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Descripción
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| The aim of this article is to find out whether or not consideration of significant shareholders announcement of intention to exercise subscription rights makes a difference in eliminating or reducing the effects of asymmetrical information in equity offerings with pre-emptive rights on the Spanish Stock Market. For the 17 years of equity issues covered, we find that the type of underwriting arrangements has not a statistically significant impact on the issues? Excess Risk Adjusted Return. The main contribution of this study is the finding of a statistically significant negative impact on returns either when the significant shareholders indicate their intention not to subscribe or when not enough information is provided about their intention. We also find a statistically significant reinforcing negative effect on returns in the case of simultaneous lack of commitment on the part of significant shareholders, and non-underwritten equity issues. | |
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Internacional
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Si |
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JCR del ISI
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Si |
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Título de la revista
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Applied Economics Letters |
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ISSN
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1466-4291 |
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Factor de impacto JCR
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0,303 |
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Información de impacto
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Volumen
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DOI
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10.1080/13504851.2015.1114573 |
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Número de revista
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5 |
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