Seasoned Equity Offerings in Germany. Determinants of Short- and Long-run Abnormal Return (PDF)
(Sprache: Englisch)
Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,0, University of Warwick, course: Msc in Finance, language: English, abstract: This paper studies the abnormal returns of seasoned equity offerings over...
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Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,0, University of Warwick, course: Msc in Finance, language: English, abstract: This paper studies the abnormal returns of seasoned equity offerings over short- and long-run horizons in Germany and their determining company characteristics. Contrary to previous findings for the German market, I find that the abnormal returns around the announcement are significantly negative with Run Up, Volatility, Firm Age and Earnings per Share as explanatory variables. The long-run abnormal returns are also significantly negative. The determinants of abnormal returns in the long-run are Run Up, Firm Age, Transaction Size, Size, Leverage and Profit Margin.
The findings suggest that there is a structural break in the German market in 2002/2003. Furthermore, the theoretical explanations suggested in prior research on the U.S. market are also valid for the German market.
The findings suggest that there is a structural break in the German market in 2002/2003. Furthermore, the theoretical explanations suggested in prior research on the U.S. market are also valid for the German market.
Bibliographische Angaben
- Autor: Andre Domes
- 2018, 62 Seiten, Englisch
- Verlag: GRIN Verlag
- ISBN-10: 3668647186
- ISBN-13: 9783668647183
- Erscheinungsdatum: 26.02.2018
Abhängig von Bildschirmgröße und eingestellter Schriftgröße kann die Seitenzahl auf Ihrem Lesegerät variieren.
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- Größe: 0.71 MB
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Sprache:
Englisch
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