The long-run performance following Japanese rights issues

Jun Cai

Applied Financial Economics, 1998, vol. 8, issue 4, 419-434

Abstract: Japanese firms conducting 260 rights issues on the Tokyo Stock Exchange between 1971 and 1986 have subsequently performed poorly. The long-term downward drift is remarkably similar to those following Japanese initial public offerings and seasoned equity offerings, accompanied by a reliable pattern of post-issue deterioration of accounting profitability. The evidence therefore reinforces the 'windows of opportunity' explanation for the new issue puzzle, since rights issues involve much fewer changes in corporate ownership structure.

Date: 1998
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DOI: 10.1080/096031098332952

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