Ex- day effects for seasoned equity offerings in the Greek capital market

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dc.contributor.authorKarfi, Fanien
dc.contributor.authorZagalaki, Zoien
dc.date.accessioned2015-03-12T14:55:49Z
dc.date.available2015-09-27T06:05:10Z
dc.date.issued2015-03-12
dc.identifier.urihttps://repository.ihu.edu.gr/xmlui/handle/11544/25
dc.rightsDefault License
dc.titleEx- day effects for seasoned equity offerings in the Greek capital marketen
heal.abstractThis study investigates the short and long term performance of firms listed on the Athens Stock Exchange (ASE) on the ex-rights day of seasoned equity offerings for the period from 1999 to 2006. We use the event study methodology to analyze the common stock price reaction around ex-rights days. Moreover, we assess the long-term performance of firms having a seasoned equity offering using leverage and investment ratios. The overall findings are in line with several past studies which attest positive and statistically significant abnormal returns on the ex-right day. The long term performance of those firms having a SEO seems to be affected following a SEO. Keywords: Seasoned equity offerings, ex-right day, abnormal returns, leverageen
heal.academicPublisherSchool of Economics, Business Administration and Legal Studies, MSc in Banking and Financeen
heal.academicPublisherIDihu
heal.accessfreeel
heal.advisorNameDasilas, Dr. Apostolosen
heal.bibliographicCitationKarfi Fani and Zagalaki Zoi, 2010, Ex-day effects for seasoned equity offerings in the greek capital market, Master's Dissertation, International Hellenic Universityen
heal.committeeMemberNameAnagnostopoulouen
heal.committeeMemberNameLevisen
heal.committeeMemberNameLeventisen
heal.fullTextAvailabilitytrue
heal.keywordDissertations, Academicen
heal.keywordCapital market--Greeceen
heal.keywordEquity capitalen
heal.keywordEquity--Greeceen
heal.keywordURI.LCSHSeasoned equity offeringsen
heal.keywordURI.LCSHex-right dayen
heal.keywordURI.LCSHabnormal returnsen
heal.keywordURI.LCSHleverageen
heal.languageen
heal.licensehttp://creativecommons.org/licenses/by-nc/4.0
heal.numberOfPages65
heal.publicationDate2010-09
heal.recordProviderSchool of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.tableOfContentsAbstract .......................................................................................................................... 2 Acknowledgements ........................................................................................................ 3 Table of Contents ........................................................................................................... 4 List of Tables.................................................................................................................. 6 1. Introduction ............................................................................................................. 7 2. Literature Review ................................................................................................... 9 2.1. Studies in the USA ............................................................................................ 12 2.2. Studies in the UK .............................................................................................. 14 2.3. Studies in Australasia ........................................................................................ 15 2.4. Studies in Europe .............................................................................................. 15 2.5. Evidence on long-term performance ................................................................. 16 2.6. Studies for ex-rights .......................................................................................... 18 3. The Greek SEO Environment ............................................................................... 19 3.1. Nominal Increase .............................................................................................. 19 3.1.1. Capitalization of profits.......................................................................... 20 3.1.2. Capitalization of reserves ....................................................................... 20 3.1.3. Capitalization of fixed assets ................................................................. 21 3.2. Actual Increase .................................................................................................. 21 3.2.1. Public offers ........................................................................................... 22 3.2.2. Rights issues/ offerings with rights ........................................................ 22 3.2.2.1. Private placements .............................................................................. 24 3.2.2.2. Open offers ......................................................................................... 24 3.3. Regulation of the SEOs in Greece .................................................................... 24 4. Sample .................................................................................................................. 26 5. Methodology ......................................................................................................... 28 5.1. Short term analysis: share price behavior ......................................................... 29 5 5.1.1. The market model .................................................................................. 29 5.1.2. The mean- adjusted model ..................................................................... 29 5.1.3. The market- adjusted model ................................................................... 30 5.1.4. Model selection ...................................................................................... 31 5.1.5. Test Statistics ......................................................................................... 32 5.1.6. Tested hypothesis for stock prices ......................................................... 33 5.1.7. Long-run Performance ........................................................................... 33 5.1.8. Ratio Selection ....................................................................................... 33 5.1.9. The mean test ......................................................................................... 34 5.1.10. The median test ...................................................................................... 35 6. Empirical Results .................................................................................................. 35 6.1. Short-term analysis: Share price behavior ........................................................ 35 6.1.1. Financial firms ....................................................................................... 35 6.1.2. Non-financial firms ................................................................................ 37 6.1.3. Full Sample ............................................................................................ 39 6.1.4. Analysis of Results ................................................................................. 41 6.2. Long –run performance ..................................................................................... 43 6.2.1. Financial Firms ...................................................................................... 44 6.2.2. Non-Financial Firms .............................................................................. 48 6.2.3. Full Sample ............................................................................................ 51 6.2.4. Analysis of Results ................................................................................. 55 7. Conclusion ............................................................................................................ 56 8. References ............................................................................................................. 59en
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