کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
9552484 1373929 2005 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Announcements of bonus share options: Signalling of the quality of firms
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Announcements of bonus share options: Signalling of the quality of firms
چکیده انگلیسی
We apply the signalling model of the quality of firms [Heinkel, R & E.S. Schwartz, 1986, Rights versus underwritten offerings: An asymmetric information approach, Journal of Finance 41, 1-18.] to the announcements of bonus share options for a sample of Australian companies (January 1991-August 2003). The risk adjusted price reaction to out-of-the-money bonus share option announcements for the three-day announcement period is 2.93%. In contrast, no price reaction was found for in-the-money bonus share option announcements. Consistent with the Heinkel and Schwartz signalling model, the price reaction is found to be positively associated with the 'exercise price to current share price' ratio and the size of the bonus share option issue.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Global Finance Journal - Volume 16, Issue 2, December 2005, Pages 180-190
نویسندگان
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