contribute to the literature by offering insights about the effect of signals of SEOs on crowdfunding and demonstrating that fundraiser characteristics may influence crowdfunding performance. [ABSTRACT FROM AUTHOR]

Our study finds that relative to firms managed by local CEOs, firms managed by CEOs who have returned from overseas (returnee CEOs) exhibit significantly higher audit fees. We also find this positive association to be stronger for returnee CEOs who manage firms with greater agency problems, have overseas experience in countries with better developed institutions, or have greater business knowledge. Further analyses indicate that firms managed by returnee CEOs tend to exhibit better financial reporting quality, lower propensities for financial fraud, and fewer earnings restatements in subsequent years. In addition, firms managed by returnee CEOs are associated with greater internationalization and higher propensities for seasoned equity offerings (SEOs) than firms managed by local CEOs. Overall, our findings are most consistent with the conjecture that returnees tend to bring ethics and practices that ensure higher financial reporting quality back to their home countries. Our findings offer a plausible explanation that returnee talents could increase firm value. [ABSTRACT FROM AUTHOR]

In this study, we conduct several empirical tests to explore the role of financial constraints in predicting the underpricing of seasoned equity offerings (SEO underpricing) through the uncertain tone in issuing firms' filings. We show that investors can infer the firm quality or fundamental value when facing information uncertainty or value ambiguity for only firms in financially distressed groups. Our findings are consistent with prior studies using textual analysis that postulate the varying predictive power of different textual tones for the value of new seasoned equity offerings and, thus, SEO underpricing. [ABSTRACT FROM AUTHOR]

Synopsis The research problem This study examined the effect of having debt contracts that contain balance sheet covenants on the decision to make seasoned equity offerings (SEOs). Motivation Prior studies examined the determinants of equity issuance without considering private debt contracts that contain balance sheet covenants. Generally, firms are not restricted from stock issuance when they have financial debt covenants. This might motivate firms to make SEOs when they are more susceptible to balance sheet debt covenant violations. Making SEOs increases firms' equity capitals in the short term and, therefore, has the direct effect of improving balance sheet covenants in the current period. This effect motivated this study to examine whether firms are more likely to conduct SEOs when their debt contracts include more-restrictive balance sheet covenants. The test hypothesis The hypothesis of the study is in the null form, which states that balance sheet covenant restrictiveness is unrelated to the probability of conducting SEOs. Target population The target population includes shareholders, debtholders, and firm managers. Adopted methodology Panel data estimation was used, specifically, the fixed effects model. Analyses The empirical analysis was conducted on a unique sample of UK listed firms with private debt covenants that is hand-collected from annual reports. Equity issuance in the sample is based on private placements, which are a common type of SEO in the UK. The restrictiveness of balance sheet-based covenants is defined as the number of balance sheet covenants in a loan contract or the tightness of net worth covenant slack. Findings The results show that balance sheet covenant restrictiveness is positively associated with the probability of conducting SEOs through private placements. The baseline result is robust to the application of a number of the controls often used in the literature, including cash shortage, the use of balance sheet covenants in the previous loan contract, earnings management, and the quality of external governance. It is also robust to excluding the financial crisis period and addressing potential endogeneity concerns using a propensity score-matching procedure. Additionally, further analysis provides some evidence that equity issuance by firms with more-restrictive balance sheet covenants is negatively associated with future operating performance, suggesting that these firms may not efficiently use the raised capital. [ABSTRACT FROM AUTHOR]

We develop a firm-level private information index with three unique features. First, the index is a direct measure of the nature and magnitude of private information that is proprietary. Second, it is multi-dimensional. Third, it is not specific to any setting. We conduct several tests to validate this index against firm-specific and industry-level proprietary cost proxies. We then use it to examine the role of proprietary information in a firm's equity financing choice between private investments in public equity (PIPEs) and seasoned equity offerings (SEOs). In this context, the proprietary cost hypothesis posits that firms wanting to avoid public dissemination of sensitive private information can better do so by choosing PIPEs. Our tests strongly support the hypothesis. The results are robust to alternate index specifications and other factors that influence this choice. [ABSTRACT FROM AUTHOR]

This study evaluates changes in firms' capital structures after a seasoned equity offering by testing the effects of firm-specific factors on leverage ratios. The relationship between the determined dependent variables and firm-specific factors is associated with the predictions of pecking order and trade-off theory. In 3 different models in which leverage ratios are determined as dependent factors and firm-specific factors as independent variables, 10 basic hypotheses are proposed, and the relationship between the variables is examined using panel data analysis. According to the results obtained in the analyses, as the number of seasoned equity offerings increases, firms' leverage ratios decrease, and firms tend to use more debt because of the corporate tax base discount granted to seasoned equity offerings. In addition, it has been determined that rather than choosing to source resources through equity or borrowing, the view of benefiting from both sources of funds is dominant in the face of the resource requirements of seasoned equity offering firms. [ABSTRACT FROM AUTHOR]

