Determinants of capital market reactions to seasoned equity offers by German corporations

Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equ
Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the significant negative abnormal returns reported for the U.S. We provide evidence that these results are due to differences in both issuing characteristics and floatation methods, and in the corporate governance and ownership structures of the two countries. Our study explains much of the empirical puzzle of different market reactions to seemingly similar events across financial markets. JEL Classifications: G14, G24, G32, G35
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Metadaten
Author:Günther Gebhardt, Stefan Heiden, Holger Daske
URN:urn:nbn:de:hebis:30-18376
Series (Serial Number):Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting (085)
Document Type:Working Paper
Language:English
Date of Publication (online):2005/10/11
Year of first Publication:2001
Publishing Institution:Univ.-Bibliothek Frankfurt am Main
Release Date:2005/10/11
Tag:Corporate Governance ; Floatation Method ; Ownership; Rights Offerings ; Seasoned Equity Offerings
Source:Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting ; 85 , Version Juni 2001, Original Nov. 1998
HeBIS PPN:201690721
Institutes:Wirtschaftswissenschaften
Dewey Decimal Classification:330 Wirtschaft
Sammlungen:Universitätspublikationen
Licence (German):License Logo Veröffentlichungsvertrag für Publikationen

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