Ritter's study of SEO?s suggests that: managers appear to be able to successfully time SEO issues when the stock is overpriced. managers can only successfully time SEO isuance by pure chance. managers tend to be incorrect in their market assessment of the market movement of their firm?s stock price. returns on SEO-issuing firms are statistically the same as those of style-matched non-issuers for the five years following issuance. firms are better at timing IPOS than they are at timing SEOS