Rights Offerings, Subscription Period, Shareholder Takeup, and Liquidity
研究了配股中股东参与率对认购期股价反应和流动性的影响，发现参与率信息反映在股价调整中，且高质量信息披露进一步影响价格，高参与率改善流动性。
Abstract We examine the role of shareholder takeup in rights offerings on the subscription period price reaction and liquidity. Our results indicate that takeup information is reflected in price adjustments over the subscription period and that quality-related information disclosed on the rights announcement date further impacts prices in this period. Higher shareholder takeup improves liquidity. We do find some evidence of inefficiencies in the adjustment process over the subscription period that, in part, is consistent with a model where markets are characterized by overconfident investors and that also articulates with takeup information arriving in the market.