全球智库信息集成服务系统(G2TT): How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w4908
来源ID	Working Paper 4908
	How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues
	Jun-Koo Kang; Rene M. Stulz
发表日期	1994-10-01
出版年	1994
语种	英语
摘要	This paper studies the shareholder wealth effects associated with 875 new security issues in Japan from January 1, 1985 to May 31, 1991. The sample includes public equity, private equity, rights offerings, straight debt, warrant debt and convertible debt issues. Contrary to the U.S., the announcement of convertible debt issues is accompanied by a significant positive abnormal return of 1.05%. The announcement of equity issues has a positive abnormal return of 0.45%, significant at the 0.10 level, but this positive abnormal return can be attributed to one year in our sample and is offset by a negative issue date abnormal return of -1.01%. The abnormal returns are negatively related to firm size, so that for equity issues (but not for convertible debt issues), large Japanese firms have significant negative announcement abnormal returns. Our evidence is consistent with the view that Japanese managers decide to issue shares based on different considerations than American managers.
URL	https://www.nber.org/papers/w4908
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/562323
推荐引用方式 GB/T 7714	Jun-Koo Kang,Rene M. Stulz. How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues. 1994.

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
w4908.pdf（339KB）	智库出版物		限制开放	CC BY-NC-SA	浏览