Loderer, Claudio; Sheehan, Dennis P.; Kadlec, Gregory B. (1991). The pricing of equity offerings. Journal of Financial Economics, 29(1), pp. 35-57. North-Holland
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Examination of 1,600 seasoned equity offerings reveals little evidence that underwriters systematically set offer prices below the market price on the major exchanges, though they may do so for NASDAQ issues. Quick round-trip transactions in seasoned offerings are not profitable, but subscribing to an offering and holding the stock for 30 days seems to be very profitable, especially in the NASDAQ market. In addition to seasoned offerings, we analyze 250 issues of new classes of preferred stock. These issues are not underpriced.
Item Type: |
Journal Article (Original Article) |
|---|---|
Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Financial Management |
UniBE Contributor: |
Loderer, Claudio |
Subjects: |
300 Social sciences, sociology & anthropology > 330 Economics |
ISSN: |
0304-405X |
Publisher: |
North-Holland |
Language: |
English |
Submitter: |
Karin Dolder |
Date Deposited: |
24 Jan 2014 09:16 |
Last Modified: |
05 Dec 2022 14:27 |
BORIS DOI: |
10.7892/boris.39536 |
URI: |
https://boris.unibe.ch/id/eprint/39536 |
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