Tytuł:

Portfolio-based benchmarks and the long-term performance of SEOs for an emerging market

Tytuł publikacji grupowej:

Argumenta Oeconomica

Autor:

Lizińska, Joanna

Temat i słowa kluczowe:

seasoned equity offerings ; abnormal returns ; benchmark ; market reaction ; market anomalies

Opis:

Argumenta Oeconomica, 2018, Nr 2 (41), s. 423-435

Abstrakt:

The paper focuses on the long-term price performance after seasoned equity offerings (SEOs). In particular, the research contributes to the debate on the importance of the benchmark design in an emerging market. The choice of Indian SEOs as a sample allowed for constructing six benchmarks and comparing the results with the main market index. The study confirmed three-year underperformance for all of the benchmarks. However, the level of abnormal long-term returns appeared to be very sensitive to the benchmark. Interesting conclusions also emerged from differentiating the sample according to the level of the short-term underpricing, company and issue size, market sentiment, and mean volatility of prior returns. While the conventional view was that SEOs underperform in the long run, the research showed that average abnormal returns, differentiated according to firm and issue characteristics, were very sensitive to the reference portfolio.

Wydawca:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Miejsce wydania:

Wrocław

Data wydania:

2018

Typ zasobu:

artykuł

Format:

application/pdf

Identyfikator zasobu:

doi:10.15611/aoe.2018.2.18

Język:

eng

Powiązania:

Argumenta Oeconomica, 2018, Nr 2 (41)

Prawa:

Wszystkie prawa zastrzeżone (Copyright)

Prawa dostępu:

Dla wszystkich w zakresie dozwolonego użytku

Lokalizacja oryginału:

Uniwersytet Ekonomiczny we Wrocławiu