haku: @indexterm EQUITY CAPITAL / yhteensä: 240
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| Tekijä: | Foerster, S. R. Karolyi, G. A. |
| Otsikko: | The Long-Run Performance of Global Equity Offerings |
| Lehti: | Journal of Financial and Quantitative Analysis
2000 : DEC, VOL. 35:4, p. 499-528 |
| Asiasana: | STOCK MARKETS EQUITY CAPITAL FINANCE |
| Kieli: | eng |
| Tiivistelmä: | The authors investigate the long-run return performance of non-U.S. firms that raise equity capital in U.S. markets. Overall, between 1982 and 1996, the authors' sample of 333 global equity offerings with U.S. depositary receipt (ADR) tranches from 35 countries in Asia, Latin America, and Europe under-perform local market benchmarks of comparable firms by 8%-15% over the three years following issuance. The authors show that differences in long-run returns arc related to the scope and magnitude of investment barriers that induce segmentation of capital markets around the world. The authors also show that inter-market competition for order flow in the post-issuance period affects long-run return performance. |
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