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Article dans une revue Journal of Business Finance and Accounting Année : 2013

Seasoned equity offerings: Stock market liquidity and the rights offer paradox

Résumé

This paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We find that, besides blockholders’ takeup, liquidity is an important determinant of SEO flotation method choice. We document higher direct equity offering flotation costs, but also improved stock market liquidity after public offerings and standby rights relative to uninsured rights. After controlling for endogeneity in the choice of SEO flotation method, we find that pure public offerings and standby rights are comparable in terms of direct costs and liquidity improvement. Our results provide new insights as to why firms choose public offerings despite apparently higher costs.
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hal-01483978, version 1 (06-03-2017)

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Edith Ginglinger, Laure Koenig-Matsoukis, Fabrice Riva. Seasoned equity offerings: Stock market liquidity and the rights offer paradox. Journal of Business Finance and Accounting, 2013, 40 (1-2), pp.215-238. ⟨10.1111/jbfa.12007⟩. ⟨hal-01483978⟩
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