Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Journal of Financial Research》 2011-12
Add to Favorite Get Latest Update

Rights Offering,Market Response and Investor's Returns

HE Dexu RAO Ming  
This paper investigates the actual extent of the impact of rights offering on the stock market and what is the way.By screening samples with more strict standard,accurately estimating information leakage time,unifying the computing benchmark of five CAR event windows,and matching the three key steps of financing,we find that,following listed rights offering,the stock prices show periodic characteristics,the price effect is not all negative,the six approaches affecting stock prices all vary over time length,and among them the price discount rate of the rights offering is always the most important approach affecting stock prices.
【CateGory Index】: F832.51
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
【Citations】
Chinese Journal Full-text Database 6 Hits
1 HU Yuan-cheng,CHENG Jian-wei(Jiangxi University of Finance &Economics,Nancahng 330013);Equity Financing and Cumulative Abnormal Return[J];Contemporary Finance & Economics;2006-08
2 Du Mian and Wang Liangcheng;Operating performance of China's listed firms following rights issues: causes and consequences[J];Management World;2006-03
3 GUOZHENG TANG(Peking University);Influences of Rights Offering on the Value of Equity of Chinese Listed Companies with Dual-class Stocks[J];China Economic Quarterly;2006-01
4 Li Kang, Yang Xingjun, Yang Xiong & Others (Shanghai Golden-Trust Securities Research Institute Co., Ltd );Study on Interest of Parties to Share Placement & Additional Issue and Policy Recommendations[J];Economic Research Journal;2003-03
5 Wang Yaping Yang Yunhong Mao Xiaoyuan;On the Timing of Public Offering by Listed Companies in Chinese Stock Market[J];Journal of Financial Research;2006-12
6 Mao Xiaoyuan Chen Mengen Yang Yunhong;Long-run Return Performance Following Listed Rights Issue:Based on the Improved Three-factor Model[J];Journal of Financial Research;2008-05
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 Gao Lei1 Song Shunlin2;Earnings Management,Support,and Connected Transaction:Empirical Evidence from Listed Companies with Rights Offering[J];Finance & Economics;2010-02
2 HUANG Zhong-sheng (Accounting School,Najing Audit University,Najing 210029,China);Financial Behavior Alienation and Reform of Split Share Structure in the Chinese Listed Companies[J];Collected Essays on Finance and Economics;2007-01
3 LI Jing-ming~(1,2) (1.School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China; 2.School of Management,Wuhan University of Science and Technology,Wuhan 430081,China);Research on Malicious Forms of Refinancing of Listed Companies:From the Perspective of Investors[J];Journal of Finance and Economics;2010-07
4 Wang Zongjun Dong Yujun (Huazhong University of Science and Technology, Wuhan, Hubei 430074);Low Dividend Earning Ratio of listed companies and the Reason Analysis[J];Communication of Finance and Accounting(Academy Version);2006-06
5 Niu Hong Zhan Junyi Wang Qing;On the Significance and Form of Supplementary Capital of Listed Companies[J];Finance Forum;2004-09
6 YAN Wu,DONG Cheng-yong(Jiangxi University of Finance and Economics,Nanchang 330013,China);Study of Stock Volatility Affected by Fraudulent Information:Evidence from Shanghai and Shenzhen Stock Exchanges[J];Contemporary Finance & Economics;2010-04
7 YU Yan-xin1,LI La-sheng2(1.Wuhan International Trust and Investment CORP,Wuhan 430070,China;2.Department of Statistics,Tianjin University of Finance and Economics,Tianjin 300222,China);The Equity Financing Mechanism Design Based on Asymmetry Equity[J];Journal of China University of Geosciences(Social Sciences Edition);2004-04
8 ZHANG Xiang-jian1,GUO Lan2(1.Institute of Finance and Economics,Shanghai University of Finance and Economics,Shanghai 200433,China;2.Shanghai Academy of Social Sciences,Shanghai 200020,China);Study on Equity Refinancing,Earnings Management and Rent Seeking of Large Shareholders[J];Modern Economic Science;2007-04
9 ZENG Hong-zhi1, HE Xiao-feng2 (1. School of Finance, Jiangxi Finance and Economics University, Nanchang 330013, China; 2. School of Economics, Peking University, Beijing 100871, China);Research on Convertible Financing Signal Model Under Asymmetric Information on Risk[J];Modern Economic Science;2009-03
10 LIU Zhi-xin,MA Jian (School of Economic and Management,Beihang University,Beijing 100191,China);Equity Issue Method and Its Stock Price Effect Based on Heterogeneous Beliefs[J];Systems Engineering;2011-01
China Proceedings of conference Full-text Database 5 Hits
1 Wang Leibin:School of Accounting,Southwestern University of Finance and Economics;What is the Real Effect of Chinese Enterprises’IPO?——Perspective of Long-term Market Response[A];[C];2010
2 Gu Naikang Chen Hui (School of Business, Sun Yat-Sen University, Guangzhou 510275, China);The factors that affect the fee of share placement & additional issue[A];[C];2008
3 LIU Yu ( School of Management,Harbin Institute of Technology,Harbin 150001,China);A Research on Stock Price Efficiency of Listed Companies with SEO[A];[C];2006
4 Li Xiaojun (Accounting School,Yunnan University of Finance and Economics,Yunnan Kunming,650221);Seasoned Equity Offering and long-term Performance decline:Evidence from Chinese Listed Companies[A];[C];2011
5 ;Earning Management,Corporate Government and Underperformance after issuing Convertible Bonds:Evidence from PSM Method[A];[C];2011
【Secondary Citations】
Chinese Journal Full-text Database 10 Hits
1 ZHANG Renji 1, LIU Chunjiang 2 (1, Shanghai National Accounting Institute, Shanghai 201702, China 2, School of Accountancy, Shanghai University of Finance and Economics, Shanghai 200433, China);Seasoned Equity Offerings and Fluctuation in Stock Market: An Empirieal Study based on Policy Regulation[J];The Study of Finance and Economics;2005-06
2 Du Mian and Wang Liangcheng;Operating performance of China's listed firms following rights issues: causes and consequences[J];Management World;2006-03
3 XIA Weifang,ZHANG Weiran(School of Economics& Management,Tongji University,Shanghai 200433,China);Announcement effect of SEOs in China[J];East China Economic Management;2003-03
4 GUOZHENG TANG(Peking University);Influences of Rights Offering on the Value of Equity of Chinese Listed Companies with Dual-class Stocks[J];China Economic Quarterly;2006-01
5 Xu Xiaodong & Chen Xiaoyue (School of Management,Tsinghua University);Analysis on the Largest Shareholders' Impact on Corporate Governance and Performance[J];Economic Research Journal;2003-02
6 Li Kang, Yang Xingjun, Yang Xiong & Others (Shanghai Golden-Trust Securities Research Institute Co., Ltd );Study on Interest of Parties to Share Placement & Additional Issue and Policy Recommendations[J];Economic Research Journal;2003-03
7 Hu Naiwu Yan Yan Zhang Haifeng;Share-price-effect of Reissue and Its Market Prospect[J];Journal of Finance;2002-05
8 Liu Li Wang Tingting Wang Zhen;The Negative Stock Price Effect on SEO Announcement in China's A Share Market and an Explanation Based on Duality Ownership Structure[J];Journal of Finance;2003-08
9 ;股权二元结构对公司分配方式的影响[J];Journal of Finance;2005-05
10 Wang Yaping Yang Yunhong Mao Xiaoyuan;On the Timing of Public Offering by Listed Companies in Chinese Stock Market[J];Journal of Financial Research;2006-12
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved