公眾股的發(fā)行方案探討-文庫吧資料
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【正文】 , Inc. All rights reserved. 1917 The Rights Puzzle ? Over 90% of new issues are underwritten, even though rights offerings are much cheaper. ? A few explanations: – Underwriters increase the stock price. There is not much evidence for this, but it sounds good. – The underwriter provides a form of insurance to the issuing firm in a firmmitment underwriting. – The proceeds from underwriting may be available sooner than the proceeds from a rights offering. ? No one explanation is entirely convincing. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1915 Rights Offering Example ? What is the new market value of the firm? ? There are 200,000 outstanding shares at $25 will be 10,000 new shares issued at a $20 subscription price. shares 20$shares 000,10share 25$shares 000,202300,200,5$ ????McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1913 Mechanics of Rights Offerings ? The management of the firm must decide: – The exercise price (the price existing shareholders must pay for new shares). – How many rights will be required to purchase one new share of stock. ? These rights have value: – Shareholders can either exercise their rights or sell their rights. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 1911 The Costs of Public Offerings Equity Proceeds Direct Costs Underpricing (in millions) SEOs IPOs IPOs 2 % % % 10 % % % 20 % % % 40 % % % 60 % % % 80 % % % 100 % % % 200 % % % 500 and up % % % McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 199 The Announcement of New Equity and the Value of the Firm ? The market value of existing equity drops on the announcement of a new issue of mon stock. ? Reasons include – Managerial Information Since the managers are the insiders, perhaps they are selling new stock because they think it is overpriced. – Debt Capacity If the market infers that the managers are issuing new equity to reduce their debtequity ratio due to the specter of financial distress the stock price will fall. – Falling Earnings McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 197 Firm Commitment ? Under a firm mitment underwriting, the investment bank bu
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