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.
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Metadaten
Author:Günther Gebhardt, Stefan Heiden, Holger Daske
URN:urn:nbn:de:hebis:30-18376
Parent Title (English):Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 85
Series (Serial Number):Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting (085)
Publisher:Univ., Fachbereich Wirtschaftswiss.
Place of publication:Frankfurt am Main
Document Type:Working Paper
Language:English
Year of Completion:2001
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
JEL-Classification:G14 Information and Market Efficiency; Event Studies
G24 Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies (Updated!)
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
G35 Payout Policy
Sammlungen:Universitätspublikationen
Licence (German):License Logo Veröffentlichungsvertrag für Publikationen

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