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ABSTRACT Numerous studies document long ‐ run underperformance by firms following equity offerings. This paper shows that underperformance is very likely to be observed ex‐post in an efficient market ...
, for a recent review of theoretical and empirical results about stock issues). More recently, long - run studies document that equity issuers underperform various stock return benchmarks on the magnitude of 30 ...
While numerous empirical studies document significant long - run underperformance of seasoned equity offerings (SEOs) in different security markets, Allen and Soucik (2008, Mathematics and Computers ...
. This evidence of overperformance following calls shows a distinct symmetry between the straight debt and equity markets. Issues of debt and equity are both followed by long ‐term underperformance , whereas stock ...
of the prior studies that firms experience poor long ‐ run operating and stock price performance following their convertible bond offers, with the average annual stock return of convertible bond issuing firms ...
. There is also strong evidence to suggest that the announcement of a seasoned equity offering follows a period of significant rises in the stock prices of reissuing firms. Such gains are, however, dissipated ...
ABSTRACT This article examines the relation between top executives' trading and the long ‐ run stock returns of seasoned equity issuing firms. Primary issuers, who sell mostly newly‐issued primary ...
for rights issues made during 1991‐95, a period when open offers were more commonly used. 1. INTRODUCTION This paper examines the long ‐ run stock market performance following right issues made in the UK during ...
initial public offerings and seasoned equity offerings. Specifically, over the four years following the rights issue, issuing firms on the JSE earned an average return of 83.06 percent (16.3 percent per ...
underreacts to the announcement of such issues, they should be followed by poor abnormal returns .1 In Japan, the stock -price reactions to equity issues and to convertible debt issues are significantly positive ...
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