The revival of shelf-registered corporate equity offerings

Stock repurchases and treasury share sales: Do they stabilize price and enhance liquidity?

“…Over the years, the rules and procedures on shelf registrations were made less restrictive and more flexible. For instance, in 1992 the eligibility requirements were relaxed and smaller companies became eligible to use shelf-registered offerings (Autore et al, 2008). In 2005, the SEC introduced the so-called "automatic shelf registration" (Autore et al, 2011).…”

“…13 In the period of our study, shelf-registered offerings were open to companies with a total market value of shares held by outsiders (i.e. free float) of at least $75 million, that had complied with SEC disclosure obligations in the past year, had outstanding investment grade debt, and had not failed to honour their debt obligations in the past year (Autore et al, 2008;Moehrle et al, 2004). Autore et al (2011) report that around one-third of U.S. listed companies were not eligible for shelf registrations due to the free float criterion alone.…”

Bought deals: The value of underwriter certification in seasoned equity offerings

“…He shows that because of a lack of underwriter certification in shelfregistered issues, the announcement of a shelf equity offering results in a larger negative impact on the issuing firm's stock price than the non-shelf procedure. Autore et al (2008) and Bethel and Krigman (2008) Legislation allows this period to be fewer than ten days. are associated with smaller market penalties relative to non-shelf issuers due to the changes in how firms use shelf registration and the types of firms choosing to use the shelf procedure.…”

“…DuVal (1995-96) also points out that about two-thirds of underwritten SEOs in Canada are done as bought deals. 3 See for example Autore et al (2008). motivated differently than US managers (Kang and Stulz, 1996), driving some of these positive announcement effects.…”

The role of co-managers in reducing flotation costs: Evidence from seasoned equity offerings

“…There is no strong consensus about whether shelf-registered offers have lower flotation costs (see, e.g. Autore et al, 2008).…”