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| Author: | Rantapuska, E. Knüpfer, S. |
| Title: | Which investors leave money on the table? Evidence from rights issues |
| Journal: | Review of finance
2008 : VOL. 12:4, p. 701-733 |
| Index terms: | Nordic countries Finland financing investors monetary policy free trade loss |
| Freeterms: | open market operations stockholders |
| Language: | eng |
| Abstract: | This paper documents patterns of investor behaviour around Finnish rights issues. It is found that shareholders of issuing companies lost at least UR 9.9 million in aggregate from 1995 to 2002 by exercising rights too early, selling rights in the open market below their intrinsic value, or leaving rights unexercised. At the investor level, the losses are modest. Investors with small portfolios, inactive trading history, those who know neither of the official languages in Finland, or who are living abroad leave money on the table the most. |
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