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所属栏目：资本市场/资产定价/2025/2025年第03期

DOI号：10.1016/j.jcorpfin.2017.12.014

Short interest as a signal to issue equity

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发布日期：2024年10月26日上次修订日期：2024年10月26日

蒋丹凌 danling.jiang@stonybrook.edu纽约州立大学石溪分校商学院 Don M. Autore dautore@fsu.edu弗罗里达州立大学 Irena Hutton ihutton@business.fsu.edu弗罗里达州立大学 Dominque G. Outlaw dominique.Gehy@hofstra.edu霍夫斯特拉大学

摘要

We find that the level of short interest in a firm's stock significantly predicts future seasoned equity offers (SEOs). The probability of an SEO announcement increases by 34% (decreases by 49%) for firms in the top (bottom) quintile of short interest. We identify a causal impact of short interest on SEO issuance using a novel instrument for short interest based on future litigation filings in close geographical proximity to hedge fund centers. Our findings suggest that corporate decisions can be triggered by the aggregate trading activity of sophisticated outside investors.

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关键词：

Short interest Seasoned equity offers Litigation Trigger effect Feedback effect

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