The calculation of returns during seasoned equity offers

被引：7
|
作者：
Armitage, Seth [1 ]
机构：
[1] Univ Edinburgh, Sch Business, Edinburgh EH8 9JS, Midlothian, Scotland
来源：
EUROPEAN JOURNAL OF FINANCE | 2012年 / 18卷 / 05期
关键词：
rights issues; open offers; placings; returns; price adjustments; UK OPEN OFFERS; PRIVATE PLACEMENTS; EARNINGS MANAGEMENT; ADVERSE SELECTION; COMMON-STOCK; OWNERSHIP; ISSUES; DISCOUNTS; FINANCE;
D O I：
10.1080/1351847X.2011.601665
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The article analyses how the returns to a shareholder and the returns for an event study are calculated during the three types of seasoned equity offer (SEO) in use in the UK, namely rights issues, open offers and placings. The calculations differ across the two types of return and the three types of offer. Evidence from a sample of SEOs shows the large impact that the choice of calculation method has on returns. An unresolved question is whether to use discount-adjusted returns in event studies of placings.
引用
收藏
页码：393 / 417
页数：25
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