Using exogenous shocks on the ability to issue seasoned equity offerings (SEOs), we show SEOs lead to a higher employee skill composition, that is, a lower (higher) proportion of low (high) skilled workers. The decrease in low-skilled workers exceeds the increase in high-skilled workers, resulting in reduced employment at the firm level. These effects are more significant when firms invest more in technology following SEOs and face greater financial constraints before SEOs, suggesting that SEOs relieve budget constraints on technology investments. These findings demonstrate that while external equity financing helps upgrade technology to improve productivity, it has a dark side for low-skilled workers. [ABSTRACT FROM AUTHOR]

We investigate the effect of founder control on firms' financing costs for seasoned equity offerings (SEOs). Firms issuing SEOs are subject to increased information asymmetry and associated agency conflicts. We hypothesize that founder control has a certification effect that mitigates such problems, and consequently, reduces the cost of issuing SEOs. Consistent with our prediction, firms with founder control enjoy higher abnormal announcement returns and lower SEO gross spreads. We also show that founder firms have better post‐SEO operating performance than non‐founder firms. Additionally, we document that the founder certification effect is more salient among firms with poorer pre‐SEO operating performance and those that do not disclose specific use of the SEO proceeds. Finally, we show that founder firms do not increase the frequency of management earnings forecasts as much as non‐founder firms prior to the SEO. Our results are robust to a battery of sensitivity analyses, and our conclusions are consistent with the founder certification effect. [ABSTRACT FROM AUTHOR]

In this article, we study the long run equity performance of Indian firms which issued Seasoned Equity Offering (SEO) during the period January 2010–December 2022. With a sample of 177 such SEO issuing firms, we show that the long run equity performance of these SEO issuing Indian firms have been significantly inferior compared to firms from the same industry which are similar w.r.t other parameters like size, age and price-book ratio. Investing in an SEO at the close of the first trading day and holding it for 5 years, on an average, gave 17% (3% on an annualised basis) fewer returns than comparable firms. This pattern is more or less independent of the market conditions (bull or bear) except for a brief period during the global financial crisis. The study’s findings suggest that Indian firms that issue SEOs may be underperforming their industry peers over the long term. This could be due to a number of factors, such as the companies raising capital for dilutive purposes, using the proceeds to invest in underperforming projects, or facing challenges in integrating new equity into their existing business operations. Additionally, the study’s findings highlight the importance of careful consideration of longterm performance when evaluating investment opportunities in SEOs. To further explore the factors contributing to the underperformance of SEO-issuing firms, future research could investigate the specific reasons for their lower returns, analyze the impact of different types of SEOs (e.g., rights issues vs. follow-on public offerings) on long-term performance, and examine the role of market timing and investor sentiment in influencing the performance of SEOs. [ABSTRACT FROM AUTHOR]

The role of underwriters is altered in new seasoned equity offering deal types in which the offering follows quickly after its announcement. Controlling for the endogenous matching between issuing firms and underwriters, we find increased underwriter reputation mitigates the immediate price impact of announcing an accelerated bookbuilt offering, exacerbates the price impact of announcing a bought offering, and has no immediate price impact for fully marketed deals. In contrast, underwriter reputation positively affects price outcomes for fully marketed deals around the offer date. Reputation effects are not apparent in the absence of controlling for the endogenous matching. [ABSTRACT FROM AUTHOR]

Copyright of Pamukkale University Journal of Business Research / Pamukkale Üniversitesi İşletme Araştırmaları Dergisi is the property of Pamukkale University Journal of Business Research and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

With the increase of people's awareness of food safety, it is crucial to find natural and green antimicrobial agents to replace traditional antimicrobial agents. Essential oils of spices (SEOs) are low toxicity or nontoxic, which exhibited antioxidants and antimicrobial activity according to many in vitro and in situ experiments. Spices are widely available and low cost as a plant raw material for the extraction of SEOs. This review summarized highly efficient extraction techniques for SEOs, such as physical field assisted extraction technology, supercritical fluid extraction, and biological-based techniques. Furthermore, purification of SEOs and components were also recapitulated. Purification techniques of SEOs improve their utilization value due to the increased content of bioactive components. Finally, the review concentrated on the applications of SEOs in food industry, including food preservation, food active packaging by means of films or coatings, antioxidant properties. In addition, addressing the problem of unstability of SEOs and its role to inhibit the pathogenic bacteria, the encapsulation of SEOs for use in the food industrial sectors reduces the safety risk to human health. [ABSTRACT FROM AUTHOR]

