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An Analysis of Nonunderwritten Rights Offers: The Case of Closed‐END Funds

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  • James A. Miles
  • Mark A. Peterson

Abstract

We study nonunderwritten rights offerings without subscription pre‐commitments from large shareholders. The results indicate firms incur substantial indirect costs in the form of price concessions for raising equity capital this way. The data therefore support the selling cost explanation of the rights‐offering paradox. Additionally, we describe how market participants collectively respond to intermediate such offerings.

Suggested Citation

  • James A. Miles & Mark A. Peterson, 2002. "An Analysis of Nonunderwritten Rights Offers: The Case of Closed‐END Funds," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 25(2), pages 187-202, June.
    • Handle: RePEc:bla:jfnres:v:25:y:2002:i:2:p:187-202
    DOI: 10.1111/1475-6803.t01-1-00003
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    Cited by:

    1. Dang, Li & Yang, J. Jimmy, 2013. "The choice between rights and underwritten equity offerings: Evidence from Chinese stock markets," Journal of Multinational Financial Management, Elsevier, vol. 23(3), pages 235-253.

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