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  • 统计与管理学院2017年学术报告第67期

    【主 题】 Soft Information and the Underpricing of REIT Seasoned Equity Offerings

    【报告人】 James Cicon 助教授

    University of Central Missouri

    【时 间】 2017年11月21日(星期二)15:30-16:30

    【地 点】 上海财经大学统计与管理学院大楼一楼1208会议室

    摘 要】Using a sample of 1,097 seasoned equity offerings (SEOs) by 231 real estate investment trusts (REITS) spanning from 1996 - 2015, we use textual analysis to test whether the word tone of a company's offering prospectus (SEC Form S-1) has an effect on SEO underpricing. After controlling for variables that have been shown in the extant literature to be correlated with underpricing, we find that companies that use less negative (positive) words in their S-1 filings are negatively (positively) related to SEO underpricing. This result is the opposite correlation that operating firms experience in their IPO prospectuses. We posit that in REIT SEOs less negative words and more positive words decrease investor uncertainty (fear) of the offer and experience less underpricing. In contrast in operating IPOs, similar strategic measures increase demand for the IPO and increase underpricing as IPOs have no prior public pricing data.