Liquidity spillover effects of equity offerings over dual-class shares

We study the spillover effect from equity offerings over dual-class shares. Whereas, evidence has been found that a seasoned equity offering improves stock liquidity, the effect over the liquidity of different type shares of the same firm has not been explored. We use equity offerings of five Latin...

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Autores:
Vasco, Mateo
Agudelo, Diego A.
Tipo de recurso:
Fecha de publicación:
2014
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
eng
OAI Identifier:
oai:repository.eafit.edu.co:10784/7975
Acceso en línea:
http://hdl.handle.net/10784/7975
Palabra clave:
Stock liquidity
Equity offerings
Event studies
Emerging markets
Rights
License
Acceso abierto
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spelling Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees2016-02-09T00:25:21Z2014-07-012016-02-09T00:25:21Zhttp://hdl.handle.net/10784/7975G12G14G15We study the spillover effect from equity offerings over dual-class shares. Whereas, evidence has been found that a seasoned equity offering improves stock liquidity, the effect over the liquidity of different type shares of the same firm has not been explored. We use equity offerings of five Latin American countries: Brazil, Chile, Colombia, Mexico and Peru, during 1995 to 2012, because dual-class shares are widely used in the regions. In spite of the expected information asymmetry reduction, using panel data models we found a stock liquidity reduction of dual-class shares upon the offering; consistent with trading migration effects, according with the theory of inventory costs.engUniversidad EAFITEscuela de Economía y FinanzasLiquidity spillover effects of equity offerings over dual-class sharesworkingPaperinfo:eu-repo/semantics/workingPaperDocumento de trabajo de investigacióndrafthttp://purl.org/coar/version/c_b1a7d7d4d402bccehttp://purl.org/coar/resource_type/c_8042Acceso abiertohttp://purl.org/coar/access_right/c_abf2Stock liquidityEquity offeringsEvent studiesEmerging marketsmvascoco@eafit.edu.codagudelo@eafit.edu.coVasco, Mateoa5877829-4b26-4f5f-8222-1cb2108b3efd-1Agudelo, Diego A.2a6972ee-40c9-4581-a216-4af5ad58cb6f-1ORIGINAL2014_27_Diego_Agudelo.pdf2014_27_Diego_Agudelo.pdfapplication/pdf788110https://repository.eafit.edu.co/bitstreams/1621a223-39fd-4cf1-9aea-72752f293865/downloadec3815f94f8606125df20fc4884bf118MD52LICENSElicense.txtlicense.txttext/plain; charset=utf-82556https://repository.eafit.edu.co/bitstreams/ce1ab863-904d-4f97-aaa7-97f70eda8924/download76025f86b095439b7ac65b367055d40cMD5110784/7975oai:repository.eafit.edu.co:10784/79752024-12-04 11:46:56.949open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co
dc.title.eng.fl_str_mv Liquidity spillover effects of equity offerings over dual-class shares
title Liquidity spillover effects of equity offerings over dual-class shares
spellingShingle Liquidity spillover effects of equity offerings over dual-class shares
Stock liquidity
Equity offerings
Event studies
Emerging markets
title_short Liquidity spillover effects of equity offerings over dual-class shares
title_full Liquidity spillover effects of equity offerings over dual-class shares
title_fullStr Liquidity spillover effects of equity offerings over dual-class shares
title_full_unstemmed Liquidity spillover effects of equity offerings over dual-class shares
title_sort Liquidity spillover effects of equity offerings over dual-class shares
dc.creator.fl_str_mv Vasco, Mateo
Agudelo, Diego A.
dc.contributor.eafitauthor.none.fl_str_mv mvascoco@eafit.edu.co
dagudelo@eafit.edu.co
dc.contributor.author.none.fl_str_mv Vasco, Mateo
Agudelo, Diego A.
dc.subject.keyword.spa.fl_str_mv Stock liquidity
Equity offerings
Event studies
Emerging markets
topic Stock liquidity
Equity offerings
Event studies
Emerging markets
description We study the spillover effect from equity offerings over dual-class shares. Whereas, evidence has been found that a seasoned equity offering improves stock liquidity, the effect over the liquidity of different type shares of the same firm has not been explored. We use equity offerings of five Latin American countries: Brazil, Chile, Colombia, Mexico and Peru, during 1995 to 2012, because dual-class shares are widely used in the regions. In spite of the expected information asymmetry reduction, using panel data models we found a stock liquidity reduction of dual-class shares upon the offering; consistent with trading migration effects, according with the theory of inventory costs.
publishDate 2014
dc.date.issued.none.fl_str_mv 2014-07-01
dc.date.available.none.fl_str_mv 2016-02-09T00:25:21Z
dc.date.accessioned.none.fl_str_mv 2016-02-09T00:25:21Z
dc.type.eng.fl_str_mv workingPaper
info:eu-repo/semantics/workingPaper
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_b1a7d7d4d402bcce
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_8042
dc.type.local.spa.fl_str_mv Documento de trabajo de investigación
dc.type.hasVersion.eng.fl_str_mv draft
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10784/7975
dc.identifier.jel.none.fl_str_mv G12
G14
G15
url http://hdl.handle.net/10784/7975
identifier_str_mv G12
G14
G15
dc.language.iso.eng.fl_str_mv eng
language eng
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dc.rights.local.spa.fl_str_mv Acceso abierto
rights_invalid_str_mv Acceso abierto
http://purl.org/coar/access_right/c_abf2
dc.coverage.spatial.eng.fl_str_mv Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees
dc.publisher.spa.fl_str_mv Universidad EAFIT
dc.publisher.department.spa.fl_str_mv Escuela de Economía y Finanzas
institution Universidad EAFIT
bitstream.url.fl_str_mv https://repository.eafit.edu.co/bitstreams/1621a223-39fd-4cf1-9aea-72752f293865/download
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repository.name.fl_str_mv Repositorio Institucional Universidad EAFIT
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