Liquidity spillover effects of equity offerings over dual-class shares

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dc.contributor.authorVasco, Mateo
dc.contributor.authorAgudelo, Diego A.
dc.contributor.eafitauthormvascoco@eafit.edu.co
dc.contributor.eafitauthordagudelo@eafit.edu.co
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.accessioned2016-02-09T00:25:21Z
dc.date.available2016-02-09T00:25:21Z
dc.date.issued2014-07-01
dc.description.abstractWe 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.eng
dc.identifier.jelG12
dc.identifier.jelG14
dc.identifier.jelG15
dc.identifier.urihttp://hdl.handle.net/10784/7975
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordStock liquidityspa
dc.subject.keywordEquity offeringsspa
dc.subject.keywordEvent studiesspa
dc.subject.keywordEmerging marketsspa
dc.titleLiquidity spillover effects of equity offerings over dual-class shareseng
dc.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

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