Artikel
Issuance Expenses and Common Stock Offerings for Over-the-Counter Firms
This study explores the role of issuance expenses in explaining the fall in stock value for OTC stock offerings that raise cash for debt reduction purposes. It estimates that over half of the sample's -2.79% two-day fall in stock value can be accounted for by issuance expenses when using a lower bound measure of issuance expenses. This estimate contrasts with the one-fifth estimate suggested by NYSE/AMEX studies that examine stock offerings that raise cash primarily for non-debt reduction purposes. The influence of issuance expenses is shown to be substantially greater when combination offerings are deleted, an upper bound measure of issuance expenses is employed, or the sample is restricted to those offerings with the greatest issuance expenses per outstanding share.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Journal of Small Business Finance ; ISSN: 1057-2287 ; Volume: 3 ; Year: 1993 ; Issue: 1 ; Pages: 1-16 ; Greenwich, CT: JAI Press
- Klassifikation
-
Management
Asset Pricing; Trading Volume; Bond Interest Rates
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- Thema
-
Issuance Expenses
Issuance Fees
Stock Offerings
Over-the-Counter
OTC
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hull, Robert M.
Fortin, Richard
- Ereignis
-
Veröffentlichung
- (wer)
-
JAI Press
- (wo)
-
Greenwich, CT
- (wann)
-
1993
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Hull, Robert M.
- Fortin, Richard
- JAI Press
Entstanden
- 1993
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EXPENSES OF SEMINARS
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