| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4908 |
| DP4908 Regional Wage and Employment Responses to Market Potential in the EU | |
| Thierry Mayer; Keith Head | |
| 发表日期 | 2005-02-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Extending the Myers and Majluf (1984) framework, we present a model for the choice of seasoned-equity selling mechanism. A sequential pooling equilibrium exists which implies a positive market reaction to certain flotation strategies. We examine the model implications using the market reaction to issues on the Oslo Stock Exchange using the full range of flotation methods. The average market reaction is non-negative across all methods, and significantly positive for both rights offerings and private placements, as predicted. We also show that average long-run abnormal stock returns to OSE issuers are indistinguishable from zero, supporting the market rationality assumption underpinning the flotation game. |
| 主题 | Financial Economics |
| 关键词 | Equity offering Flotation method Sequential equilibrium Adverse selection Rights offer Underwriting |
| URL | https://cepr.org/publications/dp4908 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533811 |
| 推荐引用方式 GB/T 7714 | Thierry Mayer,Keith Head. DP4908 Regional Wage and Employment Responses to Market Potential in the EU. 2005. |
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