Show simple item record

Seasoned equity offerings: Stock market liquidity and the rights offer paradox

hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorGinglinger, Edith*
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorKoenig-Matsoukis, Laure*
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorRiva, Fabrice*
dc.date.accessioned2013-01-17T10:09:40Z
dc.date.available2013-01-17T10:09:40Z
dc.date.issued2013-01
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/10852
dc.language.isoenen
dc.subjectSEOen
dc.subjectSeasoned equity offeringen
dc.subjectflotation methoden
dc.subjectflotation costsen
dc.subjectrights issuesen
dc.subjectpublic offeringsen
dc.subjectliquidityen
dc.subjectbid-ask spreaden
dc.subject.ddc658.1en
dc.subject.classificationjelG.G3.G34en
dc.subject.classificationjelG.G3.G32en
dc.titleSeasoned equity offerings: Stock market liquidity and the rights offer paradoxen
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherLille Economics & Management (LEM);France
dc.description.abstractenThis paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We find that, besides blockholders’ takeup, liquidity is an important determinant of SEO flotation method choice. We document higher direct equity offering flotation costs, but also improved stock market liquidity after public offerings and standby rights relative to uninsured rights. After controlling for endogeneity in the choice of SEO flotation method, we find that pure public offerings and standby rights are comparable in terms of direct costs and liquidity improvement. Our results provide new insights as to why firms choose public offerings despite apparently higher costs.en
dc.relation.isversionofjnlnameJournal of Business, Finance and Accounting
dc.relation.isversionofjnlvol40
dc.relation.isversionofjnlissue1-2
dc.relation.isversionofjnldate2013-01
dc.relation.isversionofjnlpages215-238
dc.relation.isversionofdoi10.1111/jbfa.12007
dc.relation.isversionofjnlpublisherWiley
dc.subject.ddclabelOrganisation et finances d'entrepriseen
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
hal.identifierhal-01483978*
hal.version1*
hal.update.actionupdateMetadata*
hal.author.functionaut
hal.author.functionaut
hal.author.functionaut


Files in this item

Thumbnail
Name:
SSRN-id2167327.pdf
Size:
1.359Mb
Format:
PDF
View/Open

This item appears in the following Collection(s)

Show simple item record