The rise of UK Seasoned Equity Offerings (SEOs) fees during the financial crisis: The role of institutional shareholders and underwriters

Levis, Mario; Meoli, Michele; Migliorati, Katrin

doi:10.1016/j.jbankfin.2014.04.034

Cited by 7 publications

(6 citation statements)

References 28 publications

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“…To date, no study has examined how underwriter quality affects SEO post‐issue performance in the UK. Given the increasing criticism of the high level of fees charged by investment banks for advising on share issues in the UK (Levis et al., ), it is important to understand the role underwriters play in the offering process. Thus, our second set of hypotheses is: Issues underwritten by high quality brokers show no evidence of abnormal performance after the offering. Issues underwritten by low quality brokers exhibit negative abnormal performance after the offering.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

“…() and Levis et al. (), each year we rank all underwriters based on the total proceeds of SEOs underwritten in the past 3 years ( Proceeds Rank ). We consider the top decile of brokers as high‐quality and the reminder as low‐quality .…”

Section: Data and Sample Selection Criteriamentioning

confidence: 99%

“…Levis et al. () highlight that the UK government commissioned a number of reports to examine the economic justification for the fees charged by investment banks in the equity issue process.…”

mentioning

confidence: 99%

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Intended Use of Proceeds, Underwriter Quality and the Long‐run Performance of SEOs in the UK

Silva¹,

Bilinski

2015

Business Fin & Account

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Abstract:We document that prospectus disclosure of (i) the motives for a seasoned equity offering and (ii) the choice of the underwriter explain the long-run performance of equity issuers in the UK. Firms citing investment needs show no abnormal performance after the offering and have higher investment rates post-issue compared to the period before the offering. Issuers that state general corporate purposes and recapitalisation motives underperform, have similar investment rates pre-and post-issue, and their leverage tends to increase after the offering.Further, consistent with the certifying role of underwriters, equity issues underwritten by highquality brokers show no evidence of post-issue abnormal returns, but offerings taken public by low-quality underwriters exhibit negative abnormal performance. Together, our results document a significant role prospectus information on the intended use of offering proceeds and on the underwriter play in predicting issuers post-offering performance in the UK.

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Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Section: Data and Sample Selection Criteriamentioning

confidence: 99%

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Intended Use of Proceeds, Underwriter Quality and the Long‐run Performance of SEOs in the UK

Silva¹,

Bilinski

2015

Business Fin & Account

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“…Another financial behavior attached to a person is financial position; it often said to be an asset owned by someone because it has gone through a process or time in financial management (Alamsyah et al, 2020;Georgescu and Mates, 2017). Financial position is a financial position, which is a picture of a company's financial condition as indicated by the value of the company's assets (assets) and debt as reflected in the company's balance sheet (Levis et al, 2014). The company's financial position (business financial position) is a description of the financial condition of a company (Shivam Dube & Kumar Asthana, 2017).…”

Section: Incomementioning

confidence: 99%

“…It aims to provide opportunities for youth employees after they work for more than ten years, and it can provide a better financial position. Undoubtedly, financial position is a person's financial behavior (Levis et al, 2014;, which means that the financial position can influence by financial behavior. It has been said before in a study of customer behavior that is related to financial behavior and financial position (Georgescu and Mates, 2017).…”

Section: Introductionmentioning

confidence: 99%

The Financial Position of Youth Employee: Pinning-up of Financial Capability and Income

Sawitri

Arifin²

2021

Jurnal Akuntansi

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The aim of the study on the financial behavior of youth employees is to review the impact of financial capability, income on financial behavior in evaluating the financial position. The main target of this study is mediating the evaluation of financial behavior in the effort of increasing the financial position of youth employees. A research method conducts with a survey of 100 youth employees in Indonesia, particularly in Central Jakarta, that has more youth employees. Data from youth employees obtain through questionnaires and data is processed by SmartPLS; remember that analysis technique is using the path analysis model. Research results found that financial capability and income have a truly significant impact on financial behavior; likewise, it is directly to financial position. However, it known that financial behavior cannot directly influence to financial position. Research novelty explains that financial behavior cannot be mediation between financial capability and income to financial position. This finding is useful for youth employees in understanding the financial position and for the government in comprehending the financial behavior of youth employees. So, it expects to be able to give the policy of financial management for youth employees.

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Determinants of underwriting spreads internationally: Evidence from SEOs

Gupta

Prakash

Rangan

2017

Journal of Multinational Financial Management

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The rise of UK Seasoned Equity Offerings (SEOs) fees during the financial crisis: The role of institutional shareholders and underwriters

Cited by 7 publications

References 28 publications

Intended Use of Proceeds, Underwriter Quality and the Long‐run Performance of SEOs in the UK

Intended Use of Proceeds, Underwriter Quality and the Long‐run Performance of SEOs in the UK

The Financial Position of Youth Employee: Pinning-up of Financial Capability and Income

Determinants of underwriting spreads internationally: Evidence from SEOs

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