Stock Market Liquidity and the Rights Offer Paradox

IF 2.2 3区经济学 Q2 BUSINESS, FINANCE

European Journal of Finance Pub Date : 2009-03-13 DOI:10.2139/ssrn.1359094

Edith Ginglinger, Laure Koenig-Matsoukis, Fabrice Riva

引用次数: 34

Abstract

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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股票市场流动性与配股悖论

本文考察了法国市场流动性对经验丰富的股权发行(SEO)特征的影响。研究发现，除股东持股比例外，流动性也是影响SEO上市方式选择的重要因素。我们记录了更高的直接股权发行发行成本，但也改善了公开发行和备用权利后的股票市场流动性相对于未保险的权利。在对SEO上市方式选择的内生性进行控制后，我们发现纯公开发行与备用配股在直接成本和流动性改善方面具有可比性。我们的研究结果提供了新的见解，为什么公司选择公开募股，尽管明显更高的成本。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Journal of Finance BUSINESS, FINANCE-

CiteScore

5.40

自引率

8.00%

发文量

期刊介绍： The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.