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.
- Language
-
Englisch
- Bibliographic citation
-
Journal: Journal of Small Business Finance ; ISSN: 1057-2287 ; Volume: 3 ; Year: 1993 ; Issue: 1 ; Pages: 1-16 ; Greenwich, CT: JAI Press
- Classification
-
Management
Asset Pricing; Trading Volume; Bond Interest Rates
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- Subject
-
Issuance Expenses
Issuance Fees
Stock Offerings
Over-the-Counter
OTC
- Event
-
Geistige Schöpfung
- (who)
-
Hull, Robert M.
Fortin, Richard
- Event
-
Veröffentlichung
- (who)
-
JAI Press
- (where)
-
Greenwich, CT
- (when)
-
1993
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Hull, Robert M.
- Fortin, Richard
- JAI Press
Time of origin
- 1993
Other Objects (12)
Firm Size and the Information Content of Over-the-Counter Common Stock Offerings
Expenses.
Equity offerings by firms that emerged from bankruptcy
MESS EXPENSES
EXPENSES OF SEMINARS
156. Educational Expenses.
Abnormal Returns in Privatization Public Offerings: The Case of Portuguese Firms
Expenses for products (examples)
17. Local Governments Expenses.
11. Local Government Expenses.
Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings
MISCELLANEOUS EXPENSES ON FOOD MATERIALS
Firm Size and the Information Content of Over-the-Counter Common Stock Offerings
Expenses.
Equity offerings by firms that emerged from bankruptcy
MESS EXPENSES
EXPENSES OF SEMINARS
156. Educational Expenses.
Abnormal Returns in Privatization Public Offerings: The Case of Portuguese Firms
Expenses for products (examples)
17. Local Governments Expenses.
11. Local Government Expenses.
Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings
MISCELLANEOUS EXPENSES ON FOOD MATERIALS
Firm Size and the Information Content of Over-the-Counter Common Stock Offerings
Expenses.
Equity offerings by firms that emerged from bankruptcy
MESS EXPENSES
EXPENSES OF SEMINARS
156. Educational Expenses.
Abnormal Returns in Privatization Public Offerings: The Case of Portuguese Firms
Expenses for products (examples)
17. Local Governments Expenses.
11. Local Government Expenses.
Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings