JOURNAL ARTICLE
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Emissionspreis und Bezugsrechtswert bei Aktienemissionen
Credit and Capital Markets – Kredit und Kapital, Vol. 20 (1987), Iss. 2 : pp. 236–244
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Heinz Zimmermann, St. Gallen
References
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Loderer, Claudio und Heinz Zimmermann: “Stock Offerings in a Different Institutional Setting: The Swiss Case, 1973 – 1983”, Manuskript 1986a Berscheint in: Journal of Banking and Finance 11 (1987).
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Loderer, Claudio und Heinz Zimmermann: „Das Aktienpreisverhalten bei Kapitalerhöhungen. Eine Untersuchung schweizerischer Bezugsrechtsemissionen“, Financial Markets and Portfolio Management 1 (1986b), pp. 34 – 50.
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Abstract
Offer Price, Rights Value, and New Stock Issues
The article empirically investigates the option value of preemptive rights for a sample of Swiss rights issues of common stock. The analysis reveals that the deviations from traditionally calculated rights values are in general negligible. It is finally argued that asymmetric information can explain an optimal, i.e. not arbitrary low, offer price for the newly issued shares, which is moreover positively correlated with the value of future cash flows