Based on a sample of U.S. seasoned equity offering (SEO) during the period 2002–2017, we examine how the choice of equity issuance method changes in response to policy uncertainty. We find that firms subject to high policy uncertainty are less likely to use accelerated offerings rather than other types of traditional seasoned equity offerings. Our results are robust to alternative variable specifications, propensity score matching method, IV approach, and the inclusion of additional controls. Also, the effect of policy uncertainty on accelerated offering decision is weaker for firms with better information environment, earnings quality, and governance structures. Further, policy uncertainty increases the cost of funds and lowers long-run abnormal returns after SEOs for firms subject to high levels of policy uncertainty.

基于 2002 年至 2017 年期间美国经验丰富的股票发行 (SEO) 样本，我们研究了股票发行方法的选择如何因政策不确定性而发生变化。我们发现，受政策高度不确定性影响的公司不太可能使用加速发行，而不是其他类型的传统经验丰富的股票发行。我们的结果对于替代变量规范、倾向评分匹配方法、IV 方法和包含额外的控制是稳健的。此外，对于信息环境、盈利质量和治理结构较好的公司，政策不确定性对加速发行决策的影响较弱。此外，政策不确定性增加了资金成本并降低了受高度政策不确定性影响的公司在 SEO 后的长期异常回报。