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Abstract
This paper examines empirically the effect of initial public offering (IPO) issuance on seasoned equity offering (SEO) decisions and incentives. The evidence from China indicates that specific IPO characteristics, including corporate governance issues, determine the size and timing of an SEO. The magnitude of the influence of the IPO on a subsequent SEO is sensitive to the amount of time between these events. We find that companies with higher growth perspectives and a high debt ratio are likely to conduct an SEO within the first year following the IPO. Further, our findings suggest that state ownership is associated with strong SEO activity.
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