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Seasoned Equity Issues in a Closely Held Market: Evidence from France

dc.contributor.authorGajewski, Jean-François
HAL ID: 22015
dc.contributor.authorGinglinger, Edith
dc.date.accessioned2009-09-25T10:52:20Z
dc.date.available2009-09-25T10:52:20Z
dc.date.issued2002
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/1949
dc.language.isoenen
dc.subjectCorporate SEOsen
dc.subjectRisk managementen
dc.subjectRights offeringsen
dc.subjectFlotation methodsen
dc.subjectOwnership structureen
dc.subjectSeasoned equity issuesen
dc.subject.ddc332en
dc.subject.classificationjelG32en
dc.subject.classificationjelG14en
dc.subject.classificationjelD80en
dc.titleSeasoned Equity Issues in a Closely Held Market: Evidence from Franceen
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherUniversité de Savoie;
dc.description.abstractenThis paper examines seasoned equity offerings in France. Even though a rights offering is the primary flotation method, French companies are increasingly using the relatively expensive public offering method. We show that the market reaction to the announcement of seasoned equity issues is significantly negative for rights issues and insignificantly negative for public offerings. Our results suggest that the adverse selection effect is greater for rights issues than for public offerings, due to stronger underwriter certification for the public offerings. We find that the share price effect is positively related to blockholders take-up renouncements for firms with prior concentrated ownership. For these firms, the favourable ownership dispersion effect offsets the adverse selection effect.en
dc.relation.isversionofjnlnameReview of Finance
dc.relation.isversionofjnlvol6en
dc.relation.isversionofjnlissue3en
dc.relation.isversionofjnldate2002
dc.relation.isversionofjnlpages291-319en
dc.relation.isversionofdoihttp://dx.doi.org/10.1023/A:1022024925877
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherOxford University Pressen
dc.subject.ddclabelEconomie financièreen


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