Equity rights issues: Signalling vs issue price irrelevance hypothesis

Nickolaos V. Tsangarakis

European Financial Management, 1996, vol. 2, issue 3, 299-310

Abstract: This study examines the relationship between common stock returns and the subscription price level of equity right offerings in Greece during the period 1981–90. the findings show that the associated stock returns are independent of the issue price. This evidence does not support the view that the issue price serves as a signal of the stock's true value.

Date: 1996
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https://doi.org/10.1111/j.1468-036X.1996.tb00045.x

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