Discounts in Placing Pre-Renounced Shares in Rights Issues
Discounts in Placing Pre-Renounced Shares in Rights Issues
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以供股方式配售预先放弃股份的折扣
DOI：
10.1111/j.1468-5957.2007.02016.x
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
Seth Armitage
中科院分区：
文献类型：
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作者：
Seth Armitage
该文件提出了证据，从英国配股的折扣，大块的新股加权利出售。该等股份由有权享有该等股份的股东放弃，并以现有股份预期除权中间价约8%的大幅折让配售予被动投资者。测试表明，折扣的出现是因为发行人价值的不确定性和对股票的非弹性需求，而不是因为发行公司被高估。出售已放弃股份的成本高昂，这一发现消除了配股相对于公开发行和私下配售的一个明显优势。
The paper presents evidence from UK rights issues on the discounts at which large blocks of new shares plus rights are sold. The shares are renounced by the shareholders entitled to them and placed with passive investors at substantial discounts of around 8% to the expected ex-rights midpoint price of the existing shares. Tests indicate that the discounts arise because of uncertainty about issuer value and inelastic demand for the shares rather than because the issuing companies are overvalued. The finding that selling renounced shares is costly removes an apparent advantage of rights issues compared with open offers and private placings.