| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3093 |
| 来源ID | Working Paper 3093 |
| Decentralized Investment Banking: The Case of Discount Dividend-Reinve stment and Stock-Purchase Plans | |
| Myron S. Scholes; Mark A. Wolfson | |
| 发表日期 | 1989-09-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | Discount dividend-reinvestment and stock-purchase plans allow shareholders to capture part of the underwriting fees incurred in new stock offerings and save sponsoring firms some of the usual underwriting costs. We tested the degree to which individual investors can profitably serve this investment banking function by implementing simple investment/trading strategies designed to capture the discounts and distribute the shares in the market. The large profits earned by our strategies raise serious questions about why it takes firms so long to raise the target level of capital and why many eligible shareholders do not participate in these discount plans. |
| 主题 | Macroeconomics |
| URL | https://www.nber.org/papers/w3093 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560371 |
| 推荐引用方式 GB/T 7714 | Myron S. Scholes,Mark A. Wolfson. Decentralized Investment Banking: The Case of Discount Dividend-Reinve stment and Stock-Purchase Plans. 1989. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3093.pdf（489KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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