Influence of Secondary Offerings on the Liquidity and Trading Activity of Stocks Outstanding

This paper examines the influence of secondary offerings (SOs) on the liquidity and trading activity of stocks outstanding. The results reveal that liquidity and trading activity increase after the execution of SOs. We observe that the offering discount is explained by the size of the offering and its retail composition. We have also shown that changes in liquidity and trading activity are explained by the retail composition of the offering, such that the choice of ownership structure is decisive in the level of liquidity afforded by SOs. The offering discount is one of the chosen methods of attracting small-scale investors and promoting share liquidity following these operations.secondary offerings (SOs), liquidity, trading activity, microstructure, capital structure

Complexity is never simple: Intangible intensity and analyst accuracy

We examine the relationship between intangible intensity and the accuracy of analyst forecasts. Using an international sample of 2,200 firms during 2000–2016, we show that analyst accuracy decreases significantly when intangible intensity grows. In exploring the determinants of this effect, we distinguish between firm risk and the risk associated with intangibles. Our results reveal the role of financial reporting quality, ownership structure, and institutional quality in moderating the relationship between intangible intensity and analyst accuracy. Analyst forecast accuracy acts as a channel through which the higher levels of information asymmetry associated with intangible intensity affect the cost of equity. Our results are robust to different intangible intensity measures; mandatory changes in financial reporting standards; the implementation of transparency rules in certain industry sectors; and financial crisis periods. We have devised alternative econometric tools that deal with potential sample selection bias and the dynamics of our empirical model.The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: E. Ferrer acknowledges financial support from the Spanish Ministry of Economy and Competitiveness (Project ECO2016-77631-R). N. Suárez acknowledges financial support from the Spanish Ministry of Economy and Competitiveness (Project ECO2017-85356-P)

DINÁMICA DEL VOLUMEN, INFORMACIÓN Y ESTRUCTURA DE PROPIEDAD

El artículo analiza el papel de la tipología del inversor (individual-institucional) en la dinámica del volumen de los activos negociados en el mercado de valores español. A diferencia de la evidencia obtenida para las empresas americanas, los resultados no muestran que dicha división genere diferencias significativas en el comportamiento dinámico del volumen, ni en la autocorrelación ordinaria ni en la negociación frente a grandes movimientos del mercado. Las diferencias en la autocorrelación se obtienen si se utiliza como variable la participación de fondos de inversión en la propiedad de las empresas. Estos resultados son consistentes con el argumento de que no es solo la naturaleza institucional del inversor sino las diferencias de objetivos entre estos agentes lo que puede afectar al comportamiento dinámico del volumen.inversores institucionales, autocorrelación del volumen, flujo de información.

Induced polynomial structures on generalized geometry

Abstract: In this paper, we study different geometric structures that can be defined as section endomorphisms of the generalized tangent bundle TM := TM ⊕ T ∗M → M . This vector bundle admits some structures that arise canonically and other that can be induced from geometric structures defined on the manifold. We comment some well-known examples and present new structures, focusing on the polynomial structures that can be induced in the generalized tangent bundle