The role of media connections in seasoned equity offerings

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-12-12 DOI:10.1111/jfir.12370

Luis García-Feijóo, Daniel Gropper, Md Miran Hossain, David Javakhadze

引用次数: 0

Abstract

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.

查看原文本刊更多论文

媒体关系在成熟股票发行中的作用

我们提供的证据表明，企业与媒体的联系与更大的股权发行(SEO)可能性、更多的负面公告回报和更差的长期业绩有关。对于信息不对称程度较高、财务约束较大、广告支出较低的企业，媒体联系对公告收益的影响更为明显。媒体联系与媒体报道和SEO公告前的情绪呈正相关。我们的研究结果与SEO发行人利用其与媒体公司的联系积极管理媒体报道并成功提供新股权的概念一致。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.