Do Some Firms Grow Too Quickly? An Investigation of Common Factors in the Underperformance of IPOs, SEOs and Mergers

调查结果与我们的预期一致，即股权融资交易之后股市会出现重大损失，这将使上市公司经理、投资分析师和专业基金经理大大受益。过度使用股权融资的公司将受到强调，预计资本市场将对其进行更密切的监控。分析师将回顾过去的股权融资，并将其纳入他们的投资建议。这种额外的关注应该会引发对经理薪酬合同和公司治理体系的改变。投资资金将从那些挥霍股本的公司手中转移，转而投向更有价值的投资机会。这将带来广泛的社区利益。

Findings in line with our expectation, that equity financing transactions are followed by substantial share market losses, will greatly benefit managers of public companies, investment analysts and professional fund managers. Firms that overuse equity financing will be highlighted and can expect closer monitoring by the capital market. Analysts would review past equity raisings and build them into their investment recommendations. The added attention should trigger changes to managers' compensation contracts and companies' governance systems. Investment funds would be redirected away from companies that squander their equity capital and channelled into more worthwhile investment opportunities. Widespread community benefits will result.