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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- 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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