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Determining Indicators of Quality of Life Differences in European Cities
In: EIBURS RWTH Aachen Working Paper No. 1/2012
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The DMI Approach for Urban Development Funding
In: EIBURS RWTH Aachen Working Paper No. 3/2012
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The Determinants of Discounting in Intergenerational Decision-Making
In: European Economic Review, Band 148
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Determinants of discounts in equity rights issues: An international comparison
In: Review of financial economics: RFE, Band 38, Heft 2, S. 300-320
ISSN: 1873-5924
AbstractEquity rights offerings are the predominant SEO flotation method in many European and Asian countries. Several previous studies focus on rights offerings, but these studies often measure solely the announcement effects of these offerings and pay little attention to the discount. This study seeks to close this gap, explain the discounts on such rights offerings, and determine the drivers of offering discounts with a focus on cultural effects regarding the level of uncertainty avoidance. Based on the existing literature, we develop several hypotheses and find supporting evidence for these hypotheses in our data. Our main finding is that the most important factors for explaining the discount on an equity rights offer are the level of uncertainty avoidance, the quality of a firm, and the level of uncertainty about firm value.
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