haku: @indexterm capital markets / yhteensä: 931
viite: 345 / 931
| Tekijä: | Moden, K-M. Oxelheim, L. |
| Otsikko: | Why issue equity abroad? Corporate reasons and stock market responses |
| Lehti: | Management International Review
1997 : VOL. 37:3, p. 223-241 |
| Asiasana: | STOCK MARKETS FOREIGN INVESTMENT CAPITAL MARKETS CORPORATE STRATEGY SWEDEN |
| Kieli: | eng |
| Tiivistelmä: | This paper attempts to answer question, what are the significant reasons for raising capital abroad as compared to at home, and to what extent have these reasons vanished with deregulation. The share price response on the Swedish stock market to the announcement of equity issues on foreign stock markets by Swedish firms are analysed and compared for pre- and post-deregulated periods with respect to differences in the ways the issues were prepared and announced. In the pre-regulated period Swedish firms issued equity abroad mainly to circumvent domestic restrictions, whereas in the post-deregulated period marketing reasons appear to be most important. For companies that list and issue simultaneously, a significant positive domestic stock market reaction was found. Being listed prior to the issue eliminates the entire positive response. |
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