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The new issues puzzle evidence from non-US firms

By: Contributor(s): Material type: TextTextSeries: Applied Economics Letters ; Volume , number ,New York Taylor & Francis 2013Content type:
  • text
Media type:
  • unmediated
Carrier type:
  • volume
Subject(s): Online resources: Summary: For non-US stocks of firms in the G7 countries, we empirically test the new issues puzzle – stocks of firms that issue new equity are, on average, very poor investments relative to various benchmarks – by market capitalization. Only for the United Kingdom do we find evidence for a significantly negative relation between net share issues and expected returns for larger capitalization stocks. There is some evidence for Japanese stocks. For the other four countries, a positive relation between net share issues and expected returns is observed.
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Item type Current library Call number Vol info Status Notes Date due Barcode
Journal Article Journal Article Main Library - Special Collections HB1.A666 APP (Browse shelf(Opens below)) Vol.20 , No.16 - 18 (Dec 2013) Not for loan For In House Use Only

For non-US stocks of firms in the G7 countries, we empirically test the new issues puzzle – stocks of firms that issue new equity are, on average, very poor investments relative to various benchmarks – by market capitalization. Only for the United Kingdom do we find evidence for a significantly negative relation between net share issues and expected returns for larger capitalization stocks. There is some evidence for Japanese stocks. For the other four countries, a positive relation between net share issues and expected returns is observed.

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