Valuation effect of non-renounceable rights issues: the Australian evidence / by Ming-Tso (Alan) Chung.

Chung, Ming-Tso (Alan). (1998). Valuation effect of non-renounceable rights issues: the Australian evidence / by Ming-Tso (Alan) Chung. Master's Thesis, Dept. of Commerce, The University of Queensland.

       
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Author Chung, Ming-Tso (Alan).
Thesis Title Valuation effect of non-renounceable rights issues: the Australian evidence / by Ming-Tso (Alan) Chung.
School, Centre or Institute Dept. of Commerce
Institution The University of Queensland
Publication date 1998
Thesis type Master's Thesis
Total pages 86
Language eng
Subjects 14 Economics
Formatted abstract Rights issues is one of the common adopted way of raising capital. In a rights offering, the rights can be renounceable and non-renounceable. This study is concerned with determining how share prices on the market adjust to announcement of non-renounceable rights issue of equity and identifying those factors which the market considers important when revising its estimate of the share value. Share price reaction of 96 non-renounceable rights issue of equity are examined and statistically insignificant average abnormal return are reported. This result is largely affected by the small sample size and in particular the thin trading problem. Although additional tests are conducted and the findings show support to the hypothesis that non-renounceable right issue contain both positive and negative information. However the power of these tests are low and results are statistically insignificant.

 
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