The long-run performance following Japanese rights issues

Jun Cai

doi:10.1080/096031098332952

The long-run performance following Japanese rights issues

Jun Cai

Department of Economics and Finance

Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review

12 Citations (Scopus)

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.

© 1998 Routledge

Original language	English
Pages (from-to)	419-434
Journal	Applied Financial Economics
Volume	8
Issue number	4
DOIs	https://doi.org/10.1080/096031098332952
Publication status	Published - 1998

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AB - 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. © 1998 Routledge

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JO - Applied Financial Economics

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The long-run performance following Japanese rights issues

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