In this paper we present novel evidence on the stock market reaction to new equity issues in the UK. Using a sample of 116 announcements made during the period 1989-1991 we find evidence of significantly negative market reactions to such news, consistent in both sign and magnitude with earlier...

This paper seeks to characterise the distribution of extreme returns for a UK share index over the years 1975 to 2000. In particular, the suitability of the following distributions is investigated: Gumbel, Frechet, Weibull, Generalised Extreme Value, Generalised Pareto, Log-Normal and...

This paper seeks to characterize the distribution of extreme returns for US, UK and Japanese equity indices over the years 1963-2000. In particular, the suitability of the following distributions is investigated: Normal, Frechet, Gumbel, Weibull, Generalized Extreme Value (GEV), Generalized...

In this paper we extend the analysis of earlier investigations into the relationship between patterns of corporate growth and the announcement of new financing (see for example, Pilotte 1992; Burton et al., 1993) by examining the growth in turnover and earnings achieved by equity and debt-issuing...

Several of the larger emerging stock markets are focused upon. It is demonstrated that the intertemporal covariances between returns of different emerging markets may be insufficiently stable to permit the exploitation of the theoretical gains available from international diversification based...

Over the last decade, a number of studies have examined the costs and benefits from investing in equities traded on emerging stock markets (ESMs). The general conclusion to emerge from these studies is that investors have been able to improve portfolio performance significantly by including an...

Over the last decade, a number of studies have examined the costs and benefits from investing in equities traded on emerging stock markets (ESMs). The general conclusion to emerge from these studies is that investors have been able to improve portfolio performance significantly by including an...

This dissertation examines the impact of the dividend announcement on the share prices of a large sample of UK firms within a multiple signal setting. The dividend announcement is viewed as simply one among many signals which are emitted by firms to convey new information about company...