Securities regulators in China occasionally suspend their IPO market. We explore the impact of IPO market suspension on IPO pricing. We find that IPOs interrupted by market suspensions are eventually priced at a higher level. The positive impact of IPO suspension on IPO offer price is more pronounced for IPOs backed by venture capitalists (VCs) and/or those with higher VC ownership. Further, we find that IPOs affected by market suspensions show poorer post‐IPO performance, and higher post‐IPO earnings management. Suspension‐affected firms ask for lower offer prices on seasoned equity offerings (SEOs) if they price their IPO shares at a higher level. Combined, our findings suggest that IPO suspensions result in an unexpected wealth transfer from secondary market investors to pre‐IPO investors, and thus the higher offer price for suspension‐affected IPOs is a manifestation of the wealth transfer. [ABSTRACT FROM AUTHOR]

This study investigates the impacts of industry competition and market share on the long-run performance of firms conducting seasoned equity offerings (SEOs). These two factors are related to the "market dominance" and "expense preference" hypotheses, which suggest that dominant (low-competitive and high-market-share) firms would perform well after SEOs if they can bring their market advantages into full play and poorly if managers intend to hold more funds to expend, respectively. The results show that dominant SEO firms tend to outperform their matching firms and challenging (high-competitive and low-market-share) firms, supporting the market dominance hypothesis. This finding implies that firms with advantages in the product market can increase their competence via SEOs due to their ample resources. We contribute to the literature by showing that business risk can affect the performance following financing activities, a result that can help long-run investors select more promising SEO stocks. [ABSTRACT FROM AUTHOR]

Purpose: Both issuing firms and underwriters shall benefit from the associations in underwriting contracts for seasoned equity offerings (SEOs). Issuing firms that are offered underwriting contracts with clustered gross spreads do not have strong incentives to switch away from the firms' prior SEO underwriters, and thus these existing underwriters are able to maintain or gain greater market share. This study investigates how the clustering of percentage gross spreads affects the likelihood of underwriter switching. Design/methodology/approach: Using the investment bank-underwritten SEOs in Hong Kong, the authors find that the percentage gross spreads of 40% of these SEOs are clustered at 2.5%. The seemingly unrelated bivariate probit model, Weibull survival mixed model and trivariate probit model are applied to analyse this phenomenon. Findings: The authors' study provides first direct evidence that the clustering of percentage gross spreads lowers the likelihood of underwriter switching. Investment banks as underwriters can explicitly price underwriting contracts at a clustered level, more likely in periods of greater market volatility, and intentionally retain the banks' client firms using pricing arrangements. The authors' finding and approach offer more direct and distinct support that the issuer–underwriter association can be relationship-based. Originality/value: Whilst the clustering of fees is interpreted as a type of anticompetitive price sitting, the authors contribute to literature by providing new empirical evidence on why percentage gross spreads as a price dimension are clustered. On top of contract efficiency and collusion, this study's new evidence provides a third view for the clustering of gross spreads. [ABSTRACT FROM AUTHOR]

