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dc.contributor.authorKoenig-Matsoukis, Laure
dc.date.accessioned2010-06-25T08:38:31Z
dc.date.available2010-06-25T08:38:31Z
dc.date.issued2010
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/4430
dc.language.isoenen
dc.subjectSEOen
dc.subjectSecurity offeringen
dc.subjectrights issuesen
dc.subjectflotation methoden
dc.subjectfinancial intermediationen
dc.subjectorder imbalanceen
dc.subject.ddc332en
dc.subject.classificationjelG24en
dc.subject.classificationjelG32en
dc.subject.classificationjelG14en
dc.titleFinancial intermediation and the rights offer paradoxen
dc.typeCommunication / Conférence
dc.description.abstractenIn this study, we investigate the trading dynamics around rights issues. We employ signed and unsigned trading activity measures in order to provide evidence of costly financial intermediation. We, first, document short selling activity by underwriters and shareholders during rights issues leading to significant negative abnormal returns during the offer. Further, we provide evidence that rights tend to be sold below their fair value. Our results, therefore, suggest that the lack of use of rights offering, referred to as the rights offer paradox can be explained by indirect costs related to the nature of constraints confronting underwriters and shareholders but also to trading mistakes on the rights market.en
dc.identifier.citationpages26en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelEconomie financièreen
dc.relation.conftitle37th Annual Meeting of the European Finance Association
dc.relation.confdate2010-08
dc.relation.confcityFrankfurt am Main
dc.relation.confcountryAllemagne


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