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On abnormal returns in events associated with equity offerings

Author

Listed:
  • Manuel Verdú Henares
  • Óscar Carchano Alcina
  • Federico Platania

Abstract

Equity offerings are an option available to companies to raise capital. The aim of this paper is to study the occurrence of market anomalies in this context. Using a sample of more than 40,000 equity offerings from 25 countries, an event study has been conducted to estimate and explain abnormal returns around the announcement date. The results demonstrate the existence of significant abnormal returns, robust to different regulations. We also identify factors that appear to be related to its formation, such as being listed on a benchmark stock index or the liquidity of the company’s shares.

Suggested Citation

  • Manuel Verdú Henares & Óscar Carchano Alcina & Federico Platania, 2026. "On abnormal returns in events associated with equity offerings," Estudios de Economia, University of Chile, Department of Economics, vol. 53(1), pages 4-29, June.
    • Handle: RePEc:udc:esteco:v:53:y:2026:i:1:p:4-29
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    File URL: https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/84522
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    Keywords

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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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