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Use and abuse of rights issues. Do they really protect minorities?

Meoli, Michele; Paleari, Stefano; Urga, Giovanni - Dipartimento di Ingegneria Gestionale, Università … - 2008

This paper discusses the use of rights issues when interest conflicts between controlling shareholders and minorities arise due to the existence of private benefits that the former can extract from the value of a listed company. While the literature considers the issue of pre-emptive rights as...

Persistent link: https://www.econbiz.de/10008852177

Can the Stock Market anticipate Future Operating Performance? Evidence from Equity Rights Issues

Kabir, M.R.; Roosenboom, P.G.J. - Tilburg University, Center for Economic Research - 2000

This paper examines whether the stock market valuation impact of rights issues is consistent with subsequent operating performance of issuing firms. Analysing a sample of rights issues in the Netherlands, we find that a significant stock price decline takes place with the announcement of rights...

Persistent link: https://www.econbiz.de/10011091674

Corporate Investment and Asset Price Dynamics: Implications for Post-SEO Performance

Giammarino, Ron; Carlson, Murray; Fisher, Adlai - Society for Economic Dynamics - SED - 2004

optimistic. The purpose of our paper is to show how recent advances in dynamic asset pricing can deliver a rational theory of SEO …

Persistent link: https://www.econbiz.de/10005090920

The impacts of state ownership on information asymmetry: Evidence from an emerging market

Choe, Chong-mu; Sami, Heibatollah; Zhou, Haiyan - In: China Journal of Accounting Research 3 (2010), pp. 13-50

This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask spread during the period 1995-2000, but disappears afterward during 2001-2003. The...

Persistent link: https://www.econbiz.de/10011936981

The market microstructure of the European Climate Exchange

Mizrach, Bruce; Otsubo, Yoichi - 2011

This paper analyzes the market microstructure of the European Climate Exchange, the largest EU ETS trading venue. The ECX captures 2/3 of the screen traded market in EUA and more than 90% in CER. Trading volumes are active, with EUA volume doubling in 2009. Spreads range from € 0.02 to €...

Persistent link: https://www.econbiz.de/10010286960

Evidence on Market Microstructure in Indonesian Markets

Ismiyanti, Fitri - 2011

Divergence of opinion causes market prices to differ from intrinsic values. Greater divergence of opinion results in larger bid/ask spreads. This study utilizes Miller's theory (Miller, 1977) which states that differences between bid and ask prices (price spread) is caused by divergence of...

Persistent link: https://www.econbiz.de/10013123116

Firm Risk and Disclosures About Dispersion of Asset Values : Evidence from Oil and Gas Reserves

Badia, Marc - 2019

The question we address is whether mandated disclosure about dispersion of non-financial asset values can provide information relevant to assessing firm risk. Using a sample of Canadian oil and gas (O&G) firms between 2004 and 2011, we find that the difference between the disclosed 10th and 50th...

Persistent link: https://www.econbiz.de/10012903641

Does Size Matter? The Effects of Bid-Ask Spreads and Market Capitalization on Reit Returns

Cole, Rebel A. - 2010

billion to $58 billion. Over the same time period, REIT liquidity as measured by the percentage bid-ask spread declined … increased liquidity should come only at the expense of lower expected returns. In this article, we formally test this hypothesis … hypothesized trade-off between liquidity and expected returns …

Persistent link: https://www.econbiz.de/10013147868

The impacts of state ownership on information asymmetry : evidence from an emerging market

Choe, Chong-mu; Sami, Heibatollah; Zhou, Haiyan - In: China journal of accounting research : CJAR 3 (2010), pp. 13-50

This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask spread during the period 1995–2000, but disappears afterward during 2001–2003....

Persistent link: https://www.econbiz.de/10011823458

Market liquidity risk and its incorporation into value at risk

Strnad, Petr - In: Acta Oeconomica Pragensia 2009 (2009) 2, pp. 21-37

, they focus only on pure market risks without taking into account the market liquidity. As a consequence, they underestimate … the total risk. This paper focuses on the importance of market liquidity and describes ways to integrate it into the VaR …

Persistent link: https://www.econbiz.de/10005079050