کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959487 929297 2013 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Controlling shareholders and market timing in share issuance
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Controlling shareholders and market timing in share issuance
چکیده انگلیسی

We examine market timing in the equity issuance of firms controlled by large shareholders using a hand-collected data set of controlling shareholders' ownership stakes in Chile between 1990 and 2009. When a firm issues shares, the controlling shareholder can either maintain or change his ownership stake depending on how many of the new shares he subscribes. Issuance predicts poor future returns and is preceded by high returns, but only when the controlling shareholder's stake is significantly reduced. Consistent with market timing, the results are stronger in the absence of institutional investors and in hot issuance markets.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 109, Issue 3, September 2013, Pages 661–681
نویسندگان
, ,