{"product_id":"seasoned-equity-offerings-in-germany-determinants-of-short-and-long-run-abnormal-return-9783668647190","title":"Seasoned Equity Offerings in Germany. Determinants of Short- and Long-run Abnormal Return","description":"\u003cp\u003e • Author(s): Andre Domes\u003cbr\u003e • Publisher: Grin Verlag\u003cbr\u003e • Publisher Imprint: Grin Verlag\u003cbr\u003e • BISAC: Accounting - General\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eSeminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,0, University of Warwick, course: Msc in Finance, language: English, abstract: This paper studies the abnormal returns of seasoned equity offerings over short- and long-run horizons in Germany and their determining company characteristics. Contrary to previous findings for the German market, I find that the abnormal returns around the announcement are significantly negative with Run Up, Volatility, Firm Age and Earnings per Share as explanatory variables. The long-run abnormal returns are also significantly negative. The determinants of abnormal returns in the long-run are Run Up, Firm Age, Transaction Size, Size, Leverage and Profit Margin. The findings suggest that there is a structural break in the German market in 2002\/2003. Furthermore, the theoretical explanations suggested in prior research on the U.S. market are also valid for the German market.\u003c\/p\u003e","brand":"Grin Verlag","offers":[{"title":"Paperback","offer_id":45568612368535,"sku":"9783668647190","price":5103.0,"currency_code":"INR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0666\/3471\/1191\/files\/9783668647190.webp?v=1767136177","url":"https:\/\/atlanticbooks.com\/products\/seasoned-equity-offerings-in-germany-determinants-of-short-and-long-run-abnormal-return-9783668647190","provider":"Atlantic Books","version":"1.0","type":"link"}