Purpose: This purpose of this study is to examine the association between earnings management (accruals earnings management (AEM) and/or real activities manipulation (RAM)) and firm underperformance following seasoned equity offerings (SEOs) using cross-country data. Design/methodology/approach: The study applies ordinary least squares regression analyses to a sample of 11,764 observations on firms from 22 countries over the period from 2005 to 2017. The methods include weighted least squares regression, sub-sampling approach and alternative measures of firm performance, earnings management and legal regime for robustness tests as well as a two-stage least squares instrumental variable (IV) approach to address endogeneity concerns. Findings: The results suggest that RAM has a greater negative impact on post-SEO performance than AEM. The result is economically significant for RAM only. The results also reveal that the negative impact of earnings management, in particular RAM, on post-SEO performance is greater in countries with a strong legal regime than in other countries. Practical implications: Earnings management around SEOs has important implications for investors, regulators and policymakers. The study suggests that policymakers should improve the current legal conditions to promote fairness in the equity market. Originality/value: The results from the cross-country data support earlier results from single-country studies on the impact of earnings management on post-SEO performance. The study also provides new evidence on the variation in the impact of earnings management according to the strength of the legal regime operating in a country. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the effects of market liquidity on earnings management (EM) of seasoned equity offering (SEO) firms considering external capital access. Design/methodology/approach: This study uses a panel data set of 158 Vietnamese SEO firms from 2007 to 2019. Both real and accrual EM measures are analysed. The study uses two proxies for market liquidity: stock turnover (the ratio of total shares traded over the year divided by total shares outstanding for the year) and high–low spread (estimated following Corwin and Schultz [2012]) and fixed-effects panel and two-stage least squares regression in the analysis. Findings: Firms with high (low) market liquidity report low (high) EM, and the result is robust after controlling for endogeneity. The results hold for both real and accrual-based EM for both market liquidity proxies. However, the results are robust only for firms with low external capital access and non-state-owned companies. The authors find a negative market reaction to earnings manipulation. Practical implications: This study's findings help policymakers, investors and managers make better decisions regarding SEO firms and reduce the risk of inaccurate information due to EM. Originality/value: Among the few studies that test the influence of market liquidity on EM, to the best of the authors' knowledge, this study is the first to examine the effect of market liquidity on EM in the context of SEO firms considering the impact of capital access. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The episodic financial crises in Indonesia highlighted the importance of strengthening banks’ capital to maintain financial stability. To achieve such an objective, the Financial Service Authority (OJK) issued OJK Regulation Number 12/2020, which mandates banks to meet capital standards to preserve a sound financial system. However, given the short timeframe, banks need to conduct seasoned equity offerings (SEOs) to satisfy the regulation, where they could potentially perform earnings management before the SEOs to raise optimal capital. We used secondary data derived from www.idx.co.id from Q1-2019 to Q4-2021. We use the Wilcoxon signed-rank test to examine whether there are significant abnormal LLPs between pre- (2019-2020) and post-regulation (2020-2021), suggesting that bank managers conduct earnings management before SEOs through their discretion over LLP items. We also use a correlation test to investigate the association between earnings management and LLPs. Our study finds that bank managers engage in earnings management before SEOs to meet the capital adequacy regulation, given the short timeframe from the regulator. We also find a strong correlation between earnings management and LLPs. The study results suggest that bank managers engage in earnings management, regardless of whether it is income-increasing or income-decreasing, before the SEO period in response to the capital adequacy regulation through their use of discretion over LLP items.

We document that firms' financing decisions are affected by historical high prices. The ratio of the monthly high price to the 12-month historical high price positively affects the probability of a seasoned equity offering (SEO). Furthermore, the postannouncement market reaction is muted and the offering discount is smaller if the preannouncement stock price is high relative to its historical high price. The results suggest that historical high price reference points may help managers rationally time SEOs to take advantage of market reception and minimize issuance costs. [ABSTRACT FROM AUTHOR]

Purpose: The primary objective of this study is to evaluate the outcomes of robotic-assisted (RA-) approach compared to the standard laparoscopic (L-) approach using the 2020 Metabolic and Bariatric Surgery Accreditation and Quality Improvement Program (MBSAQIP) registry Public Use File (PUF). Our secondary objective is to establish standards for the reporting of outcomes using PUF. Materials and Methods: Using the PUF database (n = 168,568), patients were divided into sleeve gastrectomy (SG), Roux-en-Y gastric bypass (RYGB), revisions, and conversions and then analyzed separately. We created balanced covariate through propensity score matching and inverse probability treatment weighting (IPTW). We also conducted multivariable relative risk regression to confirm our results. Results: For RYGB, the incidence of "transfusion" was significantly lower in the RA-RYGB compared to the L-RYGB. There was no significant difference in the rate of Serious Event Occurrences (SEOs) or rate of intervention at 30 days. For SG, there was a higher rate of "transfusion" in the RA group. Incidence of SEOs was also significantly higher in the RA-group. There was no significant difference in SEOs for conversions; however, revisions had a trend toward a lower rate of SEOs favoring the robotic approach. Operative times were significantly higher for all RA-groups. Conclusion: RA- approach in metabolic and bariatric surgery (MBS) remains controversial because of differences in outcomes. The use of SEOs as reported by MBSAQIP in its semi-annual report can be used as a composite score to assess outcomes while using PUF. Further studies are needed to compare RA- to L- MBS. [ABSTRACT FROM AUTHOR]

