Rights offering announcements and the efficiency of the Kuwaiti market

2016 ◽  
Vol 23 (17) ◽  
pp. 1192-1196 ◽  
Author(s):  
Bader S. Alhashel
Keyword(s):  
Author(s):  
Nils-Christian Bobenhausen ◽  
Astrid Juliane Salzmann

AbstractEquity rights offerings and their respective announcement effects have been studied extensively in the literature. Our study expands upon these studies and focuses on those announcement effects and the relation between the discount of an equity rights offering and the announcement effect. Previous theoretical and empirical analyses show that firms can signal their quality via the discount in an equity rights offering and demonstrate a negative relation between the discount and the announcement effect. We argue that this link is only relevant in environments where signalling is possible and necessary. These are financial markets with a particularly low level of capital market transparency, i.e. high information asymmetry. We calculate announcement effects for an international sample of equity rights offerings and show that the negative effect of the discount on announcement effects can only be observed in environments with a low capital market transparency. Hence, our study estimates announcement effects across several different countries and is thus among the first to analyse signalling considerations for equity rights offerings in different transparency environments.


2017 ◽  
Vol 42 (4) ◽  
pp. 608-636 ◽  
Author(s):  
Balasingham Balachandran ◽  
Sutharson Kanapathippillai ◽  
Chandrasekhar Krishnamurti ◽  
Michael Theobald ◽  
Eswaran Velayutham

We examine the issuance choice across rights issues of equity, unit offerings, and standalone warrants and investigate the market reactions to these issue types. We find that agency costs, growth opportunities, and current funding needs relative to assets in place are prime drivers of the type of equity issuance choice. Managers use quality signals such as underpricing, underwriting status, and the proportion of funds raised by exercising warrants in determining the features of the warrant issue. Furthermore, we document that the market reacts more favorably to standalone warrants issues than units and equity during the rights offering period.


This Commentary provides an article-by-article summary of the TEU, the TFEU, and the Charter of Fundamental Rights, offering a quick reference to the provisions of the Treaties and how they are interpreted and applied in practice. Written by a team of contributors drawn from the Legal Service of the European Commission and academia, the Commentary offers expert guidance to practitioners and academics seeking fast access to the Treaties and current practice. The Commentary follows a set structure, offering a short overview of the Article, the Article text itself, a key references list including essential case law and legislation, and a structured commentary on the Article itself. The editors and contributors combine experience in practice with a strong academic background and have published widely on a variety of EU law subjects.


1986 ◽  
Vol 10 (4) ◽  
pp. 595-604 ◽  
Author(s):  
Robert S. Hansen ◽  
John M. Pinkerton ◽  
Tai Ma
Keyword(s):  

1984 ◽  
Vol 19 (3) ◽  
pp. 66-66
Author(s):  
Robert S. Hansen ◽  
John M. Pinkerton ◽  
Tai Ma

2018 ◽  
Vol 31 (3) ◽  
pp. 360-370
Author(s):  
Rick N. Francis ◽  
Grace Mubako ◽  
Lori Olsen

Purpose This study aims to remind researchers that measurement errors and inappropriate inferences may result from improperly combining and adjusting certain Center for Research in Security Prices (CRSP) measures. Design/methodology/approach In addition to real-world working examples, the study uses earnings announcements data to examine the effects of improperly combining and adjusting CRSP measures. Findings This study assists researchers with the following two considerations when using CRSP data: stand-alone share prices adjusted with CRSP adjustment factors are inaccurate in the presence of property dividend, spin-off and rights offering events; and ignoring covertly missing stock returns may create misleading test results. The primary objectives of the study are to help researchers increase the integrity of their studies and the probability of publication. Research limitations/implications Inadequate consideration for the two issues discussed in the paper may change the researcher’s statistical inferences. Originality/value Archival researchers who overtly address and discuss the existence of these issues achieve two important and related benefits. First, the researcher increases his or her credibility with editors and reviewers, which enhances the probability of a published study. Second, the researcher increases his or her perceived technical competency, which potentially affects promotion and tenure decisions, editorial membership decisions, co-authorship opportunities and other professional effects. Doctoral students will find this study to be particularly useful.


Author(s):  
Khafaji Mohammed Abduladheem Neamah AL ◽  

Introduction. The article is devoted to the problems of correlation of international standards in the field of human rights, based on the liberal values of Western civilization, with regional acts of Muslim countries, correlating with Islam. The study analyzes various points of view of scientists on the issues of universalism of human rights and cultural relativism. The author adheres to the position that the content of human rights and freedoms in each specific community is heterogeneous and depends on its cultural, historical, religious and moral development. Theoretical analysis. The problem of the correlation of concepts in the field of human rights is primarily associated with the different approaches of the existing legal systems to the perception of human rights and freedoms. The theocentric approach, which is shared in the Muslim world, is the opposite of the liberal one, which is based on anthropocentricity. Most of the Muslim countries have signed and ratified international treaties on human rights, but made numerous reservations indicating the possibility of realizing a complex of human rights from the perspective of Islam. Empirical analysis. Despite the difference in views on the scope and content of human rights, Muslim countries strive to implement the international human rights standard. Regional acts of Muslim countries in the field of human rights, developed in the second half of the 20th century, have been severely criticized by human rights organizations on gender and family regulation, religious freedom, self-determination, etc. Currently, the Organization of Islamic Cooperation has developed a Declaration on Human Rights. offering a modern formulation of the position of Muslim countries on human rights. This act is aimed, on the one hand, at convergence of legal positions with the Universal Declaration of Human Rights, on the other hand, it protects basic Islamic values. Results. The study of regional acts of Muslim countries in the field of human rights regulation, modern Muslim concepts of human rights allowed the author to conclude that Muslim countries strive not only to participate in the discussion on human rights, defending their civilizational identity, but also to find points of convergence of Islamic views on human rights with international standards.


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