Valuation effects of domestic and international seasoned equity offerings by Canadian cross-listed firms |
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| Institution: | 1. Institute of Neuroscience and Key Laboratory of Molecular Neurobiology of the Ministry of Education, Second Military Medical University, 800 Xiangyin Road, Shanghai 200433, China;2. Department of Aviation Medicine, Faculty of Naval Medicine, Second Military Medical University, 800 Xiangyin Road, Shanghai 200433, China;3. Department of Neurology, Chinese PLA 254 Hospital, Tianjin, China;1. Researcher at ESIC Business & Marketing School, Spain;2. Universidad Rey Juan Carlos- Madrid, Spain;3. Universidad Autónoma- Madrid, Spain;4. Universidad Pontificia Comillas, ICADE - Madrid, Spain |
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| Abstract: | This paper finds significant differences in the price impacts around the announcement date for domestic and international seasoned equity offerings (SEOs) by Canadian issuers cross-listed on US trade venues. Important determinants that differ by US cross-listing trade venue are identified for the price impacts associated with domestic and international SEOs. The significant determinants are variables that proxy for positive private and public firm information for the domestic SEOs of issuers cross-listed on NASDAQ, and are mainly variables that proxy for negative private information for the domestic SEOs of issuers cross-listed on the NYSE/AMEX. Good and bad news affect domestic and international SEOs favorably and unfavorably, respectively. The only common determinant for the domestic and international SEOs and for domestic SEOs for both groupings of US listing venues is whether or not the issue is primary. |
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