THE PERFORMANCE OF PRIMARY COMMON STOCK OFFERINGS: A CANADIAN COMPARISON

THE PERFORMANCE OF PRIMARY COMMON STOCK OFFERINGS: A CANADIAN COMPARISON OF I. A DESCRIPTIONCANADA’S MARKETFOR COMMON STOCK OFFERINGS Extent of the market Canadian firms classified as industrials raised a total of $1.9 billion with about 400 public offerings of common stock in the 13 year period 1956-1968.l An analysis by type of offering and industry class is presented in Table 1. Common stock offerings are classified as either seasoned or unseasoned: seasoned offerings are those by companies whose shares traded publicly prior to the offering; unseasoned offerings are those by companies making an initial public offering of shares. 1 . HYPOTHESES METHODOLOGY 1 AND I t is assumed that asset prices reflect investors’ expectations of returns the asset will generate, the risk associated with these returns, and the risk of these * Associate Professor, School of Business Administration, The University of Western Ontario. The author is especially indebted to Professor Irwin Friend for his assistance a t all stages of the study’s preparation and to the Ford Foundation for financial support. Many colleagues at the IJniversity of Western Ontario have read earlier drafts of the paper and made valuable comments which have substantially improved the content and style. Their help was very much appreciated. 1. Common stock issues http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Finance Wiley

THE PERFORMANCE OF PRIMARY COMMON STOCK OFFERINGS: A CANADIAN COMPARISON

The Journal of Finance, Volume 26 (5) – Dec 1, 1971

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Publisher
Wiley
Copyright
1971 The American Finance Association
ISSN
0022-1082
eISSN
1540-6261
DOI
10.1111/j.1540-6261.1971.tb01751.x
Publisher site
See Article on Publisher Site

Abstract

OF I. A DESCRIPTIONCANADA’S MARKETFOR COMMON STOCK OFFERINGS Extent of the market Canadian firms classified as industrials raised a total of $1.9 billion with about 400 public offerings of common stock in the 13 year period 1956-1968.l An analysis by type of offering and industry class is presented in Table 1. Common stock offerings are classified as either seasoned or unseasoned: seasoned offerings are those by companies whose shares traded publicly prior to the offering; unseasoned offerings are those by companies making an initial public offering of shares. 1 . HYPOTHESES METHODOLOGY 1 AND I t is assumed that asset prices reflect investors’ expectations of returns the asset will generate, the risk associated with these returns, and the risk of these * Associate Professor, School of Business Administration, The University of Western Ontario. The author is especially indebted to Professor Irwin Friend for his assistance a t all stages of the study’s preparation and to the Ford Foundation for financial support. Many colleagues at the IJniversity of Western Ontario have read earlier drafts of the paper and made valuable comments which have substantially improved the content and style. Their help was very much appreciated. 1. Common stock issues

Journal

The Journal of FinanceWiley

Published: Dec 1, 1971

References

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