Seasoned Equity Offerings in Germany. Determinants of Short- and Long-run Abnormal Return

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The study investigates the abnormal returns associated with seasoned equity offerings in Germany, revealing significant negative returns both around the announcement and in the long run. Key factors influencing these returns include Run Up, Volatility, Firm Age, Earnings per Share, Transaction Size, Size, Leverage, and Profit Margin. The findings challenge previous research on the German market, providing new insights into the characteristics that affect equity offering performance over different time horizons.