haku: @indexterm Opportunity costs / yhteensä: 47
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| Tekijä: | Bayless, M. CHaplinsky, S. |
| Otsikko: | Is there a "window of opportunity" for seasoned equity issuance? |
| Lehti: | Journal of Finance
1996 : MAR, VOL. 51:1, p. 253-278 |
| Asiasana: | FINANCE OPPORTUNITY COSTS STOCK MARKETS |
| Kieli: | eng |
| Tiivistelmä: | The aggregate volume of equity issues is used to search for periods when seasoned equity capital can be raised at favorable terms. The authors find that the price reaction to equity issue announcements in high equity issue volume (HOT) periods is appropriately 200 basis points lower on average than in low equity issue volume (COLD) periods. The lower price reaction in hot markets is economically important and is independent of the macroeconomic characteristics of hot and cold markets. The evidence supports the existence of windows of opportunity for equity issues that result at least partially from reduced levels of asymmetric information. |
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