Background: We evaluated long-term outcomes (radiographic parameters and pulmonary function) at a minimum follow-up of 5 years after use of dual growing rods (DGRs) to treat severe early-onset scoliosis (sEOS). Methods: Among a total of 112 patients who were diagnosed with early-onset scoliosis (EOS) and were treated with DGRs between 2006 and 2015, 52 patients had sEOS, with a major Cobb angle of >80°. Of these patients, 39 with a minimum follow-up of 5 years had complete radiographic and pulmonary function test results and were included. The Cobb angle of the major curve, T1-S1 height, T1-T12 height, and maximum kyphosis angle in the sagittal plane were measured on radiographs. Pulmonary function test results were collected in all patients before the initial operation (preoperatively), 12 months after the initial operation (postoperatively), and at the last follow-up. The changes in pulmonary function and complications during treatment were analyzed. Results: The mean age of patients before the initial operation was 7.7 ± 1.2 years, and the mean follow-up period was 75.0 ± 14.1 months. The mean number of lengthenings was 4.5 ± 1.3, and the mean interval between lengthenings was 11.2 ± 2.1 months. The Cobb angle improved from 104.5° ± 18.2° preoperatively to 38.1° ± 10.1° after the initial surgical procedure (postoperatively) and 21.9° ± 8.6° at the final follow-up. The T1-S1 height increased from 25.1 ± 4.0 cm preoperatively to 32.4 ± 3.5 cm postoperatively and to 39.5 ± 4.0 cm at the final follow-up. However, no significant difference was detected between the increased pulmonary function parameters at 1 year and those before the operation (p > 0.05), except for residual volume, whereas pulmonary function parameters had significantly increased at the final follow-up (p < 0.05). During the treatment period, 17 complications occurred in 12 patients. Conclusions: DGRs are effective in treating sEOS in the long term. They allow longitudinal growth of the spine, and the correction of the spinal deformity can provide conditions that make improving pulmonary function possible in patients with sEOS. Level of Evidence: Therapeutic Level IV. See Instructions for Authors for a complete description of levels of evidence. [ABSTRACT FROM AUTHOR]

Chemical profiling the sage essential oils (SEOs) from wild and cultivated (shaded or non-shaded) plants has been investigated. The yield of SEOs from wild plants (3.51 mL/100 g) was higher than that from cultivated plants(shaded plants: 3.20 mL/100 g and non-shaded plants: 2.56 mL/100 g).The main components of SEO from wild plants were cis-thujone (43.2%), camphor (17.6%), 1,8-cineole (13.8%), veridiflorol (3.8%) and borneol (3.4%).The chemical composition of SEO from cultivated plants included camphor > cis-thujone > 1,8-cineole. Net shading lowered the content of toxic cis-thujone in sage (23.5%) and is therefore recommended in order to achieve better quality of SEO compared to non-shaded plants (cis-thujone 28.3%).The thujone content of SEO from wild plants is much higher (43.2%), and this drastically reduces the quality of EO. Cultivated sage was found to have stronger antioxidant activity (shaded plants 6.16 mg/mL or non-shaded 7.49 ± 0.13 mg/mL) compared to wild sage plants (9.65 mg/mL). The isolated SEOs are good sources of natural antioxidants with potential applications in the food and pharmaceutical industries. [ABSTRACT FROM AUTHOR]

This study examines the determinants and consequences of seasoned equity offering (SEO) issuers' decisions to bias their management earnings forecasts before SEOs in Japan, where management forecasts are mandatory. We identify firm characteristics associated with incentives to inflate management forecasts before SEOs: (i) the use of fund to pay debt, (ii) the economic significance of SEO proceeds, and (iii) financial distress. We also find that the effect of those firm characteristics on forecast error can be reduced by strong bank relationships. In addition, we demonstrate that optimism in management forecasts prior to SEOs is associated with post-SEO underperformance. [ABSTRACT FROM AUTHOR]

We provide new causal evidence for the impact of equity financing incentive on firms' voluntary disclosure decisions by exploring the 2008 seasoned equity offering deregulation, which exogenously facilitates small firms' access to public equity financing and increases their equity issuance incentives without changing their business and information environments. We argue that the heightened equity financing incentive due to the deregulation can motivate a firm to increase disclosures even in the period without actual equity issuance, because such disclosures, by signaling a commitment to disclosure, could reduce the cost of equity in case the firm issues equity in the future. Consistent with this argument, we find that, benchmarking against control firms that are not affected by the deregulation, an average treatment firm that is affected by the deregulation but does not issue equity provides more management earnings forecasts in the post-deregulation period. The effect is mainly driven by repeated forecasters and is more pronounced for firms with greater equity financing needs and firms with higher information asymmetry in the equity market. [ABSTRACT FROM AUTHOR]

We investigate an unexplored channel through which pledged loans are exploited by the most influential firm insiders in China. Specifically, we document a significant and positive relationship between net pledging by the largest shareholder before a seasoned equity offering and her cash subscription to that very offering. [ABSTRACT FROM AUTHOR]

