Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/76965
Authors: 
Gebhardt, Günther
Heiden, Stefan
Daske, Holger
Year of Publication: 
2001
Series/Report no.: 
Working Paper Series: Finance & Accounting, Johann Wolfgang Goethe-Universität Frankfurt a. M. 85
Abstract: 
Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the significant negative abnormal returns reported for the U.S. We provide evidence that these results are due to differences in both issuing characteristics and floatation methods, and in the corporate governance and ownership structures of the two countries. Our study explains much of the empirical puzzle of different market reactions to seemingly similar events across financial markets.
Subjects: 
Corporate Governance
Floatation Method
Ownership
Rights Offerings
Seasoned Equity Offerings
JEL: 
G14
G24
G32
G35
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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