Impacts of securities sales on stock prices : the anomalous case of Japanese bank issues

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概要

• 論文の詳細を見る

• Numerous studies find that shareholders do not gain from securities sales. This study documents a significant exception, new capital offerings by Japanese banks. Market reactions to these sales are significantly positive; however, these issues have two unusual features. First, new convertible bonds and equity shares are simultaneously offered. Second, the issues are often denominated in multiple currencies and sold in multiple countries. Tests indicate that the multiple markets/multiple currencies feature is strongly related to abnormal performance.

• 慶應義塾大学の論文

著者

• Young Michael

  University Of Delaware

• Kaneko Takashi

  Society Of Business And Commerce Keio University

• Pettway Richard

  University of Missouri-Columbia

• Pettway Richard

  University Of Missouri-columbia:keio University

• Pettway Richard

  University Of Florida

• 金子 隆

  SOCIETY OF BUSINESS AND COMMERCE, KEIO UNIVERSITY

関連論文

• Impacts of securities sales on stock prices : the anomalous case of Japanese bank issues
• SEGMENTED VERSUS INTEGRATED CAPITAL MARKETS: THE CASE OF DUALLY LISTED STOCKS ON THE TOKYO AND NEW YORK STOCK EXCHANGES
• The Tokyo stock exchange : an analysis of stock market prices

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