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| Author: | Kang, J.-K. Stulz, R. |
| Title: | How different is Japanese corporate finance? An investigation of the information content of new security issues |
| Journal: | Review of Financial Studies
1996 : SPRING, VOL. 9:1, p. 109-140 |
| Index terms: | JAPAN CORPORATE FINANCE INFORMATION |
| Language: | eng |
| Abstract: | This article studies the shareholder wealth effects associated with 875 new security issues in Japan from January 1, 1985, to May 31, 1991. The announcement of convertible debt issues has a significant possible abnormal return of 1.05 percent. There is an abnormal return of 0.45 percent at the announcement of equity issues that is offset by an abnormal return of 1.01 percent on the issue day. Abnormal returns are negatively related to firm size, so that large Japanese firms have abnormal returns less different from those of U.S. firms than some small Japanese firms. |
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