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| Tekijä: | Böhren, Ö. Eckbo, B. E. Michalsen, D. |
| Otsikko: | Why underwrite rights offerings? Some new evidence. |
| Lehti: | Journal of Financial Economics
1997 : NOV, VOL. 46:2, p. 223-261 |
| Asiasana: | RIGHTS ISSUES STOCK EXCHANGES SHAREHOLDERS ADVERSE SELECTION |
| Kieli: | eng |
| Tiivistelmä: | The authors examine rights issues on the Oslo Stock Exchange, Where seasoned public offerings now take place almost exclusively through use of the relatively expensive standby underwriting method rather than uninsured rights. They show that the propensity to use standby underwriting increases as expected shareholder takeup decreases, that the market reaction to uninsured rights offers is significantly positive, and that standbys elicit the least favorable market reaction to the public issue announcement. |
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