Information spillovers around seasoned equity offerings

► Rivals experience information spillovers from the announcement of a peer's SEO. ► Primary SEOs elicit a 0.26% return for rivals consistent with a competitive effect. ► Secondary SEOs elicit a -.35% return for rivals consistent with a contagion effect ► Rival firms' likelihood of SEO issuance is related to their peer's SEO return. ► Rival firms outperform secondary, but not primary issuers of equity.