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Equity rights issues: Signalling vs issue price irrelevance hypothesis

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  • Nickolaos V. Tsangarakis

Abstract

This study examines the relationship between common stock returns and the subscription price level of equity right offerings in Greece during the period 1981-90. the findings show that the associated stock returns are independent of the issue price. This evidence does not support the view that the issue price serves as a signal of the stock's true value. Copyright Blackwell Publishers Ltd. 1996.

Suggested Citation

  • Nickolaos V. Tsangarakis, 1996. "Equity rights issues: Signalling vs issue price irrelevance hypothesis," European Financial Management, European Financial Management Association, vol. 2(3), pages 299-310.
  • Handle: RePEc:bla:eufman:v:2:y:1996:i:3:p:299-310
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-036X.1996.tb00045.x
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    Cited by:

    1. Consuelo Riaño Gil & Francisco Javier Ruiz Cabestre & Rafael Santamaría Aquilué, 2004. "Formación de precios de suscripción en el mercado bursátil español: algunas consideraciones," Investigaciones Economicas, Fundación SEPI, vol. 28(1), pages 141-191, January.
    2. Edirisinghe U. C & Nimal P.D, 2015. "Stock Price Reaction to Announcements of Right Issues and Debenture Issues: Evidence from Colombo Stock Exchange," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 5(2), pages 67-76, February.

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