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Seasoned equity offerings: Stock market liquidity and the rights offer paradox

Ginglinger, Edith; Koenig-Matsoukis, Laure; Riva, Fabrice - Université Paris-Dauphine (Paris IX) - 2013

This paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We … find that, besides blockholders’ takeup, liquidity is an important determinant of SEO flotation method choice. We document … rights relative to uninsured rights. After controlling for endogeneity in the choice of SEO flotation method, we find that …

Persistent link: https://www.econbiz.de/10010744752

Rights offerings, trading, and regulation: a global perspective

Massa, Massimo; Vermaelen, Theo; Xu, Moqi - London School of Economics (LSE) - 2013

We study rights offerings using a sample of 8,238 rights offers announced during 1995-2008 in 69 countries. Although shareholders prefer having the option to trade rights, issuers deliberately restrict tradability in 38% of the offerings. We argue that firms restrict rights trading to avoid the...

Persistent link: https://www.econbiz.de/10010884755

Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance: Evidence from IPOs in Germany

Bessler, Wolfgang; Thies, Stefan - In: Journal of Entrepreneurial Finance 11 (2006) 3, pp. 1-37

seasoned equty offerings (SEO) may help to explain why some firms have substantial positive and others have substantial …

Persistent link: https://www.econbiz.de/10010765324

Is Regulation Essential to Stock Market Development? Going Public in London and Berlin, 1900-1913

Burhop, Carsten; Chambers, David; Cheffins, Brian - Seminar für Wirtschafts- und Sozialgeschichte, … - 2011

This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received ï¿½law and financeï¿½ wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted...

Persistent link: https://www.econbiz.de/10009193031

Corporate Governance and Investor Reactions to Seasoned Equity Offerings

Huang, Rongbing; Tompkins, James G - 2009

We study the role of corporate governance in abnormal returns around announcements of seasoned equity offerings (SEOs) by publicly traded U. S. firms from 2001 - 2004. We find that investors react more positively for firms in which different people hold the CEO and board chairman positions. We...

Persistent link: https://www.econbiz.de/10009458997