Further Evidence of Unsatisfied Clienteles in International Capital Financing

Richard H. Pettway, Takashi Kaneko, Michael T. Young

研究成果: Article査読

抄録

Numerous studies find that shareholders do not gain from the security sales. This study documents a significant exception, new capital offerings by Japanese banks. Market reactions to these sales are significantly positive; however, these issues have two unusual features. First, new convertible bonds and equity shares are simultane‐ously offered. Second, the issues are often denominated in multiple currencies and sold in multiple countries. Tests indicate that the multiple markets/multiple currency feature is strongly related to abnormal performance. These findings are consistent with an unsatisfied clientele in international security sales of creditworthy firms.

本文言語English
ページ(範囲)857-874
ページ数18
ジャーナルFinancial Review
30
4
DOI
出版ステータスPublished - 1995

ASJC Scopus subject areas

  • 経済学、計量経済学
  • 財務

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