dc.contributor.author | Koenig-Matsoukis, Laure | |
dc.date.accessioned | 2010-06-25T08:38:31Z | |
dc.date.available | 2010-06-25T08:38:31Z | |
dc.date.issued | 2010 | |
dc.identifier.uri | https://basepub.dauphine.fr/handle/123456789/4430 | |
dc.language.iso | en | en |
dc.subject | SEO | en |
dc.subject | Security offering | en |
dc.subject | rights issues | en |
dc.subject | flotation method | en |
dc.subject | financial intermediation | en |
dc.subject | order imbalance | en |
dc.subject.ddc | 332 | en |
dc.subject.classificationjel | G24 | en |
dc.subject.classificationjel | G32 | en |
dc.subject.classificationjel | G14 | en |
dc.title | Financial intermediation and the rights offer paradox | en |
dc.type | Communication / Conférence | |
dc.description.abstracten | In this study, we investigate the trading dynamics around rights issues. We employ signed and
unsigned trading activity measures in order to provide evidence of costly financial
intermediation. We, first, document short selling activity by underwriters and shareholders
during rights issues leading to significant negative abnormal returns during the offer. Further,
we provide evidence that rights tend to be sold below their fair value. Our results, therefore,
suggest that the lack of use of rights offering, referred to as the rights offer paradox can be
explained by indirect costs related to the nature of constraints confronting underwriters and
shareholders but also to trading mistakes on the rights market. | en |
dc.identifier.citationpages | 26 | en |
dc.description.sponsorshipprivate | oui | en |
dc.subject.ddclabel | Economie financière | en |
dc.relation.conftitle | 37th Annual Meeting of the European Finance Association | |
dc.relation.confdate | 2010-08 | |
dc.relation.confcity | Frankfurt am Main | |
dc.relation.confcountry | Allemagne | |