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The wealth effects of different types of equity offerings.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	The wealth effects of different types of equity offerings./
Author:	Ray, Traci.
Description:	1 online resource (176 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 67-10, Section: A.
Contained By:	Dissertations Abstracts International67-10A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780542344367

The wealth effects of different types of equity offerings.
Ray, Traci.

The wealth effects of different types of equity offerings. - 1 online resource (176 pages)

Source: Dissertations Abstracts International, Volume: 67-10, Section: A.

Thesis (Ph.D.)--Boston College, 2001.

Includes bibliographical references

This dissertation addresses the wealth effects associated with different types of equity offerings and consists of three chapters: a survey of empirical literature on the wealth effects associated with seasoned equity offerings; a study of the relationship between offering price of a private placement and shareholder returns; and a study of a relatively new security type, the floating priced convertible. The first chapter, entitled "The Wealth Effects of Seasoned Equity Offerings: A Survey of Empirical Literature," attempts to summarize empirical literature on the long-run underperformance associated with issuances of seasoned equity and the sensitivity of the aforementioned results to methodology. It also addresses the similar literature on private placements, evidence showing deteriorating operating performance following seasoned equity offerings, and international evidence. The second chapter, "Private Equity Placements by Publicly-Traded Firms: The Information Conveyed by Offering Price," studies the announcement returns and long-run returns associated with private placements of common stock. Similar to previous research, I document significantly positive announcement returns and significantly negative long-run returns associated with such issuance. Interestingly, however, I find a significant negative relationship between the discount to market of a private placement and both the announcement returns and long-run returns. The valuation information conveyed by the offering price, however, does not appear to be immediately reflected in the offering price. And finally, the third chapter, entitled "Private Placements of Floating Price Convertibles," addresses a relatively new security type, a convertible security in which the conversion price is a function of the market price of the stock at the time of conversion. I find that financial distress, rather than information asymmetry, appears to be the primary motivation for issuance. And similar to studies of long-run performance of seasoned equity offerings, private placements, and convertible bonds, I find significantly negative returns in the three years post-issuance. Unlike the aforementioned, however, the underperformance appears to be primarily concentrated in the first year post-issuance.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9780542344367Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Equity offeringsIndex Terms--Genre/Form:

554714
Electronic books.

The wealth effects of different types of equity offerings.
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520 $a This dissertation addresses the wealth effects associated with different types of equity offerings and consists of three chapters: a survey of empirical literature on the wealth effects associated with seasoned equity offerings; a study of the relationship between offering price of a private placement and shareholder returns; and a study of a relatively new security type, the floating priced convertible. The first chapter, entitled "The Wealth Effects of Seasoned Equity Offerings: A Survey of Empirical Literature," attempts to summarize empirical literature on the long-run underperformance associated with issuances of seasoned equity and the sensitivity of the aforementioned results to methodology. It also addresses the similar literature on private placements, evidence showing deteriorating operating performance following seasoned equity offerings, and international evidence. The second chapter, "Private Equity Placements by Publicly-Traded Firms: The Information Conveyed by Offering Price," studies the announcement returns and long-run returns associated with private placements of common stock. Similar to previous research, I document significantly positive announcement returns and significantly negative long-run returns associated with such issuance. Interestingly, however, I find a significant negative relationship between the discount to market of a private placement and both the announcement returns and long-run returns. The valuation information conveyed by the offering price, however, does not appear to be immediately reflected in the offering price. And finally, the third chapter, entitled "Private Placements of Floating Price Convertibles," addresses a relatively new security type, a convertible security in which the conversion price is a function of the market price of the stock at the time of conversion. I find that financial distress, rather than information asymmetry, appears to be the primary motivation for issuance. And similar to studies of long-run performance of seasoned equity offerings, private placements, and convertible bonds, I find significantly negative returns in the three years post-issuance. Unlike the aforementioned, however, the underperformance appears to be primarily concentrated in the first year post-issuance.
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653 $a Floating-priced convertible
653 $a Offering price
653 $a Private placement
653 $a Wealth
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