This paper analyzes the impact of security offering announcements on stock prices for a sample of 172 issues of securities in the Chilean financial market, during the 1993-2002 period. We found that the authorization of bond issues given by the SVS (Superintendencia de Valores y Seguros) produced no significant abnormal returns, and that the authorization of equity issues given by the SVS produced a significant and negative abnormal return. We also found that the magnitude of the negative abnormal return was directly related to the relative size of the equity issue.
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Article provided by University of Chile, Department of Economics in its journal Estudios de Economia.
Volume (Year): 31 (2004) Issue (Month): 2 Year 2004 (December) Pages: 177-205 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
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