权利重要吗?澳大利亚股票发行的盘中分析

IF 3.1 4区管理学 Q2 BUSINESS, FINANCE

Accounting and Finance Pub Date : 2023-09-28 DOI:10.1111/acfi.13180

Jozef Drienko, Stephen J. Sault, Wong Wai Han

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引用次数: 0

摘要

摘要本文研究了2000年1月至2022年12月期间澳大利亚股票市场配股公告相关的日内异常收益。与先前的研究一致，我们发现事件当天的显著异常收益范围为- 2.9%至- 2.7%。我们提供了有关澳大利亚配股问题的盘中价格反应的第一个证据。在公告发布后的15分钟内，我们发现显著的异常交易回报为- 1.2%。然而，由于交易成本的原因，市场参与者无法通过交易这些公告获利。我们的结果表明，信息内容在90分钟内被完全捕获。

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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Do rights matter? An intraday analysis of rights issues in Australia

Abstract We examine intraday abnormal returns associated with rights issue announcements in the Australian equity market over the period January 2000 to December 2022. Consistent with prior studies, we find significant abnormal returns ranging from −2.9% to −2.7% on the event day. We provide the first evidence on intraday price reactions pertaining to rights issues in Australia. Within 15 min of an announcement, we find significant abnormal trade returns of −1.2%. However, market participants are unable to profit by trading on these announcements due to transaction costs. Our results imply that the information content is fully impounded within 90 min.

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来源期刊

Accounting and Finance BUSINESS, FINANCE-

CiteScore

5.10

自引率

7.70%

发文量

期刊介绍： Accounting & Finance enjoys an excellent reputation as an academic journal that publishes articles addressing significant research questions from a broad range of perspectives. The journal: • publishes significant contributions to the accounting, finance, business information systems and related disciplines • develops, tests, or advances accounting, finance and information systems theory, research and practice • publishes theoretical, empirical and experimental papers that significantly contribute to the disciplines of accounting and finance • publishes articles using a wide range of research methods including statistical analysis, analytical work, case studies, field research and historical analysis • applies economic, organizational and other theories to accounting and finance phenomena and publishes occasional special issues on themes such as on research methods in management accounting. Accounting & Finance is essential reading for academics, graduate students and all those interested in research in accounting and finance. The journal is also widely read by practitioners in accounting, corporate finance, investments, and merchant and investment banking.