Seasoned Equity Offerings in Germany. Determinants of Short- and Long-run Abnormal Return
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ISBN/EAN:
9783668647183
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.
| Autor: | Andre Domes |
|---|---|
| EAN: | 9783668647183 |
| eBook Format: | |
| Sprache: | Englisch |
| Produktart: | eBook |
| Veröffentlichungsdatum: | 26.02.2018 |
| Kategorie: | |
| Schlagworte: | BHA Buy-and-Hold Return CAR Capital Increase Capital Increases Earnings per share Firm age IPO Initial Public Offering Run Up SEO Seasoned Equity Offering Seasoned Equity Offerings Seasoned Equity Offerings in Germany Transa Volatility |
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