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Stock Performance following Seasoned Stock-Warrant Unit Offerings

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  • Soku Byoun

    (Baylor University)

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    Abstract

    Theories suggest that stock-warrant units are used as mechanisms for reducing agency costs or signaling as a form of sequential equity financing. While there is evidence of less severe price reaction to unit offering announcements, unit offering firms underperform not only nonissuing matching firms but also similar share offering firms. The same results are found when the long-run performance is measured relative to broad market indexes or measured by the three-factor or four-factor model. These findings are not consistent with the theories suggested for the roles of unit financing.

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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Business.

    Volume (Year): 77 (2004)
    Issue (Month): 1 (January)
    Pages: 75-100

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    Handle: RePEc:ucp:jnlbus:v:77:y:2004:i:1:p:75-100

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    Web page: http://www.journals.uchicago.edu/JB/

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    Cited by:
    1. Ronald Bremer & Bonnie Buchanan & Philip English, 2011. "The advantages of using quarterly returns for long-term event studies," Review of Quantitative Finance and Accounting, Springer, vol. 36(4), pages 491-516, May.
    2. Lasfer, Meziane & Ginglinger, Edith & Gajewski, Jean-Fran├žois, 2005. "Why do Companies Include Warrants in Seasoned Equity Offerings: The case of French Unit Offerings," Economics Papers from University Paris Dauphine 123456789/2917, Paris Dauphine University.
    3. Gajewski, Jean-Francois & Ginglinger, Edith & Lasfer, Meziane, 2007. "Why do companies include warrants in seasoned equity offerings?," Journal of Corporate Finance, Elsevier, vol. 13(1), pages 25-42, March.
    4. Mazouz, Khelifa & Saadouni, Brahim & Yin, Shuxing, 2008. "The long-term performance of Hong Kong share-only and unit initial public offerings (IPOs)," Journal of Multinational Financial Management, Elsevier, vol. 18(3), pages 209-228, July.

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