SUMMARY: We examine the association between Public Company Accounting Oversight Board (PCAOB) inspection reports and a firm's cost of equity capital, measured using seasoned equity offering (SEO) discounting. SEO discounting occurs when the offer price is lower than the prior day's market price of the firm's shares and represents "money left on the table" for issuing firms. We document an economically significant, positive association between SEO discounting and the use of an auditor found to be deficient by the PCAOB for clients of triennially inspected auditors. Cross-sectional evidence suggests that this relation is stronger for clients with lower analyst following and disclosed material weaknesses in financial reporting controls, and weaker if the auditor issues a going concern modification. Our evidence is consistent with PCAOB inspections providing meaningful information about audit quality to market participants, particularly for clients of smaller, triennially inspected auditors. Data Availability: All data are from publicly available sources. JEL Classifications: M42. [ABSTRACT FROM AUTHOR]

Traditional seasoned equity offerings (SEOs) elicit short selling from traders trying to increase offering discounts. Such short selling is more difficult for shelf offerings because the time between their announcement and issuance tends to be shorter. We predict and find that firms with higher short-selling potential (SSP) are more likely to choose shelf over traditional SEOs. This result is robust to alternative proxies for SSP and other sensitivity tests. Further analysis suggests that shelf issuers aim to mitigate the threat of manipulative short selling. Our findings add to a growing literature showing that short selling has a real impact on corporate finance decisions. [ABSTRACT FROM AUTHOR]

We study at-the-market (ATM) equity offerings, which are direct share issuances sold in the secondary market that forgo underwriters and "dribble-out" shares over time rather than raising them all at once. Enabled in 2008, their use has increased dramatically, and in 2016, their incidence and total proceeds were, respectively, 63% and 26% of those for seasoned equity offerings (SEOs). Determinants of firms' choice between ATMs and SEOs are consistent with the costly certification hypothesis of Chemmanur and Fulghieri (1994). We also find that 65% of ATM proceeds are used to stockpile cash compared to 84% of SEO proceeds. [ABSTRACT FROM AUTHOR]

We examine the role of relationship-based resource allocations during the approval process of seasoned equity offerings (SEOs) in the Chinese capital market. Our results show that guanxi-based relationships significantly increase the likelihood of SEO approvals, particularly for suspect SEO applicants with abnormal levels of earnings management (EM), related-party transactions (RPTs), and intercompany loans. More importantly, we find that guanxi-influenced SEO firms have significantly poorer performance in the post-SEO period, which indicates that it results in inefficient resource allocations. Overall, our evidence suggests that relationship-based resource allocations lead to negative spillover effects that impose social welfare losses. [ABSTRACT FROM AUTHOR]

Earnings manipulation (EM) has been a matter of interest to researchers for decades. How this is measured or the motivations of managers to engage in such actions have been studied in detail. Some studies find that managers have incentives to manipulate the earnings that accompany financing activities such as seasoned equity offerings (SEO). Under the corporate social responsibility (CSR) approach, profit manipulation actions have been shown to be mitigated in socially responsible companies. To the best of our knowledge, there are no studies that analyse whether CSR mitigate EM actions in a SEO context. Our work contributes to filling this gap. We investigate whether socially responsible companies exhibit EM in periods prior to SEO. This study uses a panel data model of listed non-financial firms from countries with the same currency and similar accounting rules (France, Germany, Italy and Spain) between 2012 and 2020. Our results show that in all the countries analysed, except Spain, there is a manipulation of operating cash flows in the year prior to capital increases, and only in French companies is there a decrease in the management of this variable in companies with higher development of corporate social responsibility.

We examine the announcement returns of 3483 seasoned equity offerings (SEOs) during the 1996–2018 period. Although there is a significant decline in SEO announcement returns, we show that cash shortfall in the year before SEO has a positive impact on SEO announcement returns. By matching SEO offers sizes and cash shortfalls, we also find that negative announcement-period returns become positive when SEO offer size is determined in concert with cash shortfall. Patterns of long-run abnormal firm performance after SEO announcements are consistent with those we document for the announcement-period returns. Our results suggest that cash shortfall in the year before SEO as indication of funds needs mitigates agency spending of SEO proceeds, and thus, the market welcomes the SEO announcement with positive stock price reactions. [ABSTRACT FROM AUTHOR]

