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来源类型Working Paper
规范类型报告
DOI10.3386/w3093
来源IDWorking 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
URLhttps://www.nber.org/papers/w3093
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/560371
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GB/T 7714
Myron S. Scholes,Mark A. Wolfson. Decentralized Investment Banking: The Case of Discount Dividend-Reinve stment and Stock-Purchase Plans. 1989.
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