The impact of <scp>COVID‐19</scp> on seasoned equity offering: Evidence from <scp>China</scp>

This study examines the impact from COVID-19 pandemic on association between Chinese firms' SEO announcements and market reaction afterwards. Our findings indicate that investors would respond more negatively to undergo underpricing for firms regions significantly affected by than those less-affected regions. Furthermore, higher CSR scores involvements in accounting conservatism could mitigate these effects. The main mechanism of moderating effect performance is investment lessen information asymmetry announced outside investors. Finally, we document motivation issuance during timing.