| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP14130
|
| DP14130 Equity Issue Methods and dilution |
| Mike Burkart; Hongda Zhong
|
| 发表日期 | 2019-11-17
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | We analyze rights offerings and public offerings when informed current shareholders strategically choose to subscribe. If all current shareholders have wealth to participate, rights offerings achieve the full information outcome and dominate public offerings. However, when some current shareholders are wealth constrained, rights offerings lead to more dilution of their stakes and lower payoffs, despite the income from selling these rights, thereby generating wealth transfers among shareholders. When firms can choose the flotation method, either all firms choose the same offer method or high and low quality firms opt for rights offerings while firms of intermediate quality select public offerings. |
| 主题 | Financial Economics
|
| URL | https://cepr.org/publications/dp14130
|
| 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/543019
|
推荐引用方式
GB/T 7714 |
Mike Burkart,Hongda Zhong. DP14130 Equity Issue Methods and dilution. 2019.
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