search query: @freeterm Equity offerings / total: 2
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| Author: | Errunza, V.R. Miller, D.P. |
| Title: | Valuation effects of seasoned global equity offerings |
| Journal: | Journal of Banking and Finance
2003 : SEP, VOL. 27:9, p. 1611-1623 |
| Index terms: | Stock markets |
| Freeterms: | Equity offerings |
| Language: | eng |
| Abstract: | This paper examines the shareholder wealth effects associated with global equity offerings made by foreign firms after their initial cross-listing in the United States. It is documented that the market reaction to seasoned global equity offerings is economically and statistically insignificant. However, it is 1.5 % larger than the market reaction to offerings made on local exchanges only. In addition, it is found that the adverse market reaction to local equity offerings is mitigated as more capital is raised globally. These findings support the hypothesis that global capital raising is associated with significant benefits. |
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