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Descripción
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| Is it profitable for an investor, from a risk-return perspective, to acquire a stake in a quoted company when a capital increase is announced? This paper analyses the return obtained from the investment in equity issues with cash contri-bution and pre-emptive rights, aimed at funding corporate activities: acquisitions, investments in new facilities and/or strengthening the balance sheet of the compa-nies undertaking the equity issue. During the 16 years covered by the study, the results show a negative average excess risk-adjusted return of almost 5%, from the moment that the equity offer is announced until the completion of the preferential subscription period. To obtain this excess return, the difference between the nomi-nal Internal Rate of Return (IRR) and the expected return, using the CAPM, is computed for each equity issue. The intention behind this method is to eliminate the effects of time and any other possible effect on the stock price during the peri-od of the analysis. The results from this article are consistent with the Pecking Or-der theory for the Spanish Stock Market also six months after the preferential sub-scription period. However, there is a positive return after three months. | |
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Internacional
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No |
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DOI
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Edición del Libro
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Editorial del Libro
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ISBN
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978-3-319-04705-8 |
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Serie
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Título del Libro
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Managing complexity Lecture Notes in Management and Industrial Engineering |
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Desde página
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59 |
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66 |