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The New Issues Puzzle

Опубликовано на портале: 26-10-2004
Journal of Finance. 1995.  Vol. 50. No. 1. P. 23-51. 
Тематический раздел:
Companies issuing stock during 1970 to 1990, whether an initial public offering or a seasoned equity offering, have been poor long-run investments for investors. During the five years after the issue, investors have received average returns of only 5 percent per year for companies going public and only 7 percent per year for companies conducting a seasoned equity offer. Book-to-market effects account for only a modest portion of the low returns. An investor would have had to invest 44 percent more money in the issuers than in nonissuers of the same size to have the same wealth five years after the offering date



Статья используется в учебной программе Seminar in Corporate Finance (Howe J.S.)

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текст статьи на сайте JSTOR:
http://links.jstor.org/sici?sici=0022-1082%28199503%2950%3A1%3C23%3ATNIP%3E2.0.CO%3B2-8
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