Multinationality and Common Stock Offering Dilution
作者:
George P. Tsetsekos,
期刊:
Journal of International Financial Management&Accounting
(WILEY Available online 1991)
卷期:
Volume 3,
issue 1
页码: 1-16
ISSN:0954-1314
年代: 1991
DOI:10.1111/j.1467-646X.1991.tb00088.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractThis study examines the common stock offering dilution of multinational and domestic firms. Results provide evidence that the benefits of multinationality do not offset the negative information effect of perceived cash flow shortfalls at the announcement of security offerings. MNCs and purely domestic firms experience comparable negative valuation and offering dilution at the announcement of a common stock offering. These results are independent of size and performance differences between multinational and domestic firms at the announcement year.
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