Showing 211 - 219 of 219
Public equity offerings by seasoned firms (SEOs) exhibit similar but less volatile cycles than initial public offerings (IPOs) of newly public firms. Our paper provides a comprehensive examination of the factors that cause variation in the number of firms issuing SEOs. Specifically, we use four...
Persistent link: https://www.econbiz.de/10008670843
In this paper, we examine the foreign exchange exposure of a sample of U.S. and Japanese banking firms. Using daily data, we construct estimates of the exchange rate sensitivity of the equity returns of the U.S. bank holding companies and compare them to those of a sample of Japanese banks. We...
Persistent link: https://www.econbiz.de/10005514917
We provide new evidence on the sequential financing explanation for the use of warrants. Consistent with sequential financing, capital spending starts increasing in the year of the call and peaks three years after the call. In addition, both equity and debt financing increase significantly in...
Persistent link: https://www.econbiz.de/10005523435
Persistent link: https://www.econbiz.de/10005221774
Persistent link: https://www.econbiz.de/10005221950
We examine the information environments of firms following large, non-recurring charges (“baths”). We test competing hypotheses about the consequences of a bath—a bath either improves the information environment (the transparency hypothesis) or degrades it (the opacity hypothesis)....
Persistent link: https://www.econbiz.de/10011189766
<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>Using more than 350,000 sell-side analyst recommendations from January 1994 to August 2006, this paper examines the predictive content of aggregate analyst recommendations. We find that changes in aggregate analyst recommendations forecast future market excess returns after controlling...
Persistent link: https://www.econbiz.de/10005658698
Purpose – The purpose of this paper is to assess whether the decision to issue warrants in an initial public offering (IPO) is subject to catering influences. Design/methodology/approach – The approach used was to measure the market “warrant premium” and assess whether it relates to the...
Persistent link: https://www.econbiz.de/10014990007
Purpose – A friendly merger can be structured as a one‐step transaction or a two‐step transaction. For a variety of reasons, such as the fast speed with which two‐step mergers are completed, there are concerns about whether target shareholders are disadvantaged by this structure in...
Persistent link: https://www.econbiz.de/10014940208