Does the Japanese stock market react differently to public security offering announcements than the US stock market?

Autor:	Hugo J. Faria, Donald G. Christensen, Chuck C.Y. Kwok, Marc Bremer
Rok vydání:	1996
Předmět:	Economics and Econometrics Primary market Stock market bubble Financial system Restricted stock Bond market index Convertible arbitrage Stock exchange Political Science and International Relations Economics Stock market Convertible bond health care economics and organizations Finance
Zdroj:	Japan and the World Economy. 8:99-119
ISSN:	0922-1425
DOI:	10.1016/0922-1425(95)00010-0
Popis:	We examine the equity valuation effects of common stock, straight debt, warrant bond and convertible bond offerings by Japanese firms during the period 1984–1991. We find that Japanese stock market reactions to announcements of common stock, straight debt and warrant bond offerings are quite similar to those of the US market. The only inconsistency is in convertible bond offerings where we find insignificant abnormal returns. Our results provide some evidence that the underlying financial factors in both countries may be similar and strong enough to overcome the effect of environmental and institutional differences.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::3dd49c76019f747f80ac5d3670a6e2ce https://doi.org/10.1016/0922-1425(95)00010-0 Zobrazit plný text záznamu Full Text from ScienceDirect