Lee, Chin-Chong; Poon, Wai-Ching; Sinnakkannu, Jothee - In: Pacific-Basin Finance Journal 26 (2014) C, pp. 176-197
Investors react adversely to the announcements of rights offers in Hong Kong and the abnormal return of rights offers on the announcement day is −12.10%. After taking price discounts, underwriting fees and abnormal returns into consideration, the total direct and indirect costs of the seasoned...