유상증자 전후의 공매도 거래가 발행가격에 미치는 영향

This study examines 91 right offering cases of seasoned equity offerings (SEO) in order to examine whether the short sales affect the offering price. The major findings are as follows. First, we do not find any evidence of abnormal short selling activities before, on, or just after the announcement of SEO. Second, the abnormal short sales during the period between the announcement date and the date of finalizing the offering price affect the offering price. Third, The abnormal short selling activities persist even after the offering price is finalized. This means that investors use short sales not only to affect the offering price, but also to earn profit from price decline. To summarize, short selling activities prior to the finalizing of the offering price affect the offering price. Therefore the empirical results of this study support the government effort to restrict short sellers from participating in the SEO. We suggest that given the positive effect of short sales such as price discovery, the process up until the finalizing of the offering price should be shortened to minimize the effect of short sales on the offering price.