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Wiley InterScience | ||||||||||||||||||||||||||
  Journal of Financial ResearchVolume 25 Issue 2, Pages 187 - 202 Published Online: 9 Aug 2002 © 2009 The Southern Finance Association and the Southwestern Finance Association
Abstract | References | Full Text: HTML, PDF (Size: 324K) | Related Articles | Citation Tracking  An Analysis of Nonunderwritten Rights Offers: The Case of Closed-END Funds Copyright Southern Finance Association and the Southwestern Finance Association KEYWORDS
JEL Classifications: G24 Abstract
We study nonunderwritten rights offerings without subscription pre-commitments from large shareholders. The results indicate firms incur substantial indirect costs in the form of price concessions for raising equity capital this way. The data therefore support the selling cost explanation of the rights-offering paradox. Additionally, we describe how market participants collectively respond to intermediate such offerings. | 
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