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Carbon Pricing, Forward Risk Premiums and Pass-Through Rates in Australian Electricity Futures Markets 澳大利亚电力期货市场的碳定价、远期风险溢价和传导率
APSA 2009 Toronto Meeting (Archive) Pub Date : 2016-10-31 DOI: 10.2139/ssrn.2889892
Paweł Maryniak, S. Trück, R. Weron
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引用次数: 2
Seasoned Equity Offerings on the Nasdaq: New Evidence on the Asymmetric Information Discount 纳斯达克的经验丰富的股票发行:不对称信息折扣的新证据
APSA 2009 Toronto Meeting (Archive) Pub Date : 2010-02-01 DOI: 10.2139/SSRN.1564164
M. Adler, Nicholas J Shea
{"title":"Seasoned Equity Offerings on the Nasdaq: New Evidence on the Asymmetric Information Discount","authors":"M. Adler, Nicholas J Shea","doi":"10.2139/SSRN.1564164","DOIUrl":"https://doi.org/10.2139/SSRN.1564164","url":null,"abstract":"This study investigates the effect of seasoned equity offerings (SEOs) on the NASDAQ. The results confirm that, most of the time, news of a seasoned equity offering is associated with negative stock returns. This is consistent with earlier research that interpreted this effect as indicating the existence of an asymmetric information discount (AsID). However, of the offerings observed in this study, only 65% experienced negative filing-date excess returns and dilutions. This percentage is much lower than the 80% plus reported in earlier studies and falls to approximately 50% by the time issuance take place. Earlier research, furthermore, suggested that these AsIDs were likely to be long lasting. The novelty in this paper is that, in contrast, the discounts that we observe around the SEOs’ filing dates disappear on the average by the time the stock in the SEOs is actually issued. In short, we find that AsIDs on the NASDAQ on the average are short lived and in most cases, are reversed in the relatively brief interval between filing and issuance.","PeriodicalId":117439,"journal":{"name":"APSA 2009 Toronto Meeting (Archive)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131962044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
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