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The pricing of French unit seasoned equity offerings

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Date
2001
Dewey
Economie financière
Sujet
Signaling; Underpricing; Seasoned equity offerings; Warrants; Units
JEL code
G32; G14
Journal issue
European Financial Management
Volume
7
Number
1
Publication date
03-2001
Article pages
23-38
Publisher
Blackwell
URI
https://basepub.dauphine.fr/handle/123456789/3535
Collections
  • DRM : Publications
Metadata
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Author
Ginglinger, Edith
Chollet, Pierre
Type
Article accepté pour publication ou publié
Abstract (EN)
Units are bundles of common stock and warrants. By issuing units, firms precommit to a future and uncertain seasoned offering at the exercise price of the warrants. This study shows that the issuance of units seasoned offerings in France is accompanied by significant abnormal returns of on average 9-12%, depending on the computing methods. Underpricing increases with the risk of the issuer and the relative size of the future seasoned equity issue linked to warrant exercises. Our results are consistent with our signaling hypothesis. [ABSTRACT FROM AUTHOR]

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