Show simple item record

dc.contributor.authorLasfer, Meziane
dc.contributor.authorGajewski, Jean-François
HAL ID: 22015
dc.contributor.authorGinglinger, Edith
dc.date.accessioned2009-07-08T11:58:56Z
dc.date.available2009-07-08T11:58:56Z
dc.date.issued2007
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/966
dc.language.isoenen
dc.subjectEquity issueen
dc.subjectFlotation methoden
dc.subjectUnit offeringsen
dc.subjectWarrantsen
dc.subject.ddc332en
dc.subject.classificationjelG24en
dc.subject.classificationjelG32en
dc.subject.classificationjelG15en
dc.titleWhy do companies include warrants in seasoned equity offerings?en
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherUniversité de Paris 12;France
dc.contributor.editoruniversityotherCass Business School, Londres;Royaume-Uni
dc.description.abstractenWe analyze the reasons why companies issue units when they raise additional capital. We find that, in contrast to previous evidence, units are not offered to mitigate the agency conflicts or to signal security mispricing as they are predominantly issued during cold periods, in public rather than in rights offerings, and when the issue is underwritten. In addition, the results indicate that companies choose to offer units to increase their offer price flexibility and to underprice their seasoned equity offering so as to minimize the issue cost and the risk of failure of the issue. These results provide support for the net proceeds maximization hypothesis.en
dc.relation.isversionofjnlnameJournal of corporate finance
dc.relation.isversionofjnlvol13en
dc.relation.isversionofjnlissue1en
dc.relation.isversionofjnldate2007-03
dc.relation.isversionofjnlpages25-42en
dc.relation.isversionofdoihttp://dx.doi.org/10.1016/j.jcorpfin.2006.05.001en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelEconomie financièreen


Files in this item

FilesSizeFormatView

There are no files associated with this item.

This item appears in the following Collection(s)

Show simple item record