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| Tekijä: | Kothare, M. |
| Otsikko: | The effects of equity issues on ownership structure and stock liquidity: A comparison of rights and public offerings |
| Lehti: | Journal of Financial Economics
1997 : JAN, VOL. 43:1, p. 131-148 |
| Asiasana: | LIQUIDITY BIDDING STOCK MARKETS COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | Proportionate bid-ask spreads increase after rights offerings of common stock and decrease after public underwritten offerings. These changes are correlated with those in the issuing firm's ownership structure. Rights offerings lead to more concentrated ownership while public offerings cause greater dispersion in share ownership. Increased spreads represent a significant cost to issuing firms' shareholders, making rights offerings costlier than public underwritten offerings for actively traded firms. |
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