Problem doboru portfela porównawczego w długookresowej ewaluacji efektów kolejnych emisji akcji
The long-run abnormal stock returns after seasoned equity offerings and the choice of the reference portfolio

Summary/Abstract: The long-term price effect after seasoned equity offerings has been extensively investigated over the last decades as well as from the theoretical and practical point of view. Vast number of studies reveal negative abnormal returns. However, some recent studies do not confirm the underperformance. The paper explores methods of the reference portfolio choice as this seems to have the key role in the evaluation. The study focuses on factor models, index benchmarks and standard characteristic-based portfolios. It concludes with the propensity score matching.

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