Equity Rights Issues in Spain: Flotation Costs and Wealth Effects
分析西班牙股权发行的发行成本和股价反应，发现相对发行成本与承销正相关、与所有权集中度负相关，且公告日股价平均下跌。
This paper analyses the flotation costs and the share price reaction of equity offerings in Spain. The results report a positive relationship between relative flotation costs and the underwriting of an issue, and a negative relationship between such costs and ownership concentration. Fixed flotation costs and a negative relationship with the gross offer proceeds are also observed. On average, there is a negative share price reaction on the date of the ‘previous communication’ to the Comisión Nacional del Mercado de Valores . The different sub‐samples analysed according to the underwriting of the issue and the discount offered reveal no statistical differences.