On abnormal returns in events associated with equity offerings

Manuel Verdú Henares, Óscar Carchano Alcina and Federico Platania ()

Estudios de Economia, 2026, vol. 53, issue 1, 4-29

Abstract: Equity offerings are an option available to companies to raise capital. The aim of this paper is to study the occurrence of market anomalies in this context. Using a sample of more than 40,000 equity offerings from 25 countries, an event study has been conducted to estimate and explain abnormal returns around the announcement date. The results demonstrate the existence of significant abnormal returns, robust to different regulations. We also identify factors that appear to be related to its formation, such as being listed on a benchmark stock index or the liquidity of the company’s shares.

Keywords: Equity Offerings; Rights Issue; Abnormal Returns; International Markets; Event Study. (search for similar items in EconPapers)
JEL-codes: G14 G28 (search for similar items in EconPapers)
Date: 2026
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