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| Author: | McLean, R. D. Pontiff, J. Watanabe, A. |
| Title: | Share issuance and cross-sectional returns: international evidence |
| Journal: | Journal of Financial Economics
2009 : OCT, VOL 94:1, p. 1-17 |
| Index terms: | international investments stock markets capital structure of companies market efficiency |
| Language: | eng |
| Abstract: | This article examines non-U.S. stocks from 41 different countries and finds that share issuance is a good predictor of cross-sectional returns, it predicts the returns better than size or momentum. In countries other than USA, low returns after share issue seem to drive this phenomenon. In high share issue activity countries, the issuance returns are more predictable, stock market development is stronger, as well as investor protection. The findings of this article indicate that the easier a firm is able to issue and repurchase stock, the stronger the share issuance effect. |
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