【报告主题】Understanding Stock Price Behavior around External Financing
【主讲嘉宾】曹敏，北科罗拉多大学会计学助理教授
【报告时间】2024年12月24日 14:00
【报告地点】会计学院108室
【内容提要】
The negative association between pre-financing price run-ups and post-financing price drift-downs is well documented in the literature. We find that firms experiencing pre-financing run-ups and firms experiencing post-financing long-term underperformance may not always be the same firms. The firms with high levels of cash flows experience pre-financing price run-ups but do not suffer post-financing price drift-downs. On the other hand, firms with low cash flow levels do not have pre-financing price run-ups but experience post-financing long-term underperformance even after controlling for various well-documented anomalies. Profitability analyses around external financing suggest that high-cash-flow firms’pre-financing price runups could be driven by their robust profitability, whereas low-cash-flow firms’post-financing underperformance might be attributable to their losses.