Risk And Earnings Changes Subsequent to Equity Offerings
Risk And Earnings Changes Subsequent to Equity Offerings
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In our eReader you can find the full English version of the book. Read Risk And Earnings Changes Subsequent to Equity Offerings Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Risk And Earnings Changes Subsequent to Equity Offerings
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3°o. Average annual return on treasury bills during this period was 3. 1%.
11 consistent with the magnitude of the stock price reaction to equity offerings .
Also reported in Table 3 (Panel B) are the estimates of alpha for the equity sample firms in years -3, -2, -1 and 0. The mean estimates of alpha for years -3, -2, are not significantly different from zero. In year -1, the mean alpha is O. OOOA whicli is statistically significant. This finding is consistent with the results of earlier studi...es which report that equity offering firms experience significant positive excess returns prior to the offer announcement.
As mentioned earlier, the positive excess returns prior to the offer announcement may cause the estimate of offering firms' beta in year -1 to be biased downward. However, this bias, if any, does not appear to explain the reported increase in beta in year 0. This is because the beta in year is significantly larger relative to the value not only in year -1 but also years -3 and -2 when the estimates of alpha are not significant.
What to read after Risk And Earnings Changes Subsequent to Equity Offerings?
You can find similar books in the "Read Also" column, or choose other free books by Paul M Healy to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
3°o. Average annual return on treasury bills during this period was 3. 1%.
11 consistent with the magnitude of the stock price reaction to equity offerings .
Also reported in Table 3 (Panel B) are the estimates of alpha for the equity sample firms in years -3, -2, -1 and 0. The mean estimates of alpha for years -3, -2, are not significantly different from zero. In year -1, the mean alpha is O. OOOA whicli is statistically significant. This finding is consistent with the results of earlier studi...es which report that equity offering firms experience significant positive excess returns prior to the offer announcement.
As mentioned earlier, the positive excess returns prior to the offer announcement may cause the estimate of offering firms' beta in year -1 to be biased downward. However, this bias, if any, does not appear to explain the reported increase in beta in year 0. This is because the beta in year is significantly larger relative to the value not only in year -1 but also years -3 and -2 when the estimates of alpha are not significant.
What to read after Risk And Earnings Changes Subsequent to Equity Offerings?
You can find similar books in the "Read Also" column, or choose other free books by Paul M Healy to read onlineMoreLess
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