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https://ptsldigital.ukm.my/jspui/handle/123456789/454338| Title: | The book-building period of seasoned equity offerings and issue costs |
| Authors: | Shin, Hyun-Han |
| Conference Name: | The thirteenth Annual PACAP/FMA Finance Conference |
| Keywords: | Seasoned equity offerings Overallotment option Issue costs Book-building period |
| Conference Date: | 2001-07-05 |
| Conference Location: | Westin Chosun Hotel, Seoul, Korea Radisson Plaza Hotel, Seoul, Korea |
| Abstract: | We investigate the determinants of the book- building period for seasone dequity offerings. We find that the issuing firm's stock price performance , after the filing, negatively affects the length of the book - building period, which is consistent with Welch's (1992) 'cascade' hypothesis. When we investigate underwriting spreads and stock price movements in relation to the book- building period , we find that issue costs are significantly higher for offerings with longer book-building periods (late offerings) than for offerings with shorter book-building periods (early offerings). We also examine the overallotment option to determine whether or not a relation between the book- building period and demand for new issue exists. We find that late offerings are characterized by weak demand. |
| Pages: | 6 |
| Call Number: | HG4026.A536 2001 katsem |
| Appears in Collections: | Seminar Papers/ Proceedings / Kertas Kerja Seminar/ Prosiding |
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