Equity Rights Issues in Spain: Flotation Costs and Wealth Effects
AbstractThis paper analyses the flotation costs and the share price reaction of equity offerings in Spain. The results report a positive relationship between relative flotation costs and the underwriting of an issue, and a negative relationship between such costs and ownership concentration. Fixed flotation costs and a negative relationship with the gross offer proceeds are also observed. On average, there is a negative share price reaction on the date of the 'previous communication' to the "Comisión Nacional del Mercado de Valores". The different sub-samples analysed according to the underwriting of the issue and the discount offered reveal no statistical differences. Copyright Blackwell Publishers Ltd, 2003.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.
Volume (Year): 30 (2003-12)
Issue (Month): 9-10 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X
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- Pastor-Llorca, Maria Jesus & Martin-Ugedo, Juan Francisco, 2004. "Long-run performance of Spanish seasoned equity issues with rights," International Review of Financial Analysis, Elsevier, vol. 13(2), pages 191-215.
- Kevin Campbell & Antonio Minguez Vera, 2010. "Female board appointments and firm valuation: short and long-term effects," Journal of Management and Governance, Springer, vol. 14(1), pages 37-59, February.
- Antonio Mínguez Vera & Kevin Campbell, 2007. "The Influence Of Gender On Spanish Boards Of Directors: An Empirical Analysis," Working Papers. Serie EC 2007-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Javier Sánchez-Vidal & Juan Martín-Ugedo, 2005. "Financing Preferences of Spanish Firms: Evidence on the Pecking Order Theory," Review of Quantitative Finance and Accounting, Springer, vol. 25(4), pages 341-355, December.
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