| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11987 |
| DP11987 Choices in Equity Finance A Global Perspective | |
| Massimo Massa; Theo Vermaelen | |
| 发表日期 | 2017-04-23 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Equity issues can be structured as cash or rights offers and depending on the country’s legislation firms can allow or restrict tradability of the rights. We study these choices using a worldwide sample of equity issues announced in 127 countries. We consider whether these choices as well as the short and long-term stock returns can be explained by a number of hypotheses proposed in the literature. The empirical findings confirm that the issuing method is driven by adverse selection and financial distress concerns, while the tradability decision reflects execution risk as well as transactions costs. |
| 主题 | Financial Economics |
| 关键词 | Rights issue Seasoned equity offer Liquidity of rights |
| URL | https://cepr.org/publications/dp11987 |
| 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/540799 |
| 推荐引用方式 GB/T 7714 | Massimo Massa,Theo Vermaelen. DP11987 Choices in Equity Finance A Global Perspective. 2017. |
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