{"product_id":"seasoned-equity-offerings-in-germany-determinants-of-short-and-long-run-abnormal-return-von-andre-domes","title":"Seasoned Equity Offerings in Germany. Determinants of Short- and Long-run Abnormal Return","description":"\u003cp\u003eSeminar paper from the year 2013 in the subject Business economics - Investment and Finance, grade: 1,0, University of Warwick, course: Msc in Finance, language: English, abstract: This paper studies the abnormal returns of seasoned equity offerings over short- and long-run horizons in Germany and their determining company characteristics. Contrary to previous findings for the German market, I find that the abnormal returns around the announcement are significantly negative with Run Up, Volatility, Firm Age and Earnings per Share as explanatory variables. The long-run abnormal returns are also significantly negative. The determinants of abnormal returns in the long-run are Run Up, Firm Age, Transaction Size, Size, Leverage and Profit Margin. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eThe findings suggest that there is a structural break in the German market in 2002\/2003. Furthermore, the theoretical explanations suggested in prior research on the U.S. market are also valid for the German market.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783668647190\"\u003e\u003ch3\u003e\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783668647190","offer_id":39437337002077,"sku":"9783668647190","price":42.95,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/400ed68d-17a5-4dab-8a11-f0b605122ea7.jpg?v=1778473741","url":"https:\/\/shop.autorenwelt.de\/products\/seasoned-equity-offerings-in-germany-determinants-of-short-and-long-run-abnormal-return-von-andre-domes","provider":"Autorenwelt Shop","version":"1.0","type":"link"}