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document higher direct flotation costs, but also improved stock market liquidity after public offerings and standby rights … relative to uninsured rights. We find that blockholder renouncements to subscribe to new shares and stock market liquidity are … that public offerings are cost effective and more liquidity improving than standby rights whereas an uninsured rights …
Persistent link: https://www.econbiz.de/10009370248
document higher direct flotation costs, but also improved stock market liquidity after public offerings and standby rights … relative to uninsured rights. We find that blockholder renouncements to subscribe to new shares and stock market liquidity are … that public offerings are cost effective and more liquidity improving than standby rights whereas an uninsured rights …
Persistent link: https://www.econbiz.de/10010706993
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 … higher direct equity offering flotation costs, but also improved stock market liquidity after public offerings and standby …
Persistent link: https://www.econbiz.de/10010744752
Persistent link: https://www.econbiz.de/10009729488
influence the liquidity of Greek listed firms. It also explores the main factors that drive the level of operating cash flow … (OCF). By simulating a decrease of 50% and 75% in sales, we perform stress-tests on three liquidity ratios for 154 listed … about one year, whereas about 12% would become illiquid within two years. It is also observed that liquidity does not …
Persistent link: https://www.econbiz.de/10014330652
develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio … increase their liquidity ratios when macroeconomic uncertainty or idiosyncratic uncertainty increases. …
Persistent link: https://www.econbiz.de/10010260989
We examine how ownership concentration and the separation of ownership and control affect market liquidity in France …. We find that firms with a large insider blockholder exhibit significantly lower liquidity. Different methods of … concentrating control affect liquidity in different ways. Pyramid structures negatively affect liquidity for all pyramiding firms …
Persistent link: https://www.econbiz.de/10010706821
We examine how ownership concentration and the separation of ownership and control affect market liquidity in France …. We find that firms with a large insider blockholder exhibit significantly lower liquidity. Different methods of … concentrating control affect liquidity in different ways. Pyramid structures negatively affect liquidity for all pyramiding firms …
Persistent link: https://www.econbiz.de/10008572210
Diversification benefits depend on the correlation between assets. Unfortunately, asset correlation increases when it is most needed. We examine bond correlation using a broad sample of US corporate bonds. We find bond correlation to be higher during the financial crisis in 2008. Increased bond...
Persistent link: https://www.econbiz.de/10009777926
The purpose of the article is to analyse the impact of various financial ratios used to evaluate a company’s liquidity … developing countries, the relationship between liquidity and solvency on the one hand and the return on equity on the other is … of the capital asset pricing model (CAPM) model and analysed portfolios based on three liquidity ratios and four solvency …
Persistent link: https://www.econbiz.de/10012303197