TY  - UNPD
A1  - Gebhardt, Günther
A1  - Heiden, Stefan
A1  - Daske, Holger
T1  - Determinants of capital market reactions to seasoned equity offers by German corporations
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 85
N2  - 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.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 85 
KW  - Seasoned Equity Offerings
KW  - Floatation Method
KW  - Rights Offerings
KW  - Corporate Governance
KW  - Ownership
KW  - Deutschland
KW  - Aktienkurs
KW  - Börsenkurs
KW  - USA
Y1  - 2001
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3644
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-18376
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -