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Seasoned Equity Offerings in Germany. Determinants of Short- and Long-run Abnormal Return

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Seminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,0, University of Warwick, co...

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Kartonierter Einband

Beschreibung

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.

Produktinformationen

Titel:

Seasoned Equity Offerings in Germany. Determinants of Short- and Long-run Abnormal Return

Autor:

EAN:

9783668647190

ISBN:

3668647194

Format:

Kartonierter Einband

Herausgeber:

Genre:

Betriebswirtschaft

Veröffentlichung:

27.02.2018

Anzahl Seiten:

68

Gewicht:

112g

Größe:

H210mm x B148mm x T6mm

Jahr:

2018

Untertitel:

Englisch

Auflage:

1. Auflage

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