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Influence of media coverage and sentiment on seasoned equity offerings.

Sun, Ji and Zhou, Yi and Wang, Jiaguo George and Guo, Jie Michael (2020) 'Influence of media coverage and sentiment on seasoned equity offerings.', Accounting and finance., 60 (S1). pp. 557-585.


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.

Item Type:Article
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Publisher statement:This is the accepted version of the following article: Sun, Ji, Zhou, Yi, Wang, Jiaguo George & Guo, Jie Michael (2020). Influence of Media Coverage and Sentiment on Seasoned Equity Offerings. Accounting and Finance 60(S1): 557-585 which has been published in final form at This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving.
Date accepted:08 January 2018
Date deposited:09 January 2018
Date of first online publication:16 February 2018
Date first made open access:16 January 2019

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