Objective: Elucidation of clonal origin of synchronous endometrial and ovarian cancers (SEOs). Methods: We reviewed 852 patients who diagnosed endometrial and/or ovarian cancer. Forty-five (5.3%) patients were diagnosed as SEOs. We evaluated blood and tissue samples from 17 patients. We analyzed the clonal origins of 41 samples from 17 patients by gene sequencing, mismatch microsatellite instability (MSI) polymerase chain reaction assay and immunohistochemical (IHC) staining of 4 repair genes. Results: Sixteen of 17 patients had at least 2 or more trunk mutations shared between endometrial and ovarian cancer suggesting the identical clonal origins. The shared trunk mutation are frequently found in endometrial cancer of the uterus, suggesting the uterine primary. Four out of 17 (24%) SEOs had mismatch repair (MMR) protein deficiency and MSI-high (MSI-H) states. One case was an endometrial carcinoma with local loss of MSH6 protein expression by IHC staining, and the result of MSI analysis using the whole formalinfixed, paraffin-embedded specimen was microsatellite stable. In contrast, ovarian tissue was deficient MMR and MSI-H in the whole specimen. This indicated that MMR protein deficiency could occur during the progression of disease. Conclusion: Most SEOs are likely to be a single tumor with metastasis instead of double primaries, and their origin could be endometrium. In addition, SEOs have a high frequency of MMR gene abnormalities. These findings not only can support the notion of uterine primary, but also can help to expect the benefit for patients with SEOs by immuno-oncology treatment. [ABSTRACT FROM AUTHOR]

The aim of this article is to describe a new perspective on functoriality of persistent homology and explain its intrinsic symmetry that is often overlooked. A data set for us is a finite collection of functions, called measurements, with a finite domain. Such a data set might contain internal symmetries which are effectively captured by the action of a set of the domain endomorphisms. Different choices of the set of endomorphisms encode different symmetries of the data set. We describe various category structures on such enriched data sets and prove some of their properties such as decompositions and morphism formations. We also describe a data structure, based on coloured directed graphs, which is convenient to encode the mentioned enrichment. We show that persistent homology preserves only some aspects of these collection of enriched data sets however not all. In other words persistent homology is not a functor on the entire category of enriched data sets. Nevertheless we show that persistent homology is functorial locally. We use the concept of set equivariant operator (SEO) to capture some of the information missed by persistent homology. Moreover, we provide examples and give ways to construct such SEOs. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to contribute to the literature on secondary equity offerings (SEOs) by examining the impact of the Black Economic Empowerment (BEE) policy on secondary equity offering (SEO) pricing dynamics of South African Real Estate Investment Trusts (REITs). Design/methodology/approach: With a sample of 152 SEOs of South African REITs from 2010 to 2020, ordinary least squares (OLS) models, fixed effect models, parametric and non-parametric tests were applied to test for the impact of BEE on the underpricing of SEOs. Findings: Significant underpricing is discovered in highly compliant (BEE) REITs; in other words, SEOs pricing of BEE compliant REITs are more underpriced compared to non-compliant BEE REITs. With this, BEE compliant REITs and more so, highly compliant BEE REITs in particular leave more money on the table. Practical implications: The government is therefore aware of the impact policy interventions play when REITs raise financing through SEOS. With these, highly compliant BEE REITs will need to be more strategic when making BEE compliance decisions as this is shown in our study to impact the underpricing of SEOs. Originality/value: This is the first study to investigate SEO underpricing for the BEE policy using the South African REITs context. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to analyse how social entrepreneurship organizations that use approach of social bricolage adapt their business model to develop social innovation. The past decade has witnessed a surge of research interest in social entrepreneurship organizations (SEOs). This has resulted in important insights concerning their role in fostering social challenges. The crisis of both public and private profit-driven models meet the arising of new initiatives designed to meet the minor and often abandoned cultural heritage consumption need. Drawing on the domain of SEOs and social bricolage framework, these initiatives are able to pursue the social and the economic mission together and to produce social innovation. Design/methodology/approach: This paper aims to analyze how SEOs that use strategies of social bricolage can improve the development and diffusion of social innovation. Employing in-depth multiple comparative case studies of 15 cultural SEOs in the South of Italy, through the analysis of semi-structured interview, the study enhance current understanding of the social dimension of SEOs. Findings: First results show that SEOs in the domain of minor cultural heritage adopt an innovative business model and in particular a social business model unraveling organizational dimensions falling into the social bricolage. The relation between social bricolage dimensions and social business model criteria produces outcomes in which social innovation can be expressed. Originality/value: This study enhances current understanding of the social dimensions of business model involved in social innovation production of cultural SEOs. This research aims to be a benchmark of the social innovation initiatives in the field of minor cultural heritage management. [ABSTRACT FROM AUTHOR]

