Loderer, Claudio; Zimmermann, Heinz (1988). Stock offerings in a different institutional setting: the Swiss case, 1973-1983. JOURNAL OF BANKING & FINANCE, 12(3), pp. 353-378. Elsevier BV
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1988 Stock Offerings in a Different Institutional Setting The Swiss Case, 1973-1983.pdf - Published Version Restricted to registered users only Available under License Publisher holds Copyright. Download (1MB) |
This paper analyzes the stock price effect of equity issues in Switzerland. There, insiders are not legally prevented from using their information for personal trades, and security offerings are with almost no exception rights issues. Unlike what we find for a comprehensive sample of U.S. rights issues and a sample of U.S. general cash offerings, a significant majority of firms experiences a positive monthly announcement effect. The average abnormal return itself, however, is not significant. Also, we find evidence inconsistent with infinitely price-elastic demand functions for common stock, as well as some evidence that offer prices convey new information.
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, Zimmermann, Heinz (A) |
Subjects: |
300 Social sciences, sociology & anthropology > 330 Economics |
ISSN: |
0378-4266 |
Publisher: |
Elsevier BV |
Language: |
English |
Submitter: |
Karin Dolder |
Date Deposited: |
30 Jan 2014 14:22 |
Last Modified: |
29 Mar 2023 23:33 |
BORIS DOI: |
10.7892/boris.39590 |
URI: |
https://boris.unibe.ch/id/eprint/39590 |
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