Ownership concentration, ownership identity and seasoned equity offerings probabilities: Evidence from Germany

Initial public offerings , subsequent seasoned equity offerings , and long - run performance : Evidence from IPOs in Germany

Ownership Concentration and Share Valuation: Evidence from Germany by

Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this respect. This paper proposes a method of distinguishing empirically between the beneficial and harmful effects of ownership concentration, and applies it to German data. The results show that, for most types of largest shareholder, the beneficial effects on minority shareholders o...

Rational Financial Management: Evidence from Seasoned Equity Offerings

Current theories of capital structure have difficulty explaining the aspects of financing behavior we document. In contrast to the tradeoff theory, seasoned equity offers frequently move firms away from their target leverage ratios. At odds with the pecking-order theory, SEO firms typically are financially healthy companies with low leverage, unused debt capacity and substantial cash balances. ...

Valuation Effects of Seasoned Global Equity Offerings

This paper examines the shareholder wealth effects associated with global equity offerings made by foreign firms after their initial cross listing in the United States. We document that the market reaction to seasoned global equity offerings is economically and statistically insignificant. However, it is 1.5 percent larger than the market reaction to offerings made on local exchanges only. In a...

Seasoned Equity Offerings: Characteristics of Firms

Seasoned equity offerings (SEOs) are sales of stock after the initial public offering. They are a means to raise funds through the sale of stock rather than the issuance of additional debt. We propose a method to predict the characteristics of firms that undertake this form of financing. Our procedure is based on logistic regression where firm-specific variables are obtained from the perspectiv...