The long-run performance following Japanese rights issues
Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 419-434 |
| Journal / Publication | Applied Financial Economics |
| Volume | 8 |
| Issue number | 4 |
| Publication status | Published - 1998 |
Link(s)
Abstract
Japanese firms conducting 260 rights issues on the Tokyo Stock Exchange between 1971 and 1986 have subsequently performed poorly. The long-term downward drift is remarkably similar to those following Japanese initial public offerings and seasoned equity offerings, accompanied by a reliable pattern of post-issue deterioration of accounting profitability. The evidence therefore reinforces the 'windows of opportunity' explanation for the new issue puzzle, since rights issues involve much fewer changes in corporate ownership structure.
Citation Format(s)
The long-run performance following Japanese rights issues. / Cai, Jun.
In: Applied Financial Economics, Vol. 8, No. 4, 1998, p. 419-434.
In: Applied Financial Economics, Vol. 8, No. 4, 1998, p. 419-434.
Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
