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The Journal of Private Equity

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Primary Article

Seasoned Equity Selling Mechanisms

Costs and Innovations

Na Dai and Hsuan-Chi Chen
The Journal of Private Equity Summer 2008, 11 (3) 16-29; DOI: https://doi.org/10.3905/jpe.2008.707199
Na Dai
An assistant professor at Anderson School of Management, University of New Mexico in Albuquerque, NM.
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  • For correspondence: dai@mgt.unm.edu
Hsuan-Chi Chen
An assistant professor at Anderson School of Management, University of New Mexico in Albuquerque, NM.
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  • For correspondence: chen@mgt.unm.edu
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Abstract

We report two innovations in seasoned equity selling mechanisms, accelerated seasoned equity offerings (SEOs) and private investments in public equities (PIPEs), and their impacts on the costs of raising equity capital for U.S. corporations. Majority of more recent SEOs (2002–July 2005) are accelerated SEOs. They have larger issue size and lower direct cost in comparison to the period 1990–1994. PIPEs are complementary to SEOs by fulfilling the demand of smaller offerings. PIPEs are on average more costly than SEOs. The costs of raising equity capital are associated with issue size, stock price, the type of shares offered, and the exchange where the firm's stock is listed.

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The Journal of Private Equity
Vol. 11, Issue 3
Summer 2008
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Seasoned Equity Selling Mechanisms
Na Dai, Hsuan-Chi Chen
The Journal of Private Equity May 2008, 11 (3) 16-29; DOI: 10.3905/jpe.2008.707199

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Seasoned Equity Selling Mechanisms
Na Dai, Hsuan-Chi Chen
The Journal of Private Equity May 2008, 11 (3) 16-29; DOI: 10.3905/jpe.2008.707199
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