The Rise of Accelerated Seasoned Equity Underwritings

Bernardo Bortolotti (), William Megginson and Scott B. Smart

Journal of Applied Corporate Finance, 2008, vol. 20, issue 3, pages 35-57

Abstract: Seasoned equity offerings (SEOs) executed through accelerated underwritings have recently seen significant increases in global market share, and now account for a majority of the proceeds from both U.S. and European SEOs. Based on their study of over 30,000 global SEOs during the period 1991-2004, the authors conclude that accelerated offerings occur more rapidly (as their name suggests), raise more capital, and require fewer underwriters than conventional fully marketed SEOs. Accelerated transactions also typically involve larger, better-known companies that tend to be selling substantial amounts of secondary as well as primary secondary shares (whereas traditional SEOs consist almost entirely of primary shares). Copyright (c) 2008 Morgan Stanley.

Date: 2008

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Working Paper: The Rise of Accelerated Seasoned Equity Underwritings (2007)
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