کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9732246 | 1480930 | 2005 | 21 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Long-horizon abnormal performance following rights issues and placings: Additional evidence from the U.K. market
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We revisit the long-horizon abnormal performance of U.K. firms following rights issues and placings over the period 1989-1997. We make the following contributions relative to prior research. First, we use, as far as we are aware, a more comprehensive data set of rights issues and placings than hitherto studied for the U.K. market. We thus exploit the fact that issuing new equity predominantly through rights issues is a feature of the U.K. equity market that differs from the U.S. and other markets, where public offers dominate seasoned equity issues. Second, we study both the pre- and post-offer long-horizon performance, complementing previous research that focuses only on announcement-day wealth effects. Third, we apply various metrics and revisit the evidence of long-horizon post-offer underperformance reported in previous research. We find, however, little evidence of long-horizon post-offer underperformance for U.K. firms following issues of equity through rights issues or by placings.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Financial Economics - Volume 14, Issue 1, 2005, Pages 25-45
Journal: Review of Financial Economics - Volume 14, Issue 1, 2005, Pages 25-45
نویسندگان
Keng-Yu Ho,