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- Title
AN ANALYSIS OF NONUNDERWRITTEN RIGHTS OFFERS: THE CASE OF CLOSED-END FUNDS.
- Authors
Miles, James A.; Peterson, Mark A.
- Abstract
We study nonunderwritten rights offerings without subscription pre-commitments from large shareholders. The results indicate firms incur substantial indirect costs in the form of price concessions for raising equity capital this way. The data therefore support the selling cost explanation of the rights-offering paradox. Additionally, we describe how market participants collectively respond to intermediate such offerings.
- Subjects
STOCKHOLDERS; CAPITAL; STOCKS (Finance); COST; MARKETS; COST allocation; CLOSED-end funds; RIGHTS offerings
- Publication
Journal of Financial Research, 2002, Vol 25, Issue 2, p187
- ISSN
0270-2592
- Publication type
Article
- DOI
10.1111/1475-6803.t01-1-00003