I examine the impact of peers’ Management Discussion and Analysis (MD&A) narratives on firms’ seasoned equity issuance activities. I find that firms are more likely to issue equity when the tone of their peers becomes more positive. This peer influence on equity financing is more pronounced for firms that face greater product market competition. Firms only respond to current and new peers and leader peers. The relation between firms’ equity issuance activities and the changing tone of peer’s MD&A narratives are driven by the sentences that contain numerical content. Equity issuers are more likely to use proceeds for R&D investment, and they have a lower post-issuance return when peers increase their positive tone before the issuance.