Fundamentals, Market Timing, and Seasoned Equity Offerings
---- Acknowledgements -----
We are grateful to Tim Loughran and Jay Ritter for making their sample of seasoned equity offerings available to us. We have benefited from the superb research assistance of Min Kim, Roger Loh, Taylor Nadauld, Carrie Pan, Jerome Taillard, and April Xu. This research was supported by the Charles E. Cook/Community Bank and Kenneth King Stonier Chairs at the Marshall School of Business of the University of Southern California. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.