We examine the effects of large seasoned equity offerings (SEOs) on industry rivals. We provide evidence that rivals react positively to completed SEOs in their industry and negatively to SEO withdrawals. These short-term SEO effects are stronger in the case of primary offerings than in the case of secondary offerings. Rivals also appear to experience improvements in their long-run financial and operating performances. Further, we find that the likelihood of rivals’ survival is greater subsequent to primary issues than secondary ones. Overall, our results are consistent with the information effects hypothesis. Thus, large SEOs convey favorable information regarding the prospects of an industry.

我们研究了经验丰富的股票发行（SEO）对行业竞争对手的影响。我们提供的证据表明，竞争对手对行业中已完成的SEO做出了积极的反应，而对SEO的撤消做出了消极的反应。对于初级产品而言，这些短期SEO效果要强于次级产品。竞争对手的长期财务和经营业绩似乎也有所改善。此外，我们发现竞争对手在主要问题之后生存的可能性比次要问题更大。总体而言，我们的结果与信息效应假说是一致的。因此，大型SEO传达了有关行业前景的有利信息。