Purpose: The article aims to explore if stock derivative types (stock options and stock warrants) are associated with stock returns for firms undergoing seasoned equity offerings (SEOs). Design/methodology/approach: The authors regress stock returns against stock derivatives for periods around SEO announcements with standard errors clustered at the month level. Findings: The authors find that lower stock derivatives holdings for the fiscal year after the SEO are associated with superior pre-SEO returns. This can be explained by owners exercising their derivatives to capitalize on the pre-SEO price run-up. The authors find that greater stock option holdings by insiders for the fiscal year after the SEO are associated with superior post-SEO returns for up to ten years after the SEO announcement. This new finding does not hold for stock warrants. Research limitations/implications: Stock derivatives are supplied by Capital IQ. Given their description, the authors infer that stock options are owned largely by insiders. Thus, the insider conclusions for stock options depend on this implication. Practical implications: Stock options and stock warrants can be used strategically to reward stock derivative owners of strong performing firms for past performance. Stock options can be used to motivate insiders (primarily key executives) to achieve superior future performance. Originality/value: This study is unique in comparing the influence of holdings for stock options and stock warrants on stock price performance around SEOs. The authors show that the sign of the association depends on whether the test includes pre-SEO periods. [ABSTRACT FROM AUTHOR]

Between 2009 and 2014, 75% of seasoned equity offerings (SEOs) were announced and issued overnight, compared to 27% between 2000 and 2008. Overnight issuers obtain a higher SEO offer price because they experience more favorable pre-offer returns. Consistent with these favorable returns being due to the avoidance of pre-issue selling pressure, non-overnight issuers experience a 2.5% pre-issue stock-price decline that reverses within 7 days. This post-issue reversal is increasing in SEO offer size and bigger following large pre-issue price declines. In contrast, returns following overnight offerings are less positive and unrelated to SEO offer size or pre-issue returns. [ABSTRACT FROM PUBLISHER]

The deregulation of IPO requirements changes the industrial structure. Focusing on Taiwan’s unique profit-exempted IPO requirements, this study confirms that deregulation not only leads to IPO clustering, but also to a concentration in chemical and bio-pharmaceutical industry. The profit-exempted IPO issuers actively release optimistic information about future growth and take advantage of overvaluation to increase IPO revenue by misleading investors into mispricing the IPO. This results in poor long-run abnormal stock returns when stock price reverses after the IPO to correct the mispricing. In addition, some profit-exempted companies continue to use mispricing to raise equity capital and issue new shares after the IPO. For profit-exempted IPO companies, the characteristics of seasoned equity offerings within three years after IPO are significantly different from other companies. They are more likely to issue shares after IPO with shorter interval, larger size, and more frequent than non-profit exempted IPO firms. This study finds that the phenomenon of profit-exempted issuers raising capital is more consistent with the market timing theory. [ABSTRACT FROM AUTHOR]

Using a large database of U.S. seasoned equity offering (SEO) announcements from 2010 to 2015, we examine the effects of several explanatory variables—firm specific, macroeconomic, fixed income, and stock market variables—on the announcement period abnormal stock returns and on the longer-run post-issue abnormal returns. We use five different statistical methods—multivariate linear regression, regression on a reduced model using principal components analysis, year-by-year regression on a reduced model using principal components analysis, random forest regression on the whole sample, and year-by-year random forest regression. In general, across the methods, we find that firm's profitability in the recent past is an important explanatory factor in both short-term and long-term abnormal stock returns, but several other significant explanatory factors change based on the statistical method used. Therefore, the statistical method used affects the results reported. [ABSTRACT FROM AUTHOR]

The fact that publicly traded companies incur substantial costs when issuing new equity has been extensively documented in the empirical finance literature. In particular, numerous studies show that seasoned equity offerings (SEOs) tend to be priced significantly below prevailing market prices, thereby causing issuers to leave money on the table. Offer price discounting is an indirect flotation cost borne by pre-SEO shareholders that, according to extant theoretical and empirical research, arises due to asymmetric information. A heretofore unrelated literature argues that corporate multinationalism, i.e., establishing operations in one or more foreign countries, exacerbates the asymmetric information problem via greater costs to shareholders of monitoring the activities and performance of foreign subsidiaries. Motivated by these lines of thought, I investigate the relation between SEO discounting and corporate multinationalism. Using a sample of SEOs completed by U.S. firms between 1998 and 2016, I show that offer price discounting is significantly higher in offerings conducted by multinational firms relative to those conducted by purely domestic firms after controlling for known determinants of SEO discounts. This effect is stronger for multinational firms with foreign subsidiaries spread across a greater number of countries and weaker for multinationals that hire a high-reputation underwriter to lead the underwriting syndicate. These findings suggest that asymmetric information costs borne by seasoned equity issuers are increasing in the geographic scope of a firm's operations, which can be mitigated by certification from a highly reputed lead underwriter. [ABSTRACT FROM AUTHOR]