| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5819 |
| 来源ID | Working Paper 5819 |
| The Underreaction Hypothesis and the New Issue Puzzle: Evidence from Japan | |
| Jun-Koo Kang; Yong-Cheol Kim; Rene M. Stulz | |
| 发表日期 | 1996-11-01 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | This paper investigates the long-term performance of Japanese firms issuing convertible debt or equity. We find that these firms perform poorly even though the stock-price reaction to convertible debt and equity issue announcements is not significantly negative for Japanese firms and Japanese firms do not issue equity or convertible debt following strong positive abnormal returns. Whereas in the U.S. underperformance appears to be concentrated in the smaller firms and in the firms with a high market-to-book ratio, this is not the case in Japan. The underperformance of Japanese issuing firms cannot be understood in terms of the underreaction hypothesis that some have advanced as an explanation for the poor returns of U.S. issuing firms. |
| URL | https://www.nber.org/papers/w5819 |
| 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/563313 |
| 推荐引用方式 GB/T 7714 | Jun-Koo Kang,Yong-Cheol Kim,Rene M. Stulz. The Underreaction Hypothesis and the New Issue Puzzle: Evidence from Japan. 1996. |
| 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 | ||
| w5819.pdf（954KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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