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Your search keyword '"Varma, Raj A."' showing total 5 results
Start Over Author "Varma, Raj A." Publisher wiley subscription services, inc.
5 results on '"Varma, Raj A."'

1. Exchangeable debt calls and security returns

Author

Ghosh, Chinmoy, Varma, Raj, and Woolridge, J. Randall

Subjects
Stock-exchange -- Research, Debt financing (Corporations) -- Research, Options (Finance) -- Research, Convertible bonds -- Research, Banking, finance and accounting industries, Business
Abstract

A study on exchangeable debt calls and security returns is conducted. Results show that announcements of exchangeable debt calls are not related to an abnormal capital loss for the calling firm shareholders. On the other hand, such announcements are found to result in lower shareholder wealth for target firms. This result may be the result of a lower probability of takeover due to diffusion of ownership concentration of the target firm.

Published
1996

4. Institutional ownership and the liquidity of common stock offerings

Author

Szewczyk, Samuel H., Tsetsekos, George P., and Varma, Raj

Subjects
Institutional investments -- Economic aspects, Stocks -- Prices and rates, Banking, finance and accounting industries, Business
Abstract

The price pressure hypothesis predicts that high institutional ownership of a firm's stock affects the price discount needed to conduct a new sale of common stock. On the other hand, the asymmetry-reduction hypothesis predicts that high institutional ownership of a stock leads to lower share price reactions upon the announcement of the stock offering. An examination of 356 announcements reveals that the magnitude of the share price reaction is negatively correlated to the degree of institutional ownership of a particular firm. This observation supports the information-asymmetry hypothesis since it is consistent with the argument that the research activities of institutional investors lead to a decline in preannouncement information asymmetries.

Published
1992

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