Matthew T. Billett, Ioannis V. Floros, Jon A. Garfinkel
{"title":"自动取款机(ATM)服务","authors":"Matthew T. Billett, Ioannis V. Floros, Jon A. Garfinkel","doi":"10.2139/ssrn.2178052","DOIUrl":null,"url":null,"abstract":"Facilitated in 2008, “at-the-market” (ATM) equity offerings are direct share issuances to secondary market investors. Their use has grown markedly, and in 2015 the number of ATMs relative to SEOs was 40%, while total ATM proceeds relative to total SEO proceeds was nearly one-fourth. ATMs forgo underwriters and shares are “dribbled-out” over many months. Firms’ choices between SEOs (either accelerated or fully-marketed) and ATMs, support the costly certification hypothesis of Chemmanur and Fulghieri (1994). Ex-post, firms’ ATM proceeds largely associate with cash buildup. We conclude that ATMs are likely a permanent fixture in the follow-on equity issuance landscape.","PeriodicalId":431402,"journal":{"name":"LSN: Securities Law: U.S. (Topic)","volume":"61 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2016-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"7","resultStr":"{\"title\":\"At-the-Market (ATM) Offerings\",\"authors\":\"Matthew T. Billett, Ioannis V. Floros, Jon A. Garfinkel\",\"doi\":\"10.2139/ssrn.2178052\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Facilitated in 2008, “at-the-market” (ATM) equity offerings are direct share issuances to secondary market investors. Their use has grown markedly, and in 2015 the number of ATMs relative to SEOs was 40%, while total ATM proceeds relative to total SEO proceeds was nearly one-fourth. ATMs forgo underwriters and shares are “dribbled-out” over many months. Firms’ choices between SEOs (either accelerated or fully-marketed) and ATMs, support the costly certification hypothesis of Chemmanur and Fulghieri (1994). Ex-post, firms’ ATM proceeds largely associate with cash buildup. We conclude that ATMs are likely a permanent fixture in the follow-on equity issuance landscape.\",\"PeriodicalId\":431402,\"journal\":{\"name\":\"LSN: Securities Law: U.S. (Topic)\",\"volume\":\"61 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2016-12-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"7\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"LSN: Securities Law: U.S. (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2178052\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"LSN: Securities Law: U.S. (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2178052","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Facilitated in 2008, “at-the-market” (ATM) equity offerings are direct share issuances to secondary market investors. Their use has grown markedly, and in 2015 the number of ATMs relative to SEOs was 40%, while total ATM proceeds relative to total SEO proceeds was nearly one-fourth. ATMs forgo underwriters and shares are “dribbled-out” over many months. Firms’ choices between SEOs (either accelerated or fully-marketed) and ATMs, support the costly certification hypothesis of Chemmanur and Fulghieri (1994). Ex-post, firms’ ATM proceeds largely associate with cash buildup. We conclude that ATMs are likely a permanent fixture in the follow-on equity issuance landscape.
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