报告: Stock Price Synchronicity, Analyst Coverage and Pricing of Seasoned Equity Offerings

报告人：Kalok Chan （Hong Kong University of Science & Technology）

时间：5月12日（周四）14:30-16:00pm

所在：伟易博新楼215课堂

摘要：In this paper, we investigate whether the degree of stock price synchronicity affects the pricing of seasoned equity offerings (SEOs) by reducing information asymmetry between company managers and outside investors. Based on 3,669 SEOs in the 1984–2007 period, we find that the SEO discount is negatively related to stock price synchronicity. However, the relationship applies only to firms with relatively low analyst coverage, where the information asymmetry is more severe. We also decompose the stock price synchronicity into two parts, one due to co-movement with the market and the other due to co-movement with the industry. Evidence shows that both components are equally important in explaining the SEO discount. We also examine the SEO premium observations, which constitute approximately 5% of the sample. We find that stock price synchronicity is also negatively related to SEO premium, and the relationship declines with analyst coverage. Overall, the evidence demonstrates that stock price synchronicity is a proxy for information asymmetry, affecting both the SEO discount and premium.

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