#12207. The impact of COVID-19 on seasoned equity offering: Evidence from China

July 2026publication date
Proposal available till 16-05-2025
4 total number of authors per manuscript0 $

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Journal’s subject area:
Sociology and Political Science;
Geography, Planning and Development;
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Abstract:
This study examines the impact of the COVID-19 pandemic on the association between Chinese firms SEO announcements and market reaction afterwards. Our findings indicate that market investors would respond more negatively to the SEO announcements and undergo more SEO underpricing for firms from regions significantly affected by the pandemic than those from the less-affected regions. Furthermore, higher CSR scores and more involvements in accounting conservatism could mitigate these effects. The main mechanism of the moderating effect from CSR performance and accounting conservatism is that CSR investment and accounting conservatism could lessen information asymmetry between the SEO announced firms and outside investors. We document that the main motivation of SEO issuance during the pandemic is market timing.
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