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n Investment Analysts Journal - Share price reaction to announcements of equity financing by companies listed on the Johannesburg Stock Exchange

Volume 1999, Issue 48
  • ISSN : 1029-3523
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Abstract

Extracted from text ... Number 48 - Part 3 N Bhana Share price reaction to announcements of equity financing by companies listed on the Johannesburg Stock Exchange 1. Introduction Market reaction to the announcement of new equity capital issues by seasoned companies has been generally unfavourable. Previous research documents a decrease by about 3% to 4% in the share prices of industrial firms during the two-day announcement period. Such pricing behaviour has led to the reliance of firms on internally generated funds as their chief source of equity financing and their corresponding reluctance to issue equity shares. Indeed, some authors have characterized this phenomenon ..

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/content/invest/1999/48/EJC46705
1999-01-01
2016-12-09

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