The Market Reaction to Canceled Equity Offerings
作者:
Marlin R. H. Jensen,
William N. Pugh,
期刊:
Financial Review
(WILEY Available online 1995)
卷期:
Volume 30,
issue 1
页码: 83-113
ISSN:0732-8516
年代: 1995
DOI:10.1111/j.1540-6288.1995.tb00826.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractInvestors appear to respond to both an investment‐opportunity signal and a valuation signal when an equity offering is announced or canceled. While prices fall in response to equity offers and rise when offers are withdrawn, the price changes are greater for offers used to reduce debt than for offers used for capital expenditures. Consistent with asymmetry theory, offerings and withdrawals of convertible debt and utility stock cause less price change when compared to industrial stock offers. Finally, the reaction to cancellations made because of market conditions, indicating undervaluation, are similar to the reaction to cancellations made for other reason
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