Valuation effects of security offerings and the issuance process
Опубликовано на портале: 13-10-2004
Journal of Financial Economics.
1986.
Vol. 15.
No. 1-2.
P. 31-60.
Тематический раздел:
This study examines the stock price effects of security offerings and investigates
the nature of information inferred by investors from offering announcements. Changes
in share price are unrelated to characteristics of offerings such as the net amount
of new financing, relative offering size, and the quality rating of debt issues.
The type of security is the only significant determinant of the price response. The
opposite patterns of abnormal stock returns following the announcement of completed
versus cancelled offerings suggest that managers issue common stock or convertible
debt when in managers' view shares are overpriced.
Статья используется в учебной программе Seminar in Corporate Finance (Howe J.S.)
Ссылки
текст статьи на сайте ScienceDirect:http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6VBX-45MFSDG-3C&_user=10&_handle=W-WA-A-A-AW-MsSAYWA-UUA-AUCAWZCEUW-BWWVVBWDD-AW-U&_fmt=summary&_coverDate=02%2F28%2F1986&_rdoc=3&_orig=browse&_srch=%23toc%235938%231986%23999849998%23306045!&_cdi=5938&view=c&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=08a83420bf522a8d207e53d870b804c2
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