| Seasoned equity offerings as public offerings followed an underperformance. This underperformance can be happenned when the management try to manipulate their performance report at the time of offering and before offering. They do that because management want to get positive response in the market. This research explained that hypothesis. Using data from SEO in BEJ in 2001-2003, it this found that three year before offering, financial performance and equity performance increasing significantly. And there is underperformance three year after offering. |