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《Contemporary Finance & Economics》 2006-08
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Equity Financing and Cumulative Abnormal Return

HU Yuan-cheng,CHENG Jian-wei(Jiangxi University of Finance &Economics,Nancahng 330013)  
This paper chooses 286 listed companies implementing rights issues from Chinese A share stock market from 2000 to 2004 and traces and studies their performances on some particular days such as the announcement date,the date of record,the ex-dividend date and the date of going public.Then,the paper analyzes price effect of rights offering in short term and points out the internal reason of equity financing preference.It is found that the choice and the length of event window are important factors in influencing cumulative abnormal return(CAR).Third,the paper chooses and analyzes the CARs during the term from 40 days before announcement date of rights offering to date of record,and the term from ex-dividend date to 20 days after coming into the market date.The chosen events and their lengths are better than before.The results show that the total cumulate market effect of rights offering is active and positive.
【Fund】: 国家自然科学基金资助项目(70262001、70562001)
【CateGory Index】: F832.51
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