Changes in Management Ownership and the Valuation Effects of Equity Offerings |
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| Authors: | Bigelli Marco Mehrotra Vikas Morck Randall Yu Wayne |
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| Institution: | (1) Faculty of Business, University of Bologna, Italy;(2) Faculty of Business, University of Alberta, Edmonton, Canada;(3) Faculty of Commerce School of Business, Queen's University of Lethbridge, LethbridgeKingston, Canada |
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| Abstract: | Seasoned equity issues trigger share price declines, and this is usually interpreted as evidence of signalling. We find that seasoned equity issues also typically result in much lower managerial ownership in U.S. firms. Jensen and Meckling (1976) predict a stock price decline when managerial ownership falls. We conduct several tests to distinguish agency explanations form signalling explanations, and conclude that both effects are present. |
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