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| Tekijä: | Gajewski, J-F. Ginglinger, E. |
| Otsikko: | Seasoned equity issues in a closely held market: evidence from France |
| Lehti: | European Finance Review
2002 : VOL. 6:3, p. 291-319 |
| Asiasana: | Equities Seasons France |
| Kieli: | eng |
| Tiivistelmä: | Seasoned equity offerings in France are examined in this article. Even though a rights offering is the primary flotation method, French companies are increasingly using the relatively expensive public offering method. It is shown that the market reaction to the announcement of seasoned equity issues is significantly negative for rights issues and insignificantly negative for public offerings. The results suggest that the adverse selection effect is greater for rights issues than for public offerings, due to stronger underwriter certification for the public offerings. |
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