ETF Ownership and Seasoned Equity Offerings

Kevin P. Evans, Woon Sau Leung*, Junqiu Li, Khelifa Mazouz

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


This paper investigates the impact of ETF ownership on seasoned equity offerings (SEOs). We find that increases to firms’ ETF ownership is positively related to their propensity to conduct an SEO. ETF ownership is also associated with less negative SEO announcement returns, smaller discounts, and better long-run stock returns. Our evidence is consistent with equity issuance following investor demand for stocks driven by greater participation in ETFs, suggesting a possible alternative source of market timing opportunity.
Original languageEnglish
JournalJournal of Financial and Quantitative Analysis
Publication statusAccepted/In press - 21 Dec 2022


  • ETF Ownership
  • Seasoned Equity Offerings
  • SEO Propensity
  • Post-Issue Performance


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