We analyse the reasons why companies issue units when they raise additional capital. In contrast to previous evidence, our results show that units are not offered to mitigate the agency conflicts or to signal security mispricing as they are predominantly issued during cold periods, in public...

Purpose – The purpose of this paper is to compare the short-term trading behaviour of A shares owned by domestic investors and their dually-traded B shares owned by foreign investors, after a period of significant price change. Design/methodology/approach – Given that the fundamentals of A...