Explaining and Predicting Flotation Method Choice for Equity Issuance in the UK

Author(s):  
Edel Barnes
2016 ◽  
Vol 51 (3) ◽  
pp. 1039-1069 ◽  
Author(s):  
Xueping Wu ◽  
Zheng Wang ◽  
Jun Yao

AbstractWe model how a rent-protection motive drives the choice of flotation method in new equity issuance between two polar cases: rights issues and cash offers. Unexpected new blockholders would emerge in control-diluting cash offers and share in jealously guarded control benefits. But rights issues help the incumbent controlling shareholders avoid control dilution and safeguard their private benefits. Under asymmetric information about private benefits, the choice of flotation method can convey information about hidden private benefits and hence firm value. Our model can explain even a negative announcement effect of rights issues, and it supports not just one but three important equilibriums.


2019 ◽  
Vol 25 (15) ◽  
pp. 1420-1439
Author(s):  
Hang Zhou ◽  
Seth Armitage ◽  
Maria Michou
Keyword(s):  

2000 ◽  
Vol 111 (1) ◽  
pp. 78-90 ◽  
Author(s):  
C. R. M. Hay ◽  
T. P. Baglin ◽  
P. W. Collins ◽  
F. G. H. Hill ◽  
D. M. Keeling

2006 ◽  
Vol 175 (4S) ◽  
pp. 476-477
Author(s):  
Freddie C. Hamdy ◽  
Joanne Howson ◽  
Athene Lane ◽  
Jenny L. Donovan ◽  
David E. Neal

2006 ◽  
Vol 175 (4S) ◽  
pp. 210-210
Author(s):  
◽  
Freddie C. Hamdy ◽  
Athene Lane ◽  
David E. Neal ◽  
Malcolm Mason ◽  
...  
Keyword(s):  

2003 ◽  
Vol 2 (1) ◽  
pp. 131
Author(s):  
A ZAPHIRIOU ◽  
S ROBB ◽  
G MENDEZ ◽  
T MURRAYTHOMAS ◽  
S HARDMAN ◽  
...  

Crisis ◽  
2014 ◽  
Vol 35 (4) ◽  
pp. 268-272
Author(s):  
Sean Cross ◽  
Dinesh Bhugra ◽  
Paul I. Dargan ◽  
David M. Wood ◽  
Shaun L. Greene ◽  
...  

Background: Self-poisoning (overdose) is the commonest form of self-harm cases presenting to acute secondary care services in the UK, where there has been limited investigation of self-harm in black and minority ethnic communities. London has the UK’s most ethnically diverse areas but presents challenges in resident-based data collection due to the large number of hospitals. Aims: To investigate the rates and characteristics of self-poisoning presentations in two central London boroughs. Method: All incident cases of self-poisoning presentations of residents of Lambeth and Southwark were identified over a 12-month period through comprehensive acute and mental health trust data collection systems at multiple hospitals. Analysis was done using STATA 12.1. Results: A rate of 121.4/100,000 was recorded across a population of more than half a million residents. Women exceeded men in all measured ethnic groups. Black women presented 1.5 times more than white women. Gender ratios within ethnicities were marked. Among those aged younger than 24 years, black women were almost 7 times more likely to present than black men were. Conclusion: Self-poisoning is the commonest form of self-harm presentation to UK hospitals but population-based rates are rare. These results have implications for formulating and managing risk in clinical services for both minority ethnic women and men.


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