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  • MG Accouting and Finance 2018

    Rights statement: This is the peer reviewed version of the following article: Sun, J. , Zhou, Y. , Wang, J. (. and Guo, J. (. (2018), Influence of media coverage and sentiment on seasoned equity offerings. Account Finance. . doi:10.1111/acfi.12334 which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1111/acfi.12334/abstract This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.

    Accepted author manuscript, 825 KB, PDF document

    Embargo ends: 16/02/20

    Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License

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Influence of media coverage and sentiment on seasoned equity offerings

Research output: Contribution to journalJournal article

E-pub ahead of print
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<mark>Journal publication date</mark>16/02/2018
<mark>Journal</mark>Accounting and Finance
Publication statusE-pub ahead of print
Early online date16/02/18
Original languageEnglish

Abstract

This article examines the role of media in seasoned equity offerings (SEOs) price and market reactions on SEO announcements. Using a sample of SEO deals in UK, we find that media coverage is significantly and negatively related to SEO price discounts and market returns around SEO announcements. Moreover, we document that more pessimistic media sentiment predicts larger SEO price discounts and more negative market reactions to SEO announcements. In summary, both media coverage and media sentiment influence investor decisions in SEOs, but through different mechanisms.

Bibliographic note

This is the peer reviewed version of the following article: Sun, J. , Zhou, Y. , Wang, J. (. and Guo, J. (. (2018), Influence of media coverage and sentiment on seasoned equity offerings. Account Finance. . doi:10.1111/acfi.12334 which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1111/acfi.12334/abstract This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.