Discounts in Placing Pre‐renounced Shares in Rights Issues
基于英国配股数据，发现大额新股及配股权以约8%的折价出售给被动投资者，折价源于发行方价值不确定性和需求缺乏弹性，而非公司被高估。
Abstract: The paper presents evidence from UK rights issues on the discounts at which large blocks of new shares plus rights are sold. The shares are renounced by the shareholders entitled to them and placed with passive investors at substantial discounts of around 8% to the expected ex‐rights midpoint price of the existing shares. Tests indicate that the discounts arise because of uncertainty about issuer value and inelastic demand for the shares rather than because the issuing companies are overvalued. The finding that selling renounced shares is costly removes an apparent advantage of rights issues compared with open offers and private placings.